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April 4, 2011

    I n   t h i s   i s s u e . . .
 
Events
  • PGCAR has Moved!
  • Hawaiian Bash Extravaganza - Next Tuesday
  • Blood Drive - April 21
  • Annual Prayer Breakfast - April 22
  • Christmas in April - April 30
  • Maryland Mortgage Program - Free 3 CEU
  • MAR Breakfast of Champions
  • Midyear Meetings and Trade Show
    Homeownership Matters
  • Defend MID
  • April is Fair Housing Month!
  • My HOME Program
  • 2011 Housing Fair - FREE Legal Consultations
  • American Dream Downpayment Initiative
  • $7.5k FHLB First-Time Homebuyer Funds
  • Fannie Mae "First Look"
  •  
    The Industry Insider
  • Market Sen$e: Rates & Home Sales Stats
  • In the Press: County Sales Impress
  • Save Cash & Time with Your Virtual Bank
  • MRIS Password Sharing Prohibited
  • Like Us on Facebook
  • NAR Federal Tax Report
  • Forms Alert - Updated Rental Agreement
  • Community Service Award
  • Good Neighbor Nominations
  • MAR Committee Volunteers Wanted
  • $50M County Economic Development Proposed
  • DC and MD CEU Schedule
  • Earn Your GRI in 2011
  • Code of Ethics: Case #2-9
  • Membership Renewals Past Due
  • DC Broker and Property Manager Licenses
  •  
     

    PGCAR Has Moved!

    Our office re-opened this morning in a new location!

    Our new location is conveniently located off I-495,
    Exit 17A (Route 202 / Landover Road):

    9200 Basil Court, Suite 400
    Largo, MD 20774
    mapquest Google maps

    Please visit our new office and REALTOR® store for signs, information boxes, and all your other REALTOR® needs.

    Classes - Remember to come to our NEW location in Largo for all CE classes.

     
     
    HAWAIIAN BASH EXTRAVAGANZA
    2011 RPAC Fundraiser
    NEXT TUESDAY, APRIL 12
    6 - 10 p.m.
    La Fontaine Bleu
    Contribute to your industry, meet County and
    State lawmakers, and have fun!
    And yes . . . Hawaiian shirts are allowed!

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

    Tickets: $35 each or 3 for $100
    Register today >

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


    A Message From 2011 RPAC Chair, John Lesniewski

    PGCAR and RPAC played a valuable role in the 2010 elections, and we need that positive influence to continue, now more than ever. Read more about how RPAC supports local, state and national candidates who support REALTOR® issues. Also learn more about just a few of the many recent victories won for homeownership and PGCAR REALTORS® through RPAC cooperation.

    RPAC VICTORIES... FOR YOU & HOMEOWNERSHIP

    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.

     
     
    GIVE BLOOD — SAVE LIVES
    Thursday, April 21
    9 am to 3 pm at the new PGCAR Office

    Come give the gift of life!

    The tradition continues at our new offices. Come see the new place, while doing a good deed. Invite family and friends . . . challenge the entire office to come!

    Thank you to all Donors and Volunteers!
    See you there!

     
     
    You are Invited to the
    Women's Council of REALTORS®
    33rd Annual Prayer Breakfast
    on Good Friday, April 22


    8:00 a.m. Registration   ·   8:30 a.m. Breakfast/Program
    Lake Presidential Golf Club
    3151 Presidential Golf Drive
    Upper Marlboro, MD 20774

    Please join us this Good Friday, and invite family and friends.
    Please register in advance at pgcar.com >

    For sponsorship opportunities contact Kelli Baxter at kbaxter@viptitlegroup.com.

     
     

    Christmas in April

    Please join us on Saturday, April 30 to help a Prince George's family. No skills required!

    Please Volunteer to Help >

     
     

    Maryland Mortgage Program (MMP) - Free 3 CEU Training

    Learn how to utilize the Community Development Administration's MMP for your customers. CDA has competitive interest rates with no points! Downpayment assistance of $5,000 is still available, plus matching closing cost programs. This training is FREE, but register early! CDA workshops are being held Thursday, April 21 or Wednesday, May 11 at 8:30 am. Details and registration >

    Learn more about how the MMP opens opportunities for qualified families to own their first home with safe, 30-year fixed mortgages at competitive interest rates. Read "Rethinking Our Rethink of Homeownership" by Secretary Skinner, Maryland Department of Housing and Community Development, on page 10 of the Maryland Realtor Magazine April / May issue.

