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May 17, 2010

I N   T H I S   I S S U E . . .
   

 
Prevent New Tax Burdens on Real Estate

Call for Action Congress is considering new tax proposals which would add costs and reporting burdens on owners and investors in residential and commercial real estate.

The real estate industry is still very fragile and likely to remain so. In better times, the real estate industry would be a dynamic engine of job creation. Any new tax burdens on real estate owners will impair and delay further recovery. These proposals are ill-advised, inopportune and potentially destructive. Please take action today to tell Congress "No New Real Estate Tax Burdens."

Click here to take action on this issue >>

 
Prince George's County Economic Development Corporation
Seeking Interested Businesses for $41.5 million in
Recovery Zone Facility Bond Financing

Tomorrow!
Tuesday, May 18 at 10:30 a.m.

REGISTER NOW >>

The U.S. Department of the Treasury has announced a direct allocation of $41.5 million to Prince George's County under the Recovery Zone Facility Bond (RZFB) program as part of the economic stimulus package contained in the American Recovery and Reinvestment Act (ARRA) of 2009.

The Prince George's County Economic Development Corporation (EDC) will host a pre-application Recovery Zone Facility Bond Information Session tomorrow morning. This session is for parties interested in financing privately owned economic development projects in Prince George's County.

For more information:
Contact Larry Hentz at 301-583-4650 or lhentz@pgcedc.com
Location: 1100 Mercantile Lane, Suite 115A, Largo, MD 20774
Cost: FREE!

 
  THIS SATURDAY, MAY 22
10:00 a.m. - 3:00 p.m at PGCAR


FREE HEALTH FAIR AND
HEALTH SCREENINGS

8400 CORPORATE DRIVE (parking lot)
LANDOVER, MD 20785

Conveniently located near the New Carrollton Metro

GUEST SPEAKERS, LIVE ENTERTAINMENT & EXHIBITS

 FREE DENTAL SCREENING
 FREE KIDS CORNER / FIRE TRUCK TOURS
 FREE DIAGNOSTIC SCREENING, BLOOD PRESSURE TEST
 FREE GLUCOSE SCREENING, EYE EXAM
 FREE INFORMATION ON HOLISTIC THERAPY
 FREE PG COUNTY FIRE DEPT. (Home Safety Info.)
 FREE LUPUS FOUNDATION
 FREE INFORMATION - INFORMATION - INFORMATION

AND MUCH - MUCH MORE!

HOSPITALS: PRINCE GEORGE'S, HOWARD UNIVERSITY, GEORGETOWN UNIVERSITY & OTHERS

COME ONE COME ALL... IT WILL BE A FUN DAY OF HEALTH
Help reach out to our community by inviting family, friends, customers, neighbors, community businesses (in DC, Prince George's and neighboring counties), and other offices.

For more information contact: William Murry at 240-737-2708 or Wmurry@kw.com
-or- Joan Ostenso at 301-306-7900 or jostenso@pgcar.com

Click Here for Flyer >>
Please ask others to display it too!

Sponsored by the PRINCE GEORGE'S COUNTY ASSOCIATION of REALTORS® (PGCAR)

 

MAR CARE Award

The Prince George's County Association of REALTORS® Community Service Committee realizes that Prince George's County REALTORS® give back to their communities every day in a number of different ways; they are coaches, mentors and scout leaders. They deliver Meals on Wheels, work on Habitat and Christmas in April Homes, and create March of Dimes walk teams. We have many REALTOR® companies that raise money every year for a favorite charity, collecting food, coats and toys. The problem we have is . . . too few are sharing what they do with PGCAR! They don't do it for the recognition.

Well, PGCAR has a chance to win MAR's CARE Award which gives us $10,000 to use for whatever cause we select. We could use it for another Habitat House. We could use it for a college scholarship for a deserving high school senior. We could give it to a food bank or numerous other charities...

...but we can't win if you don't tell us what you are doing!
Help create yet another opportunity to give back.

Please take a few minutes to let us know how you help your community!
Click here for an online form.

 
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PGCAR Hosts the 2010 Housing Fair:
Building Livable Communities


Hosted by the Prince George's County Association of REALTORS®
Saturday, June 12, 2010
Sports & Learning Complex
8001 Sheriff Road
Landover, MD 20785
FREE! Make your reservation here >>

Learn all you need to know about being a successful homeowner.

FREE Seminars!      FREE Information!

Visit the exhibitors.
Ask questions of various mortgage lenders, housing counselors,
and other services providers with no pressure.

Click here for flyer >>

Please help spread the word to customers, the real estate industry,
neighbors and the public!

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Exhibit at the Housing Fair ~ Or Be a Sponsor.
All Sponsors receive an exhibit booth and advertisement opportunities.

Sponsor and Exhibitor details are in the Exhibitor's Guide >>

Exhibit space will be assigned in order of completed reservation and payment.

