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December 27, 2010

I N   T H I S   I S S U E . . .
   

 
Membership Renewals are Past Due
Renew Today to Keep Your Membership Benefits

Membership renewals were due on Tuesday, November 30th, 2010.
A $25 late fee is now added to non-paid Primary REALTOR® dues invoices.

Missed the deadline? Renew today using the secure, easy online dues renewal at www.pgcar.com.

  1. Click here
  2. Log in
  3. Pay and receive an itemized receipt for your
    2010 - 2011 PGCAR, MAR and NAR membership renewals.

Please pay your 2010 - 2011 dues by midnight, December 31st to prevent loss of SentriLock key privileges, your MRIS discount, ZipForms and other REALTOR® membership benefits.

Thanks to the majority of members who renewed on time!

 
 
KEEP SAFE - Checks Stolen From Agent at Model Home

It has been reported that a couple in a black Escalade with vanity plates has visited a model home. When the agent left the room to get something, the couple stole checks from the back of his checkbook and tried to cash them at the bank. This agent was fortunate. His bank contacted him, so the couple was not successful in stealing his money.

Please be sure to secure all valuables when you are working in or showing a model home or an open house.

 

 
 
PGCAR Hosts Legislative Breakfast

Over 100 REALTORS® attended the PGCAR Legislative Breakfast on December 8 held at the Greenbelt Marriott. The event, organized by the Association's Legislative Committee under the supervision of Chair, Mike Cerrito was a huge success.

REALTORS® in attendance heard from Mr. Brad Frome representing County Executive Rushern Baker, Prince George's Senate Chair Doug Peters, House Chairwoman Melony Griffith and newly elected County Council Chair Ingrid Turner. Almost all of our Prince George's County Senators, Delegates and County Council officials attended this year's event and mingled throughout the morning. This year we were excited to have some of our newly elected officials in attendance as well: Senator-Elect Victor Ramirez, Delegate-Elect Michael Summers, and newly elected County Council Members Mary Lehman, Karen Toles, Obie Patterson, and Mel Franklin. Legislators listened intently as Mike Cerrito detailed how our industry, real estate, is one of the highest taxed industries in Maryland.

Event photos >>

 
 
Congratulations to Charity Event ticket buyers, volunteers and sponsors for making a positive difference for over 500 families. THANK YOU!!!!

Once again this year we partnered with the Prince George's County Public Assistance Program. The Program gave food boxes to 2500 needy families in Prince George's County. PGCAR was able to contribute enough money to make 500 boxes. There were still many families in need so we hope that next year more people will be able to participate.

We thank all those who were sponsors, as well as those who bought tickets and attended the Charity Event on December 6th at the Half Note, when all contributors were welcomed with food, music and a warm place to celebrate. We also want to thank all those who gave their time to help pack the boxes of food on December 14th and 15th. We especially want to thank all the committee members who worked so hard to make this year's event successful. All-in-all this was a wonderful community service.

Thank you again, PGCAR members and friends, for making a difference in our communities!

C H A R I T Y   E V E N T   S P O N S O R S
Platinum Sponsors
(Provided Holiday Meals for at least 25 Families)
Anthony Dozier
  HomeSource Real Estate Solutions
Keller Williams Preferred Properties
  9701 Apollo Drive, Suite 102
Michael Cerrito
  Cerrito Realty, LLC
Millennium Title and Abstract
  Mark A. Shrader
Penco Real Estate Group LLC &
Lamont Elementary School
Gold Sponsors
(Provided Holiday Meals for at least 15 Families)
Home First Title Group
  Michelle Raines
Joanne Darling
  Darling Real Estate Company
Preferred Title & Escrow
  Kathi Redford
Q. Williams Real Estate Associates
  Karen Forsythe
Veera Phillips
  Veera Sells Homes
Wells Fargo Home Mortgage
  Steve Harper
Silver Sponsors
(Provided Holiday Meals for at least 10 Families)
BB&T Mortgage
  Michael Oleru
CyberVillage Networkers, Inc.
  Ken and Connie Mazur
EXIT First Realty
  Ed Haraway
First Home Mortgage Corp
  Ryan Paquin
Mike Patrick
  RE/MAX United Real Estate
Presidential Mortgage
  Michael Christofaro
Village Settlements, Inc.
  David Hahn, Esq.


