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January 10, 2011

I N   T H I S   I S S U E . . .
        Property Mgmt Registration

 
PGCAR Office Hours - Martin Luther King Day

PGCAR offices will be closed in observance of Martin Luther King Jr's birthday next Monday, January 17.

Please consider volunteering for community service to celebrate the birthday and life of MLK.

 
Membership Renewals are PAST DUE!
$100 Reinstatement Fee Will be Added Midnight Tonight

Renew by Midnight TONIGHT, January 10 to save the $100 reinstatement fee, loss of lockbox, MRIS discounts and other REALTOR® Membership benefits. Renewing online is as easy as 1-2-3 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.

Brokers and non-paid Agents - Brokers will receive an itemized invoice by next Monday, January 17th and they will have until January 31st to pay the dues or remove the unpaid agents from their roster. If dues remain unpaid on February 1st, the entire office will be suspended.

Thanks to the majority of members who renewed on time!

 
 
 
30 Under 30 - Applications Due This Saturday, January 15

REALTOR® Magazine will soon showcase 30 young real estate professionals who demonstrate innovation and leadership in the community and profession. Do you have stand-outs in your office who should apply? Speak out. Have them submit an application.

To our under 30 members - apply today!
REALTOR® members under age 30 as of May 31, 2011 are eligible.

HURRY - Deadline is midnight Saturday >>

 
 
2011 MAR Legislative Day - Monday, January 24

The Maryland Association of REALTORS® will host its annual Legislative Day Monday, January 24 at the Loews Annapolis Hotel. The program begins at 3:30 p.m. with registration starting at 3 p.m. Key Legislative officials have been invited and the program will feature various guest speakers briefing us on top issues affecting REALTORS® in the 2011 General Session. (The 428th General Assembly adjourns this Wednesday, January 12.)

REALTORS® and their guests are welcome to attend the 3:30 Legislative Day Program FREE. A reception will follow at 6 p.m. and will conclude at 8 p.m. All are also welcome to attend the evening reception for a modest $15 "cover" for drinks and hors d'oeuvres.

RSVP your attendance plans, for both the Legislative Day Program and Reception to Sheryl Bergman via email to sheryl.bergman@mdrealtor.org Advance RSVP is required. RSVP deadline is end of business Thursday, January 20.

Meet your local legislators and show our REALTOR® strength.
We hope to see everyone there to start off the 2011 Legislative Session right!

P.S. Click through to the last page of the PGCAR Guide to Prince George's County Government
to read 10 Tips for Communicating with Legislators.

 
 
Four Updated or NEW Sales Contract Addenda
Three contract forms have been updated and one added to include language mandated by local laws. Download and save the new and revised addenda in PGCAR.com Members Only.

The above referenced PGCAR Forms 1302, 1303 and 1331 include new language mandated by local law in the Land Use, Zoning, Roads, Highways, Parks, Transportation, Etc. paragraph that references, in a more specific manner, where to obtain information on planning decisions. The County Council enacted CB-42-2010 which required the addition of this new language.

The three updated forms also include a new paragraph, Uncompleted Community Amenities. This addition is also mandated by local law; HB 642-10 requires a home builder to disclose the specific date of completion of certain community amenities if amenities are offered by the builder. This law is somewhat unclear as to the requirement to make disclosure in the resale market. As such, the Uncompleted Community Amenities language has been added to the forms referenced above to assist in determining the need to make disclosure. New PGCAR Form #1339 was created to make disclosure of any planned or "incomplete" community amenities which might include a pool, walking trail, park or more.

These laws became effective on November 12, 2010 (CB 42-2010) and October 1, 2010 (HB 642-2010). The forms are available at www.pgcar.com today and are scheduled to be posted to Zip Forms this week. Please discontinue and destroy any printed copies of forms #1302, #1303, and #1331 that may be accessible to sales staff. The current form revisions are dated 12/2010.

 
 
DC BROKER LICENSE RENEWAL

Avoid penalties - Renew before February 28

DC Broker and Property Manager licenses must be renewed by February 28, 2011. ALL CE Hours must be completed before-hand, then reported. License 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!

This 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 >
Next 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!
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.

 
 
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.

 
 
Market Sen$e: Favorable Rates, Annual Market Report

Average mortgage rates decreased again last week. Freddie Mac reports the following averages for the week ending January 6, 2011:

  • The 30-year fixed-rate mortgage averaged 4.77 percent, down from 4.86 percent a week ago.
  • The 15-year fixed-rate mortgage averaged 4.13 percent, down from 4.20 percent.
  • The 5-year Treasury-indexed hybrid ARM averaged 3.75 percent, down from 3.77 percent.
  • The 1-year Treasury-indexed ARM averaged 3.24 percent, down from 3.26 one week ago.

Freddie Mac's Weekly Primary Mortgage Market Survey >>

 
  2010 Prince George's County Year in Review / 2011 Preview - PGCAR held its Annual Press Conference on December 14, 2010 in cooperation with GCAAR, GWCAR, NVAR and the GMU Center for Regional Analysis.

Click here to view the PowerPoint presentation >>

December 2010 local market statistics are now online at pgcar.com REALTOR® Resources >>  While new contracts decreased from November to December, the number of settlements increased dramatically from November 2010 to December 2010. Settlements increased 50% in county condo sales, and 24% in single family sales. 2010 settlements ended 33.8% above 2009 levels for Condo/Coop homes and 21.4% above 2009 levels for single family home sales.