Return completed reservation from Exhibitor's Guide pages 4 and 5 with payment
~ OR ~
Choose exhibitor or sponsorship level and pay online >>

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Be a Hero — Volunteer.
Volunteers are needed for the Housing Fair. Help organize, greet visitors, answer visitor questions -- it's all needed and important. Volunteer with the Housing Affordability Committee today to be a part.

 
 
Good Neighbor Nominations - Due Friday

Five winners will receive $10,000 grants and national publicity.

REALTOR® Magazine is seeking nominees for the 2010 Good Neighbor Awards. The program recognizes REALTORS® whose extraordinary commitment to community service has helped make their communities better places to live.

Deadline for entry is this Friday, May 21, 2010.
Apply at www.Realtor.org/gna.

 
 

LEGISLATIVE UPDATES

DECISIONS OF MARYLAND GENERAL ASSEMBLY IMPACT REALTORS® - New Legislation

LEAD PAINT RENOVATION RULE AFFECTS REALTORS® - Now in Effect

To learn more about these new regulations and legislation and how they will affect real estate, see the April 19th Legislative Newsletter.

 

SFR Certification Core Class

6 CEU SFR Designation Class
Coming to PGCAR

Wednesday, June 2
9 a.m. - 4:30 p.m.

Manuever the complexities of short sales, master the opportunities, learn how to evaluate options for distressed homeowners, and counsel buyer-clients in purchasing foreclosures.

  • a core class for the Short Sales and Foreclosures Resources (SFR) certification
  • an ABR designation elective
  • worth 6 elective MD CEU if you score at least 80% on the test at end of class

Only $75 for this full-day designation class.

Registration & Details >>     PDF Flyer >>

 
 
Short Sales - Bringing Clarity to a Confusing Process

 
REALTORS® Help Counsel Distressed Sellers Through Short Sale Process

The short sale process is critical to restoring stability for individual sellers, and the economy, yet it remains confusing. Attendees at last week's NAR Midyears in DC had an opportunity to attend a Short Sales Advisory Forum where a Short Sale Seller Advisory was presented, detailing default options, as well as the important issues and risks to consider regarding short sales and foreclosures. More about the Forum >

Whether you missed or attended the Forum, several resources are available to help you counsel buyers and sellers through a successful short sale transaction.

 
 

 
Commercial Symposium Open to All Practitioners - This Thursday, May 20

MAR, SIOR and NAIOP present

Real Estate in the 2010 MD General Assembly Session
(Approved for 3 Legal/Legislative CE Credits)

This Thursday, May 20, 2010
Westin Hotel at BWI
OPEN TO ALL PRACTITIONERS

7:30 AM Registration and Breakfast
8:30 AM - 11:30 AM 2010 Legislative Update

The program will focus on the 2010 Maryland General Assembly Session as well as briefings on local commercial and industrial real estate issues by practicing attorneys.

For more information, please click here. Register online at www.naiopmd.org.

 
$35,000 in Closing Cost and Down Payment Assistance

  1. June 30 Settlement Deadline!
    $6,500 / $8,000 Homebuyer Tax Credit
    - For all buyers who entered a binding contract for a new or replacement principal residence by April 30, 2010, now is the time to help make sure they can make the settlement deadline of June 30, 2010. Help them with necessary guidance and communications now . . . don't procrastinate until June.

    Homebuyer Tax Credit Basics >>
    How to Get the Homebuyer Tax Credit >>
    Homebuyer Tax Credit IRS Q & A >>

  2. Veterans Homeownership Initiative - State pilots assistance program for veterans to affordably buy vacant properties in Prince George's County.

    Forward this pgcar.com link to eligible veterans >>

  3. College Park $35,000 Program - Homebuyers who buy their home and work in College Park may apply to receive up to $35,000 in closing cost and down payment assistance through the WORK & LIVE COLLEGE PARK program.

    College Park Details >>

  4. Bowie $2,000 Program - Police officers, teachers and Bowie City employees can apply for a $2,000 grant when buying a primary residence in Bowie.

    Bowie Program Details >>

  5. County-wide Incentives for Sheriffs and Police - Deputy Sheriffs, and County and Municipal Police Officers Save on Transfer Taxes When Buying a Home in Prince George's County.

    Details >>

  6. $60,000 County-wide Down Payment on Your Dream Program - Buying a foreclosure in Prince George's County? Don't forget assistance of up to $60,000 is still available for targeted income brackets through NSP.

    Details >>

Visit www.pgcar.com for national, state, county and township programs which SAVE HOMEBUYERS MONEY.

Mortgage rates are still near the all-time low and there are unbelievable home buyer incentives -
It's a great time to buy in Prince George's!

 
 

 

NSP REQUIRED HOMEBUYER'S CLASS Free Offering This Saturday

In partnership with HOPE and HIP, PGCAR is offering two more sessions for your homebuying customers.