 
 
LEGISLATIVE ALERT
Mike Graziano, Director of Government Affairs

COLLEGE PARK RENT CONTROL

In an effort to regulate residential rent increases, the City of College Park enacted (in 2005) an ordinance to implement rent stabilization. The law was not implemented immediately because of a legal challenge brought by a group of concerned landlords. The Maryland Court of Appeals upheld the City ordinance in August 2010 and plans are moving forward to begin implementation. The rent cap applies to all rented single family dwellings, including duplexes, triplexes and quadraplexes located within the jurisdiction of the City of College Park. The cap is based on the highest value of three potential rent caps: a HUD fair market rate, a documented rent charged in 2005, or 0.6% of the property assessment. The City has created a "Frequently Asked Questions" website to address the law. Click here for FAQs >

Additional information may be obtained at the City Manager's office at 240-487-3501. Real estate professionals doing business in College Park are encouraged to familiarize themselves with the ordinance, as disclosure to potential buyers is necessary.

PROPERTY MANAGER REGISTRATION

Beginning January 1, 2011 property management companies or individuals THAT MANAGE COMMUNITY ASSOCIATIONS defined as: condominium council of unit owners, home owner associations and cooperative housing corporations in Prince George's County are required to register with the County's Office of Community Relations. "Management" basically means providing services to manage the common property, business, legal, financial and other business transactions OF AN ASSOCIATION for a "fee".

THIS LAW DOES NOT APPLY TO REAL ESTATE LICENSEES THAT MANAGE INDIVIDUAL PROPERTIES ON BEHALF OF PROPERTY OWNERS. The law ONLY APPLIES if an agent, broker or firm manages an association of home owners. Essentially, a licensee can manage one or more units in a condominium complex or multiple homes in a home owner association or "co-op" and NOT be subject to the registration requirements. Further, the law does NOT apply to the management of commercial office space unless the offices are organized under a condominium council of unit owners defined under Maryland Law, Title 11. View a copy of the ordinance >
For additional information, please contact the Prince George's County Office of Community Relations at 301-952-4729.

 
 
County Leadership

The PGCAR Guide to Prince George's County Government is now updated with our newly elected County Executive and Council members inaugurated on December 6, 2010.

We will update the Government Guide again, after the new General Assembly begins duties in January.

 
 
Do You Own Rental Property?   New 1099 Reporting Requirements

After December 31, 2010, landlords receiving rental income from real estate must provide a Form 1099 to the IRS and to all service providers (plumbers, electricians, accountants, etc.) for all payments of $600 or more for rental property services provided to the landlord. The IRS can levy penalties of $50 for each non-filed Form 1099, up to a maximum fine of $250,000.

These requirements are designed to close the "Tax Gap" by ensuring that income paid to contractors gets reported accurately, and that deductions for work on rental properties can be verified by the Form 1099. The new reporting requirements do not apply to rental properties held out as a trade or business (owning multiple properties and a full-time business) because they are already covered. The law does affect smaller landlords, who typically do not engage accountants to track contractors, verify deductions and report taxes.

If you own real estate, start planning ahead to track purchases made for goods or payments made for services of more than $600 and record all rental payments made by tenants. This will mean getting a tax identification number from service providers, procuring the Form 1099 - MISC from the IRS, filling out the form(s), sending a copy to each payee, keeping a copy of the Form 1099 for your records, and then taking your rental deduction or reporting the rental income on your individual income tax return. Complete article >>

 
 
FREE Webinar - Taxes

Top Tax Write-Offs for the Self Employed
Next Friday, January 7
10 - 11 am

Join former Senior IRS agent, Leading Speaker and CRS Instructor Chris Bird as he leads you through an information-packed hour on the critical changes 2011 brings and how they affect YOU.

Learn the latest in Tax Write-offs for the Self Employed. Gain valuable tax and financial planning tips regarding new tax laws included in the Health Care Bill of 2010. Hear about major issues taking shape in Washington: elimination of S Corporation tax benefits, the new 1099 reporting requirements, current IRS priorities and the status of the Federal Estate Tax.

FREE to ALL REALTORS ~ Registration Required >

 
 
DC BROKER LICENSE RENEWAL

Avoid penalties - Renew before February 28

DC Broker and Property Manager licenses must be renewed by February 28, 2011. CE Hours must be completed and reported, and Renewals must be submitted and paid by February 28, 2011. That is the deadline to renew without penalty. DC Sales Agents must renew their DC real estate licenses before August 31, 2011.

Register now to meet your required topic CEU before license renewal deadline!

Thursday, January 13
9:30 a.m. to 12:30 p.m.