     
     

    MAR Breakfast of Champions - Two April Sessions

    The Maryland Association of REALTORS® invites you to attend...
    "Get in the Green Zone!"

    Learn how to increase results and your income in this fast-paced, idea-packed,
    90-minute sales workshop by popular real estate sales trainer Doug Smith.

    Tuesday, April 26 in Edgewood   •   Thursday, April 28 in Pikesville

    Only $15 for program and breakfast.
    Details & registration at mdrealtor.org.

     
     

    Register Online for 2011 Midyear Meetings and Trade Show

    NAR Midyear Legislative Meetings and Trade Expo This year's Midyear Meetings will take place
    May 9 - 14 in Washington, DC.
    The Trade Expo will be held May 11 - 13.

    Registration and schedules are now online at realtor.org.
    Midyears are FREE, as always, to REALTOR® members.

     
     

    PRESERVE, PROTECT AND DEFEND MID - Take Action

    call for action You can shape legislation by being heard early and with strong conviction. This is one of those times. Congress needs to hear from you. Warning signs have appeared on Capitol Hill about removing the Mortgage Interest Deduction (MID). Homeowners have taken big hits the past few years. We cannot have Congress adding to the injury.

    1. Listen to NAR President Ron Phipp's podcast explaining why our action is so urgent.
    2. Then send your letter asking your Representative to cosponsor H.Res 25, a bipartisan House resolution affirming the value and importance of the MID.

    REALTORS® need to direct Congress to Preserve, Protect and Defend the MID. No economic recovery is possible without a vibrant housing market. Please Take Action today.

     
     

    April is Fair Housing Month!

    Fair Housing tips Invite everyone to the June 11 Housing Fair, and start posting links and flyers on Facebook, your website and local bulletin boards to help spread the word. Check out the NAR Store for Fair Housing brochures, handbooks and more, and learn from the resources below.

    • How well do you know federal fair housing law? Test Your Fair Housing IQ >
    • Educate yourself, and your sellers about fair housing laws. Remember, you don't want to discriminate, but the law is about actions and not just good intentions. Discriminating in any way, even at the request of a seller, is illegal. If a seller wants you to discriminate, walk away from the transaction. Read 8 Tips for Fair Housing Compliance >

     
     

    Down Payment and Closing Cost Assistance

    My HOME Program
    Up to 5% of Home Sale Price Offered to County Homebuyers

    The My HOME program is now accepting applications, and offers up to 5% of home sale price
    to buy a home in Prince George's County. This program is open to homebuyers who
    have not owned a home within the last 3 years.

    My HOME Program

    See complete My HOME Details at pgcar.com and the following links:

    Over $1 million is dedicated to down payment and closing cost assistance through the My HOME program. It is estimated this will translate into over 100 loans. Help your clients become homeowners with this amazing opportunity.

    My Home Bulletin - Real Property Taxes and DTI Calculation

    Please be advised that if your borrower / applicant has a property that has been reassessed, has met the first mortgage lender's debt to income (DTI) requirement, but due to the current tax bill, your borrower / applicant is unable to meet the My HOME Program's 43% DTI requirement, we encourage you to process and send the file in with the higher DTI (attributable only to the higher tax bill).

    The My HOME Program will work with the County Treasurer's Office to obtain an estimated tax bill reflecting the new assessed value for the My HOME Program's DTI calculation. The tax estimate provided from the Treasurer's Office is for the My HOME Program's internal use only, is not evidence of the actual tax liability, and will not be provided by the My HOME Program to either the participating lender or the borrower / applicant.

    Please note that the borrower / applicant must still meet the My HOME Program 43% maximum DTI requirement. No exceptions will be made if the borrower / applicant is still above the 43% DTI requirement after the estimated tax bill reflecting the new assessment is used. For more information, please contact Rosalyn Clemens, NSP & My HOME Program Manager at 301.883.3288 or rbclemens@co.pg.md.us.

