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February 21, 2011

I N   T H I S   I S S U E . . .
   

 
PGCAR Offices are closed today, February 21st
in observance of Presidents' Day.

 
$2,500 David Maclin Memorial Scholarship
Applications Due Next Monday, February 28
Do You Know a Prince George's County Public High School Senior:

Graduating with a 2.0 or better GPA?
Already making a difference in the community?

They have one week to complete their application for the 2011 David Maclin Memorial Scholarship. Winners will receive a $2,500 scholarship to be used toward further education in any community college, university or trade school.

Please share Scholarship Application Forms with the students, principals and teachers whom you know. These have been distributed to area schools, but you may enable someone who hasn't received the materials to share this opportunity with their class, and make an important difference in the life of a student who wouldn't have heard of it without your involvement.

Scholarship Letter   •   Scholarship Application   •   Permission Slip
Scholarship Applications are Due Next Monday, February 28th, 2011.

 
 
DC Broker and Property Manager licenses

Avoid penalties - DC Broker and Property Manager licenses
must be renewed by Next Monday, February 28, 2011.

ALL CE Hours must be completed and reported.
License renewals must be submitted and paid by February 28, 2011.

DC Sales Agents - your DC real estate license renewal deadline is August 31, 2011.

  1. Report the 9 CE in mandated categories:

    DC Legislative Update
    Financing Issues / Update
    DC Fair Housing & Predatory Lending Offered Tomorrow, Tuesday, February 22
    6:00 p.m. to 9:00 p.m.                      Register here >

  2. Report the 6 required DC elective hours:

    MD Code of Ethics Thursday, February 24
    9:30 a.m. to 12:30 p.m.

    Register here >

    MD Legislative Update

    Offered Online >

  3. Renew Your DC Broker or Property Manager License Online >

 
 
GIVE BLOOD — SAVE LIVES
THIS WEDNESDAY, February 23
9 am to 3 pm at the PGCAR Office

Come give the gift of life!

The PGCAR Association Office is at:
8400 Corporate Drive, Suite 225
Landover, MD 20785

Family, friends and associates are welcome!


THANK YOU TO ALL DONORS AND VOLUNTEERS!   SEE YOU THERE!

 
 
MAR Breakfast of Champions - This Thursday

Market $ense The Maryland Association of REALTORS® invites you to attend...
"Get in the Green Zone!"
Don't miss this fun, fast-paced and idea-packed 90-minute learning experience!

  • How to plan (and actually have) a productive, profitable day . . . every day!
  • The four "green zones" that have the greatest affect on your career success
  • Breaking down the barriers to open new doors to new business opportunities
  • Big steps and bold moves other real estate professionals are making right now
  • How to keep from becoming a "victim" of this market
  • Ideas and actions for moving forward through 2011 with the drive and energy to succeed!

Only $15 for program and breakfast.

This Thursday, February 24 in Annapolis   •   March 29 in Frederick

Learn tips to keep your attitude up and your business strong!
Register today at mdrealtor.org.

 
 
Just Announced! RPAC Hawaiian Bash Extravaganza

RPAC Hawaiian Bash Extravaganza Tuesday, April 12
6 - 10 p.m.
@ La Fontaine Bleu

Contribute to your industry, meet County and State lawmakers, and have fun!

Texas Hold'em ~ Caricaturist
Silent & Live Auctions ~ Costume Contest
Great Food ~ Open Bar ~ DJ & Dancing

Tickets are now on sale >

Click here to contribute a door prize, auction item, or sponsorship >

NOTE: Contributions are for RPAC which is not deductible for Federal Income Tax purposes, charitable or otherwise: Contributions to RPAC are voluntary and are used for political purposes to support state, local and federal candidates and are charged against your limits under 2USC441A. Nothing should be construed as solicitations of contributions.

 
 
ATTENTION — THREE UPDATED FORMS
ARE NOW AVAILABLE


Visit PGCAR.com Members' Only
for a FULL Contract Forms Check. Now is a great time
to make sure you are up-to-date!
Required Agency Forms and Listing / Contract Addendum, Updated January 2011
  red arrow PG 901: Agency Disclosure - Understanding Whom Real Estate Agents Represent
  red arrow PG 902: Consent for Dual Agency
  red arrow PG 1311: Non-Resident Transfer / Withholding Tax Addendum

 
 
FORMS ALERT

Revised Withholding Tax Addendum, Agency Disclosure
and Consent for Dual Agency Forms
NOW IN EFFECT

Withholding Rate on Sales by Non-Residents Reduced

Effective January 1, 2011, the withholding rate for the sale of real estate by non-resident individuals was reduced from 7.5% to 6.75%. The new withholding amount is equal to the sum of the rate of the tax imposed under Maryland Code Ann., Tax-Gen. § 10-106.1 (currently 1.25%) and the top marginal state income tax rate for individuals under Maryland Code Ann., Tax-Gen. § 10-105(a) (currently 5.5%). PG Form 1311, the Non-Resident Seller Withholding Tax Addendum has been updated to reflect the new rate.