DC Fair Housing & Predatory Lending

Register here >
1:30 p.m. to 4:30 p.m. Financing Issues / Update Register here >
Tuesday, January 18
6:00 p.m. to 9:00 p.m.

DC Legislative Update

Register here >

Also earn the required 6 hours of general elective hours at PGCAR. Full CE schedule >
License Renewal CE Requirements >>
Online Renewal for Brokers and Property Managers >>

 
 
Is your New Year resolution to learn more or earn more in 2011?   If yes, earn Your GRI!
You can plan ahead and even pay ahead if you wish.
All three required GRI Series are offered at PGCAR in 2011.
  red arrow June 2011 GRI 100 Series Details & Registration >>  
  red arrow August 2011 GRI 200 Series Details & Registration >>  
  red arrow November 2011 GRI 300 Series Details & Registration >>  

Mark your calendars now, to earn the designation shown to
improve your industry knowledge and your income.

GRI 400 Offered at MAR February 2011

GRI 400 will be held at MAR in Annapolis starting February 1, 2011. Taking the GRI 100, 200 and 300 satisfies GRI designation requirements. Taking the GRI 400 in addition to the above 3 series will satisfy the education hours needed to obtain your associate broker or broker license. Click here to register.

 
 
PGCAR PRESIDENT IN THE NEWS!

PGCAR President Joanne Darling was interviewed for an expert's insight into the role of NSP and other factors contributing to stabilization of home prices in our area.

Sentinel article >

 
 
Market Sen$e: Pending Sales and Existing-Home Sales Improve

Average mortgage rates had risen since all-time record lows were set 6 weeks ago, but decreased slightly last week. Freddie Mac reports the following averages for the week ending December 23, 2010:

  • The 30-year fixed-rate mortgage averaged 4.81 percent, down from 4.83 percent a week ago.
  • The 15-year fixed-rate mortgage averaged 4.15 percent, down from 4.17 percent.
  • The 5-year Treasury-indexed hybrid ARM averaged 3.75 percent, down from 3.77 percent.
  • The 1-year Treasury-indexed ARM averaged 3.40 percent, up from 3.35 one week ago.

Freddie Mac's Weekly Primary Mortgage Market Survey >>

November local market statistics are now online at pgcar.com REALTOR® Resources >>  2010 settlements are 23.2% above 2009 levels for single family homes and 38.3% above 2009 levels for Condo/Coop home sales.

Existing-Home Sales Resume Uptrend, Prices Stable

NAR reports existing-home sales returned to an upward path in November, resuming a growth trend since bottoming in July. Existing-home sales, which are completed transactions including single-family, townhomes, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October. They are below the peak of November 2009, which was the initial deadline for the first-time buyer tax credit.

Lawrence Yun, NAR chief economist, is hopeful for 2011. "Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable," he said. REALTOR.org article >>

Two More Indices Indicate Rising Demand for Homes

The Pending Home Sales jumped 10.4% in October to the strongest pace since April when the Homebuyer Tax Credit expired. Lawrence Yun, NAR Chief Economist notes, "The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process." Recent loan performance data from Fannie Mae and Freddie Mac also indicates low default rates on recently originated mortgages. REALTOR.org article >>

The Mortgage Bankers Association reports that mortgage originations for home purchases increased during the third quarter 2010 but remained low compared to prerecession levels. Third quarter 2010 originations were 32 percent higher than during the same period in 2009, and were 15 percent higher than during the second quarter of 2010. MBAA.org article >>

 
 
2010 Profile of Home Buyers and Sellers - Download by Friday for FREE

FREE until December 31, 2010
The Profile of Home Buyers and Sellers, produced by the National Association of REALTORS® is based on annual surveys of recent home buyers and sellers. The Profile provides information on buyer and seller demographics, housing characteristics, the experience of consumers in the housing market, and the role of real estate professionals. . . and it's available free to REALTOR® members through December 31, 2010.

Login and download the report today >>

Check out other free and at-cost items at realtor.org, available through December 31, 2010.