    203K Workshop for Homebuyers

    The County is offering a 203K Workshop class for homebuyers next Wednesday, April 13. This class is for your customers, not for REALTORS® or Lenders. Please alert your Homebuyers to this FREE opportunity. An RSVP to HSTOKES@co.pg.md.us is required. Details >

     
     
    More Great News to Share with Your Customers
    Free Housing Fair   |   Homebuyer Savings
    FREE! Annual Housing Fair
    & Homeowner Legal Consultations

    Saturday, June 11 at the Sports and Learning Center
    Share the Flyer!

    Help spread the news. The County's Annual Housing Fair is FREE, and open to everyone in the industry and the public. Free workshops will be held to give homeowners, sellers and buyers practical information on Credit Rebuilding / Finances, Short Sales, Senior Programs / Reverse Mortgages, First-time Homebuyer Programs and Rental Information.

    Free legal consultations on Foreclosure Prevention and Loan Modification will also be provided. Advance registration and preparation are required for the consultations. Online registration will open soon; required forms and information are now available at www.pgcar.com.

    2011 Housing Fair details are online at pgcar.com. Email the Link and Share the Flyer.

    Sponsorship Opportunities >
    Exhibitor Registration >       Sponsors / Exhibitors Guide >

    American Dream Downpayment Initiative
    Up to $10,000 to Buy a Home in Prince George's County

    The American Dream Downpayment Initiative (ADDI) provides downpayment and closing cost assistance to purchase a home in Prince George's County. Eligible families earn a maximum 80% of the area median income, are first-time homebuyers (or have not owned a home in the last 3 years), and will use the home as their principal residence. 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.

    FHLB First-Time Homebuyer Down Payment Funds
    Up to $7,500 for DC, MD or VA Homebuyers

    Federal Home Loan Bank of Atlanta (FHLB Atlanta) will provide up to $7,500 in matching funds to eligible first-time homebuyers for down payment and closing costs. Funds are provided on a first-come, first-served basis. Potential homebuyers must request the funds from a participating member institution of FHLB Atlanta.

    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)?

     
     

    Market Sen$e: Rates Fluctuate, County Sales Enjoy Early Spring Fever

    Average mortgage rates increased again, still well below the 5% mark for 30-year fixed-rates. Freddie Mac reports the following averages for the week ending March 31, 2011:

    • The 30-year fixed-rate mortgage averaged 4.86 percent, up from 4.81 percent a week ago.
    • The 15-year fixed-rate mortgage averaged 4.09 percent, up from 4.04 percent.
    • The 5-year Treasury-indexed hybrid ARM averaged 3.70 percent, up from 3.62 percent.
    • The 1-year Treasury-indexed ARM averaged 3.26 percent, up from 3.21 percent.

    Freddie Mac's Weekly Primary Mortgage Market Survey >>

     
    County Home Sales Surge in February
    See Prince George's February 2011 home sales statistics at pgcar.com/stats >>

    March sales reports will be available later this week, probably by end of business this Wednesday, April 6 at pgcar.com/stats >>.

    For February 2011, new contracts and settlements increased from January in both the single family and condominium markets, from a 5% increase in single family settlements to a 34.9% increase in condo/co-op contracts. All County contract and settlement numbers also increased from 2010 to 2011, from a 10.3% increase in single family contracts to a 154.2% increase in condo/co-op settlements. Prince George's County home sales statistic improvements beat national averages. Details at pgcar.com/stats >>

     
     
    PGCAR In the News Again!

    Prince George's sees increase in pending home sales

    New pending home sales in Prince George's County were up more than 50 percent in February from last year, according to a report released last week.

    The Washington area showed the largest year-over-year pending sales increase in 10 years, stated the report released by real estate tracker Metropolitan Regional Information Systems Inc.

    Although pending sales are up from this time last year, selling prices are still down. The average selling price of a home in the county was about $16,000 higher last February, according to the report.

    Prince George's County had the largest increase in pending sales in the D.C. region compared to last year, meaning more potential sales this March, according to the report. Homes also spent almost two weeks less on the market this February compared to last February, according to the report.

    Read the full article in the Prince George's Sentinel >

     
     

    Save Cash and Time with YOUR 24 / 7 Virtual Branch Bank

    Enjoy better rates on loans and savings accounts, scan and deposit checks from your home or office, pay your bills online, transfer funds online, and call a customer support person anytime of day or night!