 
 
Pending Home Sales Continue Recovery

Gradual Improvement Seen in 2011

Pending home sales rose again in November, with the broad trend over the past five months indicating a gradual recovery into 2011, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator, rose 3.5 percent to 92.2 based on contracts signed in November from a downwardly revised 89.1 in October. The index is 5.0 percent below a reading of 97.0 in November 2009 (initial deadline for the first-time buyer tax credit). The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

"If we add 2 million jobs as expected in 2011, and mortgage rates rise only moderately, we should see existing-home sales rise to a higher, sustainable volume," Yun said. "Credit remains tight, but if lenders return to more normal, safe underwriting standards for creditworthy buyers, there would be a bigger boost to the housing market and spillover benefits for the broader economy."

The 30-year fixed-rate mortgage is forecast to rise gradually to 5.3 percent around the end of 2011; at the same time, unemployment should drop to 9.2 percent. REALTOR.org article >>

 
 
MD and DC CEU at PGCAR

Ring in the new year by earning ALL of your required Continuing Education hours for Maryland and DC license renewals early -- right here at PGCAR. Don't sweat your next licensing deadline, especially the quickly approaching DC renewal deadlines!


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

This 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

This 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

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

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

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

Next 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 >>

 
 
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

As of 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.

 
 
IRS 2011 Standard Mileage Rates and Other Tax Tips
As of January 1, 2011, the standard mileage rates used to calculate deductible costs of operating a car (also vans, pickups or panel trucks) are:

  • 51 cents per mile for business miles driven
  • 19 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

Additional information on standard mileage rates is available from www.IRS.gov or your tax specialist.

Are moving expenses deductible?
This article at www.IRS.gov is a resource for homebuyers who move for a new or relocated job.

 
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.

If you own rental property, don't wait until the end of year to back-track. Start now to track purchases of goods or 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 >>

 

2011 Changes to the Code of Ethics

Changes to the Code which are approved at the NAR Annual Convention become effective on January 1 of each year. For your easy reference we have posted the January 1, 2011 changes here, and online, so that you can stay up to date. Revised and added text is noted in italics. Strikeouts indicate deletions.

Previous Standard of Practice 3-7 wording "representational status" was clarified as "relationship with the client."

Revised Standard of Practice 3-7
When seeking information from another REALTOR® concerning property under a management or listing agreement, REALTORS® shall disclose their REALTOR® status and whether their interest is personal or on behalf of a client and, if on behalf of a client, their relationship with the client. (Amended 1/11)

Standard of Practice 3-10 was added to clarify a REALTORS®' dury to cooperate with other brokers to promote our clients' interests.

New Standard of Practice 3-10
The duty to cooperate established in Article 3 relates to the obligation to share information on listed property, and to make property available to other brokers for showing to prospective purchasers/tenants when it is in the best interests of sellers/landlords. (Adopted 1/11)

Article 10 and Standard of Practice 10-3 added sexual orientation in its emphasis that all persons are to be treated equally and professionally, and that REALTORS® are not to discriminate in their REALTOR® or employment practices.

Revised Article 10
REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, or national origin, or sexual orientation. REALTORS® shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin. (Amended 1/11)

REALTORS®, in their real estate employment practices, shall not discriminate against any person or persons on the basis of race, color, religion, sex, handicap, familial status, or national origin, or sexual orientation. (Amended 1/11)

Revised Standard of Practice 10-3
REALTORS® shall not print, display or circulate any statement or advertisement with respect to selling or renting of a property that indicates any preference, limitations or discrimination based on race, color, religion, sex, handicap, familial status, or national origin, or sexual orientation. (Adopted 1/94, Renumbered 1/05 and 1/06, Amended 1/11)

The Code of Ethics now clarifies that electronic displays of real estate information which are too small to include required disclosures must link to the name of the REALTOR®'s firm and all required disclosures.

Revised Standard of Practice 12-5
REALTORS® shall not advertise nor permit any person employed by or affiliated with them to advertise real estate services or listed property in any medium (e.g., electronically, print, radio, television, etc.) without disclosing the name of that REALTOR®'s firm in a reasonable and readily apparent manner. This Standard of Practice acknowledges that disclosing the name of the firm may not be practical in electronic displays of limited information (e.g. "thumbnails", text messages, "tweets", etc.). Such displays are exempt from the disclosure requirement established in the Standard of Practice, but only when linked to a display that includes all required disclosures. (Adopted 11/86, Amended 1/11)

Please take the time to review the entire 2011 REALTOR® Code of Ethics >>

We'll return to our Tour of the Code of Ethics in the next REALTOR® Connection. We wish you an ethical 2011!

 
 
FREE Webinar - Social Media

How to Effectively Maximize Social Media
Friday, February 4
10 - 11 am

Join leading technology expert Amy Chorew and walk away with a clear understanding of how you too can use social media as a powerful tool to drive business. You'll learn tips to successfully leverage LinkedIn, Facebook, Twitter and a Blog. For those who have started but haven't sustained their momentum, this power hour also include blogging tips for the not so motivated.

FREE to ALL REALTORS® ~ Registration Required >

 
 
GIVE BLOOD — SAVE LIVES
Thursday, February 10
9 am to 3 pm

PGCAR is sponsoring and hosting a Red Cross Blood Drive® at the association office on Thursday, February 10.


FRIENDS ~ FAMILIES ~ MEMBERS
COME GIVE THE GIFT OF LIFE!


 
 
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 by January 31 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)

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  :  ©2011, PGCAR

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