 
 
MD and DC CEU at PGCAR


Wednesday, January 12
Reverse Mortgages
1.5 MD Elective CEU
Bruce Winstead 6:00 pm - 7:30 pm

Thursday, January 13
DC Fair Housing & Predatory Lending
3 DC Required Fair Housing CEU
Prabhjit Singh 9:30 am - 12:30 pm
Financing Issues / Update
3 DC Required Financing Issues / Update CEU;
3 MD Elective CEU
Prabhjit Singh 1:30 pm - 4:30 pm

Friday, January 14
MD Legislative Update
3 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

Tuesday, January 18
DC Legislative Update
3 DC Required Legislative Update CEU
Prabhjit Singh 6:00 pm - 9:00 pm

Wednesday, January 19
What A REALTOR® Should Know About Mortgages
3 Elective CEU, MD and DC
Michael Chelst 9:30 am - 12:30 pm

Thursday, January 20
MD Code of Ethics
3 MD Required Ethics CEU;
3 DC Elective CEU
Larry Hudson 9:30 am - 12:30 pm

Friday, January 21
Home Inspection & Environmental Issues
3 Elective CEU, MD and DC
Walter Clews 1:30 pm - 4:30 pm

Wednesday, January 26
New Member Orientation
For New Members Only
3 MD Required Ethics CEU
- 11:00 am - 4:00 pm

Full CEU Schedule >>

 

INCLEMENT WEATHER / SNOW POLICY:
SNOW POLICY: PGCAR classes will be conducted as scheduled unless the Prince George's County Government offices are closed. If you are registered for a class and it is cancelled, your registration fee will be returned or transferred to a future class.

Please be safe and use your best judgment with regards to driving. If unable to attend due to weather, please e-mail Scott Miller or call Scott at 301-306-7961 and you will not be charged. If you will not be attending class, please indicate whether you would like to reschedule or if you would like a refund.

PGCAR committee meetings: If Prince George's County Public Schools are CLOSED, all PGCAR committee meetings will be cancelled. If Prince George's County Public Schools are on a delayed schedule, committee meetings will be held as scheduled.

PGCAR offices will be open unless the Prince George's County Government is closed.

 

Code of Ethics Case Study: #16-17: Buyer Conditions Purchase Offer
on Seller's Agreement to Pay Buyer Agent's Fee

REALTOR® A filed a listed property with his local MLS offering to pay a fee for subagency services. REALTOR® B called REALTOR® A, identified himself as a buyer's agent, and asked if REALTOR® A would arrange a showing of the property to his client and himself. REALTOR® A agreed. The following day, REALTOR® B presented REALTOR® A with an offer to purchase that was contingent on the seller's agreement to pay REALTOR® B's commission. The seller accepted the offer and the sale closed shortly afterward.

REALTOR® A then filed a complaint against REALTOR® B citing Article 16 of the Code of Ethics as interpreted by Standard of Practice 16-16. He stated that REALTOR® B had interfered in REALTOR® A's relationship with his seller-client by attempting to negotiate a separate commission agreement with the seller. REALTOR® B responded that since the request that the seller pay his commission was made by REALTOR® B's client, the buyer, directly of the seller and not of the listing broker, no violation of the Code of Ethics had occurred.

Based on your understanding of the Code of Ethics Article 16, 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

Early Bird Special ~ Reserve Your
Exhibitor Booth Now for Only $300 >>
($200 off full pricing)

SPONSORSHIP OPPORTUNITIES (scroll down to June 2011 to see all options) >>

EXHIBITOR REGISTRATION >>

SPONSORS / EXHIBITORS GUIDE - (PDF)   or   (Word)

 
 
30 UNDER 30 - Applications Due January 15

In June 2011, REALTOR® Magazine will showcase 30 young real estate professionals who demonstrate innovation and leadership in the community and profession. REALTOR® members under age 30 as of May 31, 2011 are eligible.

HURRY - Apply by January 15.

 
 

Support Our Military - With a Click of the Mouse

Operation Home Relief is a NAR campaign to increase awareness, rally support, and raise funding for USA Cares, a nonprofit providing foreclosure assistance in the form of financial counseling and grants to post-9/11 active-duty U.S. military service personnel, veterans, and their families.

Click the "Join" button on Operation Home Relief's Facebook page, or donate to USA Cares while there. NAR's HouseLogic will contribute one dollar to USA Cares for every join or $1 donation, up to a total donation of $131,000.

"Join" the cause on Facebook >
Visit the USA Cares web site >


$131,000 matching grant
from HouseLogic
Expires: January 31, 2011
34 days left
HouseLogic will donate $1 for every person who joins (up to $131,000)!

 
Save the Date!
MAR ANNUAL LEGISLATIVE DAY
will be held Monday, January 24, 2011
at the Loews Hotel Annapolis

 

  PGCAR will be closed this Friday, December 31
for the New Year Holiday.

We wish you and your family a happy and safe
New Year's and a 2011 of peace and prosperity.



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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