Agency Disclosure & Consent to Dual Agency Forms Revised

At the end of January, the Maryland Real Estate Commission released updates to the required Agency Disclosure form and the Consent for Dual Agency form.

Action Items

  • Download and save all revised contract and agency forms in PGCAR.com Members Only.
  • Please discontinue and destroy any printed, non-used copies of Forms #901, #902 and #1311.
  • See details of both updated Agency forms from Al Monshower, general legal counsel for the Maryland Association of REALTORS® in the February 7 Legislative Alert.
  • Re-execute the newly revised Consent For Dual Agency form as promptly as possible with current seller and buyer clients.

 
 
PGCAR In the News!

Mortgage interest deduction plan would hurt middle class

Those in attendance at MAR's Legislative Day learned of recent actions to fight changes to the Mortgage Interest Deduction. Soon after, NAR had every state represented in Washington with REALTORS® visiting their members of Congress. Joanne Darling, Anthony Williams, and Nick D'Ambrosia participated in this activity representing PGCAR, MAR and NAR.

Additionally, PGCAR sent a "Letter to the Editor" to our local papers in response to a Washington Post Op-Ed supporting changes to MID. The letter was printed in the Gazette on Thursday, February 3.

 
 
American Dream Downpayment Initiative

ADDI Now Available for County Homebuyers!
Up to $10,000 Available in Downpayment / Closing Costs Assistance to Eligible Households

The American Dream Downpayment Initiative (ADDI) provides downpayment and closing cost assistance for purchasing a home within Prince George's County to be used as a family's principal residence. Eligible families earn a maximum 80% of the area median income and are first-time homebuyers (or have not owned a home in the last 3 years). Assistance is in the form of a 5-year forgivable loan at 0% interest of up to $10,000 for downpayment and/or closing costs.

Learn more about the County's Down Payment Assistance Programs during
the 3 CEU 203K Purchase Rehab class on Wednesday, March 9.

 
 
Fannie Mae "First Look" Gives 15 Day Preference to Owner Occupants

Fannie Mae FirstLookHave you checked HomePath.com lately for affordable real estate owned (REO) properties? If so, you'll notice the "First Look" logo on several Fannie Mae property listings.

Fannie Mae's innovative First Look period contributes to neighborhood stabilization by encouraging home ownership. During the First Look period, typically the first 15 days a property is listed on HomePath.com, offers will only be accepted from owner occupants and public entities. No investor offers.

If the property remains available for sale after the expiration of the First Look period, investor offers may be submitted and will be considered along with all other offers.

Did you also know that the earnest money requirement is only $500, for buyers of Fannie Mae homes using public funds (e.g., ADDI and NSP program funds)?

 
 
FHLB Offers First-Time Homebuyer Down Payment Funds

Federal Home Loan Bank of Atlanta (FHLBank Atlanta) announced that funding is now available under its 2011 First-time Homebuyer Program. FHLBank Atlanta will provide up to $7,500 in matching funds per eligible household through its member financial institutions for down payment and closing costs.

Funds are provided to FHLB member institutions on a first-come, first-served basis, and potential homebuyers must request the funds from a participating member institution of FHLBank Atlanta.

 
 
Maryland Mortgage Program (MMP) - Free 3 CEU Training

Learn how to utilize the Community Development Administration's MMP for your customers. CDA has interest rates of 4.50% with no points! Downpayment assistance of $5,000 is still available, plus matching closing cost programs. Register early for the CDA workshop being held Wednesday, March 9 or Thursday, April 21 at 8:30 am. February's class filled up on the same day we advertised it in REALTOR® Connection. Details and registration >

 
 
AUTO LOAN RATES AS LOW AS 3.95%

At the REALTORS® Federal Credit Union

Apply online and get an instant decision in minutes! Not a member yet?
Why not join the Federal Credit Union built especially for you?
Join today - it's easy!

Information and online services are available 24/7 at REALTORSFCU.ORG.
Share the flyer.

 
 
FREE! Open to the Public!
2011 Annual Housing Fair
Saturday, June 11, 2011 • 10 am to 3 pm
Sports and Learning Center
Share the Flyer!

As many of you know, homeownership is the cornerstone of thriving communities and the catalyst for building wealth within families. Our strategy is to sustain homeownership through education and counseling. To help spread the word to families in the Prince George's County area, the Prince George's County Association of REALTORS® will hold a Housing Fair on Saturday, June 11.

The Exhibit Hall will be open throughout the day. Federal, state and local housing officials will be in attendance and will speak at our mid-day event. The Housing Fair is open to the public at NO CHARGE. Here's a sample of FREE workshops that will be offered for homebuyers and homeowners:

Foreclosure Prevention / Loan Modification Legal Consultations
Details now available at www.pgcar.com >>

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

Be recognized as a sponsor or exhibitor. The Housing Fair is an
inexpensive way to meet and talk with homebuyers and homeowners.