These 8-hour HUD approved sessions are mandatory for the extended, expanded benefits NSP program, and provide information that will help prospective homebuyers be successful homeowners.

 
This Saturday, May 22 9:00 a.m. to 5:00 p.m. Offered by HIP, FREE
RSVP by calling 301-699-6262.
Tuesday, May 25 (Part I) and
Thursday, May 27 (Part II)
5:30 p.m. - 9:30 p.m. Offered by HOPE, $50 cost
RSVP by calling 301-567-3330.

 
 
Learn More Earn More at PGCAR

Sign up for classes at pgcar.com.


This Thursday, May 20
GRI 100 Series - Module 105:
Marketing Methods

4.5 Elective CEU, MD
various 8:30 am - 4:00 pm

Next Wednesday, May 26
GRI 100 Series - Module 104:
Basic Residential Financing

6 Elective CEU, MD
various 8:30 am - 4:00 pm

Wednesday, June 2
Short Sales and Foreclosures:
What Buyer's Representatives Need to Know

SFR Core Course;
6 Elective CEU, MD Based Upon Exam
various 9:00 am - 4:30 pm

Tuesday, June 8
203K Purchase Rehab
3 MD Elective CEU
Everett Sands 9:30 am - 12:30 pm

Friday, June 11
MD Legislative Update
3.0 MD Required Legislative Update CEU;
3.0 DC Elective CEU
Don Martin 9:30 am - 12:30 pm
MD Fair Housing
1.5 MD Required Fair Housing CEU;
1.5 DC Elective CEU
Don Martin 1:30 pm - 3:00 pm

Tuesday, June 15
Reverse Mortgages
Bruce Winstead
Bruce Winstead 6:00 pm - 7:30 pm

 
 

Code of Ethics Case Study: Case #3-9:
REALTOR®'s Obligation to Disclose True Nature of Listing Agreement

REALTOR® A listed the home of Seller X and filed the listing with the Board's MLS categorizing it as an exclusive right to sell listing. REALTOR® A did not disclose that there was a dual rate commission arrangement on this listing, even though the listing contract provided that, should the seller be the procuring cause of sale, the listing broker would receive a commission of $500.00, an amount intended to compensate REALTOR® A for his marketing costs.

REALTOR® B, a cooperating broker, showed the property several times. Eventually, REALTOR® B brought a signed purchase agreement to REALTOR® A. REALTOR® A returned the purchase agreement the next day, informing REALTOR® B that the seller had rejected the offer. Several weeks later, REALTOR® B learned that the property had been sold, and that the buyer was Seller X's nephew.

Several months later, REALTOR® B met Seller X at a fund-raising event. Seller X thanked her for her efforts, and told her that, under "normal circumstances," he might have seriously considered the offer she had produced. When asked why the circumstances surrounding this transaction were "unusual," Seller X responded telling her of his agreement "with REALTOR® A to pay a $500.00 commission if Seller X found the buyer. And when my nephew decided to buy the house, I jumped at the chance to save some money."

When REALTOR® B learned of this arrangement, she filed a complaint with the Board of REALTORS® alleging that REALTOR® A had violated Article 3 of the Code of Ethics. The Executive Officer of the Board referred the complaint to the Grievance Committee, and, after its review, the Grievance Committee referred the complaint back to the Executive Officer indicating that an ethics hearing should be scheduled.

At the hearing, REALTOR® B, in stating her complaint to the Hearing Panel, said that REALTOR® A's failure to disclose the actual terms and conditions of his listing with Seller X was a misrepresentation. She explained that, had she been aware of this arrangement, she might have decided not to accept REALTOR® A's offer of cooperation, since it might put potential purchasers she would produce in a possibly unfair position.

REALTOR® A, speaking in his own defense, stated no commission differential would have resulted if the buyer had been procured by either the listing broker or a cooperating broker so whatever other arrangements he had with Seller X were personal and, as listing broker, it was his right to establish the terms and conditions of his relationship with his client.

Based on your understanding of the Code of Ethics Article 3, how do you think the Professional Standards Panel ruled?

Find out here >>

 

Register by June 1st to save!
Early bird rate for full 3-day Conference Attendee is $195.
$50 discount applies for all ROOKIE REALTORS®.

MAR has assembled an excellent lineup of educational offerings you won't want to miss!

15 hours of CE in 2 ½ days

  • Nationally known presenters — Terry Watson, Gee Dunsten, Amy Cherow
  • Opportunities to NETWORK, NETWORK and NETWORK!
  • Breakfasts; Exhibit Hall Grand Opening; Light Lunch, Happy Hour and a Brunch during the conference

Book now for discounted hotel & condo rates too!

Prince George's County Association of REALTORS®
8400 Corporate Drive  :  Suite 225 : Landover MD 20785
Phone 301-306-7900  :  Fax 301-306-8273  :  www.pgcar.com  :  ©2010, PGCAR

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