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June 13, 2011

    I n   t h i s   i s s u e . . .
 
Events
  • CARE Award Questionnaires - Due Tomorrow
  • YPN Lunch & Learn - Tomorrow
  • Blood Drive - June 22
  • Self-Defense Class - June 29
  • Education Day - July 20
  • MAR Conference - Register by Wednesday
  • Envision Prince George's - Community Meeting
    Homeownership Matters
  • Housing Fair Thank You!
  • Two New Maryland Mortgage Products
        for Rehabs, Foreclosures and Short Sales
  • Amazing Homebuyer Incentives
  • My HOME Increased DTI Eligibility Limit
  • Mortgage Interest Deduction Still in Danger
  •  
    The Industry Insider
  • Call for 2012 Board of Directors Nominations
  • Market Sen$e: Rates & Home Sales Stats
  • Sales Coach: Hear it from the Sellers
  • Gain Low Rates + $50 with an Auto Loan
  • MAR Leadership Academy
  • DC and MD CEU
  • New MREC Agency CEU Requirement
  • Code of Ethics: Case #7-1
  • To ALL DC Real Estate Licensees
  •  

    MAR CARE Award
    Due Tomorrow
    Tuesday, June 14

    The Prince George's County Association of REALTORS® Community Service Committee realizes that Prince George's County REALTORS® give back to their communities every day in a number of different ways; they are coaches, mentors and scout leaders. They deliver Meals on Wheels, work on Habitat and Christmas in April Homes, and create March of Dimes walk teams. We have many REALTOR® companies that raise money every year for a favorite charity, collecting food, coats and toys.

    Encourage everyone to share what they do for the community! Sharing your volunteer and fundraising efforts can help win MAR's CARE Award -- which gives us $10,000 to use for whatever cause we select!

    We can't win if you don't tell us what you are doing!

     
    Click here for an online form >    Here for a PDF form >

     
     

    YPN LUNCH & LEARN - Tomorrow, June 14

    The Young Professionals Network will host a Lunch and Learn this Tuesday, June 14th starting at 12 Noon at PGCAR's new offices. Cost is only $15. Please register at pgcar.com today.

    MRIS and Real Estate Business Intelligence (RBI) Seminars will be included. After this luncheon presentation, you will be able to impress prospects and clients with market knowledge, work more efficiently and be more profitable when using the MLS and RBI stats.

     
     
    Red Cross Blood Drive
    Next Wednesday, June 22
    9 am to 3 pm at the new PGCAR Office

    Invite family and friends. . . challenge your entire office to come!

    Come give the gift of life!

     
     

    Self-Defense Class Offered June 29

    You meet lots of people in the real estate business--some nice and some not so nice. Learn how to protect yourself when needed at a special safety/self-defense seminar offered by PGCAR. Other safety tips for REALTORS® will be available at the Seminar. The techniques that will be taught can be used by anyone. Physical strength is not a requirement. Please wear comfortable clothes (sweatsuit, tennis shoes, etc.)

    Just a few openings are left. Register today at www.pgcar.com >

     
    Wednesday, July 20th
    at La Fontaine Bleu
    Earn 6 CE hours for MD and DC Continuing Education

    Terrific Courses & Instructors
    to Select From,
    Breakfast, Lunch &
    Our Famous
    Top-it-as-you-like-it
    Ice Cream Social

    All for Only
    $75 for Members;
    $100 Non-Members

    • MD Legislative Update
      3.0 CEU - MD required (Category A) & DC elective hours
      Instructor: Don Martin
    • Contracts
      3.0 CEU - MD & DC elective hours
      Instructor: Larry Hudson
    • DC Fair Housing/Predatory Lending
      3.0 CEU - DC required hours
      Instructor: Prabhhit Singh
    • Current Mortgage Guidelines Made Easy
      3.0 CEU - MD & DC elective hours
      Instructor: Michael Chelst
    • MREC Agency-Residential
      3.0 CEU - MD required (Category H) hours
      Instructor: Don Martin
    • DC Legislative Update
      3.0 CEU - DC required hours
      Instructor: Prabhjit Singh
    • MD Code of Ethics
      3.0 CEU - MD required (Category D) & DC elective hours
      Instructor: Larry Hudson
    • Short Sales and Foreclosures
      3.0 CEU - MD elective hours
      Instructor: TBD

    CLICK HERE TO REGISTER & SELECT YOUR CLASSES NOW !