Early Bird Special ~ Reserve Your
Exhibitor Booth by March 31 for Only $400 >>
($100 off full pricing)

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

EXHIBITOR REGISTRATION >>

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

 
 
Market Sen$e: Still Favorable Rates, January Sales Reports

30-year average rates hit 5% for the week ending February 10, the first time since May 6, 2010. Freddie Mac reports the following averages for the week ending February 17, 2011:

  • The 30-year fixed-rate mortgage averaged 5.00 percent, down from 5.05 percent a week ago.
  • The 15-year fixed-rate mortgage averaged 4.27 percent, down from 4.29 percent.
  • The 5-year Treasury-indexed hybrid ARM averaged 3.87 percent, down from 3.92 percent.
  • The 1-year Treasury-indexed ARM averaged 3.39 percent, up from 3.35 percent.

Freddie Mac's Weekly Primary Mortgage Market Survey >>

 
  January 2011 home sales statistics for Prince George's County are online at pgcar.com/stats >>  While new contracts increased from December 2010 to January 2011 in both single family homes and condo/co-op homes, the number of settlements decreased from December to January in both markets. All numbers have increased when comparing January 2011 with November 2010 (there was an unusually dramatic month-to-month increase from November-to-December settlements which was not matched in January).

 
 
FHA 90 Day Flip Rule is Waived Until December 31, 2011

The Dept. of Housing and Urban Development (HUD) has instituted a one-year moratorium on the Federal Housing Administration (FHA) 90-day anti-flipping rule.

With certain exceptions, such as HUD-owned and bank-owned properties, FHA rules currently prohibit insuring a mortgage on a home owned by the seller for less than 90 days. However, for 2011, buyers may use FHA-insured financing to purchase properties resold through private developers and investors, providing access to a broader array of recently foreclosed properties.

Under the temporary waiver, all transactions must be arm's-length, and most properties will require additional documentation of improvements and justification of the price increase. Additional documentation may include a second appraisal and a property inspection ordered by the lender.

 
Membership Renewals Past Due

Brokers and non-paid Agents - January 31 was the deadline to pay 2010-2011 dues or remove any unpaid agents from your office roster. All new licensed agents in your office were also required to join by January 31. Suspensions are now taking effect for offices with non-paid members.

Renew Online, or if your account has already been suspended, please call the office at 301-306-7900 to renew.

 
 
MD and DC CEU at PGCAR

Earn ALL of your required Continuing Education hours for Maryland and DC license renewals early -- including the newly required 3 CEU Agency training requirement for Maryland. Don't sweat your next licensing deadline!


This Tuesday, February 22
DC Fair Housing & Predatory Lending
3 DC Required Fair Housing CEU
Prabhjit Singh 6:00 pm - 9:00 pm

This Thursday, February 24
MD Code of Ethics
3 MD Required Ethics CEU
3 DC Elective CEU
Don Martin 9:30 am - 12:30 pm

Tuesday, March 8
Reverse Mortgages
1.5 MD Elective CEU
Bruce Winstead 6:00 pm - 7:30 pm

Wednesday, March 9
203K Purchase Rehab
3.0 MD Elective CEU
Michael Chelst 1:30 pm - 4:30 pm

Thursday, March 10
Buyer Beware - Foreclosed & Neglected Properties
3.0 MD Elective CEU
Vimal Kapoor 1:30 pm - 4:30 pm

Tuesday, March 22
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

Wednesday, March 23
Commercial SBA Loan Programs
3.0 MD Elective CEU
John Throne 9:30 am - 12:30 pm

Thursday, March 24
MREC Agency-Residential
3.0 MD Required CEU
Don Martin 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

Full CEU Schedule >>

 

Code of Ethics and Standards of Practice
of the National Association of REALTORS®

Know your duties and responsibilities under the Code of Ethics and Standards of Practice. The Code of Ethics establishes rules for ethical conduct and professionalism, and distinguishes us as REALTORS® from other real estate licensees.

How well do you know your Code?
Take this quiz to find out!

To learn more and to ensure that you do not violate the Code, review the Code of Ethics and Standards of Practice at PGCAR.com. If you would like to receive additional instruction on ethics, check out the Online Ethics Training (non-credit) available at REALTOR.org, or take a 3 CEU Code of Ethics training course at PGCAR this Thursday, February 24 or Thursday, March 24.

Join us as we start another tour of the Code of Ethics, beginning with the Preamble, in the next REALTOR® Connection.

 
 
Leadership Training Opportunities:

2012 NAR Leadership Academy
Are you already actively involved, have a passion for the industry and a vision for the future of real estate? If this describes you, consider applying for the 2012 graduating class of the National Association of REALTORS® Leadership Academy.

Full Details & Application >>
Application deadline is March 31, 2011.

FREE REALTORS® Excelling in Association Leadership (REAL) Self-Study Course
Whether you're already in association leadership or interested in getting more involved, you can learn valuable insights in this free, online course, available 24/7. Details and course sign on >

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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