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November 1, 2010

I N   T H I S   I S S U E . . .
   

 
 
2011 Dues Renewals Were Due October 1!
Primary REALTORS®: Paying by Installment?
Fourth Installment is Due Sunday, November 30

Use our fast and secure Online Dues Payment!
Whether making one complete payment, or paying by installment, paying online is easy, secure, and supplies you with a receipt.

Renew as Easy as 1-2-3:

  1. Click here
  2. Log in
  3. Renew online and receive receipt !

2011 dues are payable no later than Tuesday, November 30th, 2010 in order to prevent late charges. Primary REALTOR® members may pay their 2011 dues in installments. Installment payments are due as follows:

Installment 4: Due November 30 $125.75

Please note: If dues payments are not made online, they may not be reflected in your private, online History portal.

 
 
GRI 300 STARTS
THIS WEDNESDAY, NOVEMBER 3

Learn More — Earn More!

Earning the GRI designation pays!
The GRI 300 is 5 full days of real estate business training for $325. Attendees will also earn 25.5 MD CEU (this includes required Legislative Update hours). GRI 300 classes and training dates are:

  red arrow Module 301: Environmental / Health Issues Affecting Real Estate - Wed, Nov 3
  red arrow Module 302: Taxes - Fri, Nov 5
  red arrow Module 305: Real Estate Technology & Trends - Thurs, Nov 11
  red arrow Module 304: Legislative Update & Smart Growth and Land Planning - Fri, Nov 12
  red arrow Module 303: Ethics & Mediation and Arbitration - Wed, Nov 17
Sign up today for the entire series >>

Register for individual GRI classes here >>

 
 
This week in New Orleans
Join REALTORS® from across the nation and the world November 5 - 8 in New Orleans. Learn about changing issues affecting the industry, share ideas with colleagues outside your local marketplace, and see the incredible innovations shaping the future of real estate. Over 125 expert sessions, 400 exhibitors, special events and entertainment, and more!

Plan your activities and class schedule, find a hotel, all at realtor.org.

 
 
Fall Food Drive - Now through Friday, November 19

Cold weather has arrived, and our local food banks are helping supply food to families in need. Each time you shop, please add a can or two of canned vegetables, boxed potatoes or other dried foods, baby food, or any other non-perishable food item to donate. Even a 6-pack of veggies or soup at Costco, BJ's or Sam's is very inexpensive!

The need is immediate. Please bring your donations of non-perishable food items to the PGCAR office as soon as you can. We'll be collecting food donations from now until the Friday before Thanksgiving, November 19.

Thanks for making a positive difference in our community!

 
 
PGCAR Welcomes Disney Institute to Baltimore on Dec. 7, 2010

The Prince George's County Association of REALTORS® is proud to welcome the 2010 Disney's Approach to Leadership Excellence and People Management program, presented by the world renowned Disney Institute, to the Baltimore area on December 7, 2010.

A unique one-day event, Disney's Approach to Leadership Excellence and People Management combines two great topics that will challenge you to look at your business - no matter what size - in an entirely new light. You will learn how to apply innovative Disney strategies to your own organization for immediate results.

IMPORTANT: Please use promotional code PGCARMNE to receive $50 OFF PER GUEST when registering. Additional group discounts are available.

TO LEARN MORE AND REGISTER GO TO: www.KeysBaltimore.com
No prerequisite training required.

 
Care Enough to Be Involved. . .

VOTE TOMORROW!
Tuesday, November 2
Polls are Open 7 am - 8 pm

Maryland Voters: Find your polling place here >>
DC Voters: Find your polling place here >>

You have a voice! Depending upon where you live, vote for your next State Governor, Senators & Delegates, or DC Mayor, in tomorrow's General Election.

Please take a minute to watch this short video of your fellow REALTORS® talking about why they are members of the REALTOR® Party and why they vote. View >>

 
 
Several PGCAR REALTORS® Run in General Election

Several members of your association are running for office:

Board of Education District 9: George Mitchell
Democratic Central Committee District 23B: Casey Lewis
Democratic Central Committee District 47: Beverly Ball
House of Delegates District 23B: Del. Marvin Holmes
House of Delegates District 25: Del. Aisha Braveboy
House of Delegates District 27A: Toni Jarboe Duley
House of Delegates District 47: Del. Jolene Ivey

As REALTORS®, we can all be involved!
Learn about the issues; and of course, vote between 7 am - 8 pm tomorrow, November 2nd.

(Please note: PGCAR does not endorse candidates)

 
 
RPAC Supported Candidates Continue in General Elections

After thorough debate and careful deliberation, PGCAR's Political Tracking Task Force recommended RPAC support for a number of candidates (listed) prior to the Primary Elections. These candidates demonstrated that they understood the issues of concern to the real estate community, homebuyers, sellers and property owners in Prince George's County.

Seven of the eight RPAC supported candidates won their Primary elections. Council Member Ingrid Turner (D4) has a General Election challenger. Here is the complete list of PGCAR RPAC supported candidates who are on the General Election ballot.