    Visit REALTORSFCU.ORG to join the REALTORS® Federal Credit Union today.
    Share the link and flyer.

     
     

    MRIS PASSWORD SHARING PROHIBITED!

    Potential Fines and Loss of Access Alert MRIS PASSWORD SHARING PROHIBITED

    As a valued member of our association, we want you to be aware that MRIS does monitor customer logins to their applications. Starting this week, MRIS will begin notifying their customers if password sharing has been detected. Should you receive a notification, you will need to follow the steps on the notification to stop the sharing of your login credentials. If the password sharing continues, MRIS will begin issuing fines and even revoking access.

    The MRIS Subscription Agreement, signed by each MRIS customer, states that the password / PIN must remain under the control of the subscriber and cannot be shared. Continued sharing of login credentials is a breach of the legal terms governing your subscription. Your personal or administrative assistant must also have their own MRIS subscription so they receive a separate User ID, PIN and Password for access to the system.

    We recommend you change your password immediately if you believe that your login credentials may be compromised. Protect your User ID, PIN, and Password and DO NOT SHARE it with anyone else.

     
     

    My HOME Program Like Us on Facebook

    Visit and Like PGCAR's Facebook page at www.facebook.com/pgcar. Don't miss out on important legislative, CE and homebuyer savings reminders, or alerts. Bookmark www.facebook.com/pgcar and www.pgcar.com/calendar.htm today!

     
     

    NAR Federal Tax Report

    1099 Reporting Repeal Effort Continues

    House and Senate bills have been introduced that would repeal the 1099 information reporting requirement affecting all businesses, that was included as one of the "pay-for" provisions in the 2010 Health Care legislation. HR 4 has 273 House sponsors from across the political spectrum. Senate Finance Committee Chairman Baucus (D-MT), along with Majority Leader Harry Reid (D-NV) has introduced S 72, now with 22 cosponsors. In the State of the Union address, President Obama anticipated that the provision would be repealed and said he would sign a bill with full repeal. Nonetheless, neither bill has been scheduled for House or Senate consideration. NAR supports this repeal effort.

    Unfortunately, neither bill includes a repeal of the burdensome landlord reporting provision that was included in a 2010 small business bill. That provision requires ALL persons who "receive rental income"(not just property managers) to report payments of over $600 to the contractors and others who do work for them. NAR has identified a senior member of the House Ways and Means Committee who intends to lead an effort to secure repeal of the landlord provision.

    NAR Issue Brief: Information Reporting IRS Form 1099

     
     
    FORMS ALERT
    Rental Agreement Update


     
     

    COMMUNITY SERVICE AWARD - Tell Us What You've Done

    So many PGCAR members help others in the community. Please tell us about it, by completing a simple online form. Whether you adopted a family, collected "Toys for Tots," donated to local charitable organizations, or donated time at your child's school or at church, we want to know about it. We will compile and submit all submissions for possible MAR C.A.R.E. award recognition. If PGCAR wins, MAR will contribute funds to a charity within our community! With your help, we can win. We just need to know:

    • Which charity did your work or fundraising benefit?
    • What dollar amount was collected?
    • How many total hours were volunteered?

     
     

    REALTOR® Magazine Seeks Good Neighbor Nominations

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

    REALTOR® Magazine is seeking nominees for the 2011 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 Friday, May 20, 2011, 6 pm EST.
    Apply at www.Realtor.org/gna.

     
     

    WANTED: 2011 - 2012 MAR Committee Volunteers

    Committee descriptions and a volunteer form are now online at www.mdrealtor.org. All MAR members are encouraged to apply for 2, no more than 3 preferred committee choices. Some committees have specific requirements; however, every attempt will be made to accommodate your request for at least one committee assignment. Committee selections are prioritized by qualifications and date received.

    Reminder: Current MAR committee members must re-apply for 2011 - 2012 MAR Committee memberships.

    Applications are due Wednesday, May 11.
    MAR will confirm committee appointments by August 26.

     
     

    $50 Million Fund Aims to Jump-start Development in Prince George's

    Prince George's County Executive Rushern L. Baker III rolled out his new strategy for economic development last week, introducing his new economic development team and proposing a $50 million one-time investment into a county Economic Development Incentive Fund.