County Executive: Rushern Baker
County Council D2: Will Campos
County Council D3: Eric Olson
County Council D4: Ingrid Turner
County Council D5: Andrea Harrison
County Council D6: Leslie Johnson
County Council D7: Karen Toles

 
OCTOBER 2010 CONTRACT CHANGES

Ten contract forms were updated as of October 1.

  • PG 1300: Residential Sales Contract (MAR)
  • PG 500: Lead-Based Paint and LBP Hazards Disclosure - Sale or Lease
  • PG 703: Condominium Unit Resale Acknowledgment
  • PG 803B: Maryland HOA Act Disclosures to Buyer and Transmittal of Documents
    - Resale (all) or initial sale (12 or fewer lots)
  • PG 1326: Third Party Approval Addendum
  • PG 1334: As Is Addendum
  • PG 1335: Short Sale Addendum
  • PG 1338: Unilateral Notice of Termination Under Contract of Sale / Mutual Release of Deposit Agreement
  • PG 1400: Property Inspections Addendum
  • PG 1403B: Water Quality Addendum

All new and updated forms are available by running a ZipForm update. Haven't signed up for ZipForms? Login to pgcar.com Members Only and sign up for ZipForms today. It's a FREE membership benefit!

 
 
Two CE Classes Important to all Businesses

PGCAR is bringing back 2 classes which are tailored to REALTORS®, but will be helpful to any business owner. Feel free to invite others.

    Maryland real estate licensing renewal CEU
  • Government & Small Business Loans
    Monday, November 8, 9:30 am - 12:30 pm
    The amount of a Small Business loan just increased from 1.5 million to 5 million. Whether your need for expansion capital is large or small, investigate government and small business loans as an option.
    Register at early bird pricing!

  • Real Estate Tax Issues
    Wednesday, November 10, 1:30 pm - 3:00 pm
    Learn how to save frustration and thousands of dollars by correctly itemizing deductions, from the recognized expert in taxes for the real estate professional!
    Register for only $20!

 
 
Market Sen$e: Existing Home Sales Improve, Rates & Stats

Average 30-year and 15-year fixed-rate mortgages rose slightly from record lows for the week ending October 28. A record low rate was set for 5-year ARMs. According to Freddie Mac:

  • The 30-year fixed-rate mortgage averaged 4.23 percent, up from 4.21 percent a week ago.
  • The 15-year fixed-rate mortgage averaged 3.66 percent, up from 3.64 percent.
  • The 5-year Treasury-indexed hybrid ARM averaged 3.41 percent, down from 3.45 percent two weeks ago.
  • The 1-year Treasury-indexed ARM averaged 3.30 percent, equal to one week ago and down from 3.43 percent of two weeks ago.

2010 Weekly Primary Mortgage Market Survey >>

Existing-Home Sales Rise in September

Existing-home sales rose again in September, jumping 10.0 percent to a seasonally adjusted annual rate of 4.53 million in September from the 4.12 million rate in August.

Lawrence Yun, NAR chief economist, said the housing market is in the early stages of recovery. "A housing recovery is taking place but will be choppy at times depending on the duration and impact of a foreclosure moratorium. But the overall direction should be a gradual rising trend in home sales with buyers responding to historically low mortgage interest rates and very favorable affordability conditions," he said.

To illustrate the jump in housing affordability, the median monthly mortgage payment for a recently purchased home is several hundred dollars less than it was five years ago. "In fact, the median monthly mortgage payment in many areas is less than people are paying for rent," NAR President Vicki Cox Golder noted. Complete article >>

Also see:

 
 
A Few Words About the Foreclosure Freezes
For many, the dream of homeownership could turn into agony if their home purchase is indefinitely delayed by a moratorium on foreclosures declared by some banks, the National Association of REALTORS® stated last month. The moratoriums are needed, banks say, to review all of the foreclosures in their portfolios to make sure they're in compliance with the law and that titles are clear.

"As the leading advocate for homeownership issues, we understand that many lenders need a time-out to review their actions to ensure that homeowners are not improperly foreclosed on and that the lenders are following regulations and state laws. After that, the foreclosure process must resume quickly to return stability to families, the housing market and the economy," said NAR President Vicki Cox Golder. "There are valid foreclosures that should move ahead quickly, and we shouldn't lump them in with mortgages that are suspect."

Read the entire article >>
Bank Foreclosure Reviews: What They Mean for REALTORS®: podcast >>

Not only is now a good time to buy, it's an especially good time for home buyers and sellers to realize the importance of working with a professional REALTOR®.

  1. REALTORS® know the importance of title insurance and following correct procedure in settlements. Now is a good time to review the details of title insurance, and also remind your customers of the importance of title insurance. As REALTORS® one of our duties is to not give legal advice. We can advise our customers to review title documents thoroughly, so they can ask any questions of the title company, who will have attorneys as part of their team. 5 Things to Know About Title Insurance >>
  2. REALTORS® have the resources and access to training in Foreclosures and Short Sales. Do you have NAR's SFR certification which can be earned at PGCAR? Have you reviewed the ample materials available to you? Short Sales Basics >>   Foreclosure Basics >>
  3. As REALTORS®, we are required to abide by the National Association of REALTORS® Code of Ethics.

 
 
Winter MAR Rookie Society Webinars - Open to ALL REALTORS®!

Learn 11 Secrets of Business Planning Success this Wednesday at 10 am, Lead Generation & Prospecting Strategies on December 8, and more! The MAR Rookie REALTOR® Society is offering 4 winter webinars, FREE to all MAR members. Winter webinars are open to both new and experienced REALTORS®.

Details and registration >

 

 

 
 
REQUIRED TOPICS CEU AND MORE!

Earn ALL of your required Continuing Education hours for Maryland and DC license renewals -- and the SFR and GRI designations -- here at PGCAR.


This Tuesday, November 2
MD Legislative Update
3.0 MD Required Legislative Update CEU;
3.0 DC Elective CEU
Larry Hudson 9:30 am - 12:30 pm
MD Fair Housing
1.5 MD Required Fair Housing CEU;
1.5 DC Elective CEU
Larry Hudson 1:30 pm - 3:00 pm

This Wednesday, November 3
GRI 300 Full Series
13.5 MD Required Legislative Update and 12 MD Elective CEU
various 8:30 am - 4:00 pm
GRI 300 Series - Module 301:
Environmental / Health Issues Affecting Real Estate

6 MD Required Legislative Update CEU
various 8:30 am - 4:00 pm

This Friday, November 5
GRI 300 Series - Module 302: Taxes
4.5 MD Required Legislative Update CEU
various 8:30 am - 4:00 pm

Next Monday, November 8
Government & Small Business Loans
3.0 MD Elective CEU
John Throne 9:30 am - 12:30 pm

Next Wednesday, November 10
Real Estate Tax Issues
1.5 MD Elective CEU
Linda de Marlor 1:30 pm - 3:00 pm

Next Thursday, November 11
GRI 300 Series - Module 305:
Real Estate Technology & Trends

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

Next Friday, November 12
GRI 300 Series - Module 304:
Legislative Update & Smart Growth and Land Planning

6.0 MD CEU
various 8:30 am - 4:00 pm

Tuesday, November 16
Financing Issues / Update
3.0 DC Required Financing Issues / Update CEU;
3.0 MD Elective CEU
Prabhjit Singh 9:30 am - 12:30 pm
MD Code of Ethics
3.0 MD Required Ethics CEU;
3.0 DC Elective CEU
Don Martin 1:30 pm - 4:30 pm

Wednesday, November 17
GRI 300 Series - Module 303:
Ethics & Mediation and Arbitration

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

Thursday, November 18
DC Fair Housing & Predatory Lending
3.0 DC Required Fair Housing CEU
Tom Lynch 9:30 am - 12:30 pm
DC Legislative Update
3.0 DC Required Legislative Update CEU
Tom Lynch 1:30 pm - 4:30 pm

Full CEU Schedule >>

 

Code of Ethics Case Study: Case #13-2:
Use of Standard Purchase Contract Form

REALTOR® A, as the exclusive agent of Seller B, sold a small commercial property to Buyer C, filling in the blanks in the standard purchase contract form. At the time REALTOR® A presented the contract for Buyer C's signature, he explained that the contract was prepared by attorneys and was commonly used in the area. He suggested that Buyer C have his attorney review it. Buyer C said he would read it over carefully, and if he had any questions he would consult an attorney about it. He subsequently signed the contract, saying it was clear and satisfactory to him.

At the closing, Buyer C professed to having been under some misunderstanding as to language in the contract regarding the date of possession of the property, and following the closing Seller B complained to the Board of REALTORS® that he had been greatly embarrassed by this circumstance at the closing and felt that REALTOR® A was at fault in preparing a contract without having an attorney participate in the drafting.

At the hearing, REALTOR® A reiterated the points that had been made in his written response to the complaint: that the contract he had used was the standard form, prepared by an attorney; that in keeping with Article 13 he had recommended that the buyer have the contract reviewed by his own attorney; and that no other parties present at the closing had found any lack of clarity in the clause in question.

Based on your understanding of the Code of Ethics Article 13, how do you think the Professional Standards Panel ruled?

Find out here >>

 
 
SAVE THE DATE
Annual Housing Fair
Saturday, June 11, 2011 • 10 am to 3 pm
Sports and Learning Center
8001 Sheriff Road, Landover, MD 20785

Foreclosure Prevention/ Loan Modification     Credit Rebuilding/ Financial Education
Short Sale Information     Senior Programs/ Reverse Mortgages
First-time Homebuyer Programs     Rental Information

SPONSORSHIP OPPORTUNITIES >>   •   EXHIBITOR REGISTRATION >>

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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