    The new $50 million fund would provide support for activities such as mixed-use development projects, business startup capital, land acquisition and building construction, which help county businesses and attract new business to the county.

    Complete Gazette.net article >

     
     

    MD and DC CEU at PGCAR

    Reminder! All classes are now being held at our NEW offices, just off the Route 202 / Landover Road exit of I-495. Find us at 9200 Basil Court, Suite 400, Largo, MD 20774. There's plenty of parking.


    This Wednesday, April 6
    Reverse Mortgages
    1.5 MD Elective CEU
    Eric Rittmeyer 6:00 pm - 7:30 pm

    Wednesday, April 20
    Contracts
    3 MD Elective CEU;
    3 DC Elective CEU
    Larry Hudson 9:30 am - 12:30 pm

    Friday, April 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, April 27
    MREC Required Supervision Course
    3.0 MD Required or Elective CEU
    Don Martin 9:30 am - 12:30 pm
    MD Code of Ethics
    3 MD Required Ethics CEU;
    3 DC Elective CEU
    Don Martin 1:30 pm - 4:30 pm

    Full CEU Schedule >>

     

    Earn Your GRI in 2011

    Whether you're taking your first GRI course ever, or just need a few more classes, you can earn your GRI designation this year at PGCAR. All three of the required 5-day series are offered.

     

    Case #2-9:
    REALTOR®'s Responsibility for REALTOR-Associate®'s Statement

    REALTOR-Associate® D, associated with the firm of REALTOR® A, obtained an offer to buy a property at less than the listed price. The offer was rejected. The property had been exclusively listed by REALTOR® B and had been published through the Multiple Listing Service of the local Board of REALTORS®. The owner received no further offers and at the expiration of the exclusive listing with REALTOR® B, he approached REALTOR® C and exclusively listed the property with him.

    About this time, REALTOR-Associate® D terminated his association with REALTOR® A and became affiliated with REALTOR® C's organization.

    The prospect who had made the unsuccessful offer on the property continued to seek the assistance of REALTOR-Associate® D and made another offer on the property, this time at the full listed price. REALTOR-Associate® D and REALTOR® C, the listing broker, submitted this offer to the owner, and it was accepted.

    A few months following the sale, the purchaser complained to the Board of REALTORS® that REALTOR-Associate® D had made a statement that "a visible gas pipeline easement extended to the property but did not go onto any part of the property." The complainant presented evidence that the easement, in fact, crossed the property, and the complainant charged REALTOR® C and REALTOR-Associate® D with misrepresentation.

    The complaint was reviewed by the Grievance Committee and then referred to the Board's Professional Standards Committee which promptly scheduled a hearing and asked REALTOR® C and REALTOR-Associate® D to be present to answer charges of unethical conduct in violation of Article 2 of the Code of Ethics.

    At the hearing, REALTOR-Associate® D confirmed that he had made the statement attributed to him; that he thought it was correct because the information had been given to him by a neighboring property owner. Questioning revealed that REALTOR-Associate® D had made no effort to verify the information from authoritative sources. REALTOR® C protested he knew nothing about the matter; that he had not been present when REALTOR-Associate® D made the statement; that he was not responsible for the oral statements made by a REALTOR-Associate®; and that REALTOR-Associate® D's first contact with the buyer had occurred while REALTOR-Associate® D was associated with REALTOR® A.

    Based on your understanding of the Code of Ethics Article 2, how do you think the Professional Standards Panel ruled?

    Find out here >>

     

    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.

    Renew Online, or please call the office at 301-306-7900 to renew.

     
     

    DC Broker and Property Manager Licenses

    Non-renewed licenses expired as of March 1, 2011.

    Renew Your DC Broker or Property Manager License Online >

    Practicing real estate within DC without a current DC real estate license is punishable by fines, loss of your license and other disciplinary actions. For more information on license renewals from the DC Real Estate Commission, click here. The 60-day grace period to renew your expired license with a late fee of $50 ends April 30. After this period, you must reinstate your license.


    Prince George's County Association of REALTORS®
    9200 Basil Court :  Suite 400 : Largo, MD 20774
    Phone 301-306-7900  :  Fax 301-306-8273  :  www.pgcar.com  :  ©2011 PGCAR

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