    Click here for a printable flyer.

     
     

    Envision Prince George's - Community Meeting

    You are invited to join Envision Prince George's next Tuesday, June 21 for a community conversation. They will host a discussion to share progress in charting the course for making our county even better.

    Meeting details: Tuesday, June 21, 6 - 8:30 pm
    Prince George's County Ballroom, 2411 Pinebrook Avenue, Landover, MD 20785.
    RSVP by email is requested today >

     
     

    MAR Annual Conference & Tradeshow - Early Bird Rates Extended to June 15

    EARLY BIRD RATE!
    $195 for full 3-day conference.
    Rookies save additional $50.
    Register by this Wednesday, June 15.

    September 12th - 14th
    in Ocean City, Maryland

    • Up to 15 hours of premier Continuing Education (CE)
    • Monday Keynote & light lunch with Steve Harney, Keeping Current Matters
    • FREE Conference Gift - ABS flashlight with auto tool kit
    • Rookies (up to 4 years since licensed) receive $50 off 3-day registration
    • YPN event ($10), more "Learning Labs", more grand prize winners!

    More value–National Speakers–Networking–Exciting Tradeshow

    Conference Homepage      Hotel Information      Schedule (PDF)

     
     
      Thank you to everyone who organized or participated in Saturday's FREE Housing Fair. We had a great turnout, and helped educate many in our community about the value of homeownership in Prince George's County!
    PGCAR REALTORS® do make a difference!

     
     
    1. New! The Maryland Mortgage Program (MMP) offered through the state's Community Development Administration (CDA) has announced 2 loan products for distressed properties. All MMP products have low, fixed interest rates and some offer matching funds. These 2 new products will assist in revitalizing communities burdened with foreclosed and rundown properties.

      The Acquisition / Rehabilitation Mortgage Program helps purchase a single-family home as a primary residence and obtain funds for needed repairs and renovations.

      The Homeward Bound Program offers eligible buyers of foreclosed or short sale property a lower rate mortgage.

      Learn how to successfully utilize the MMP for your customers at a FREE 3 CEU CDA workshop. The next training date is Wednesday, July 13 at 8:30 a.m.
      Program Details >>   Training Details >>


    2. My HOME Down Payment and Closing Cost Assistance - up to 5% of Home Sale Price Offered to County Homebuyers who have not owned a home within the last 3 years. Over $1 million in total funds available. Consumer information page >>  Details (Members Only) >>


    3. Fannie Mae 3.5% Incentive Ends June 30 - homebuyers purchasing a www.Homepath.com property as their primary residence can receive up to 3.5% in closing cost assistance, if the sale closes on or before June 30, 2011. Complete details >>


    4. American Dream Downpayment Assistance (ADDI) - up to $10,000 to County Homebuyers who have not owned a home within the last 3 years. Details >>


    5. Federal Home Loan Bank of Atlanta (FHLB Atlanta) - up to $7,500 to first-time homebuyers in MD or DC. Details >>


    Most of these programs can be used in combination. Information on these and other homebuyer savings are available at pgcar.com. Sales agents can study up, and send links to their contacts from these public information pages. For more My HOME program details, members can login to pgcar.com Members Only.

     
     
    My HOME Program Revises Their Debt to Income Guideline!

    The new maximum DTI is "45%", effective 5/24/2011.

    This means your borrower's debt to income ratio can have a maximum amount of 45%.

    We hope this information is helpful when qualifying potential homebuyers.

    All other guidelines remain the same. For more information on the My HOME program, please visit:

    www.pgcar.com My HOME information page
    www.pgcar.com Members Only
    Prince George's County My HOME website

     
     

    Mortgage Interest Deduction Still in Danger

    Unfortunately, we do not have a strong enough voice to protect the Mortgage Interest Deduction . . . yet. The only MD or DC Representatives who have co-sponsored H. Res. 25 in support of the Mortgage Interest Deduction are Roscoe Bartlett (R-MD6), Elijah Cummings (D-MD7) and Eleanor Norton (D-DC). NO Prince George's members of the U.S. House of Representatives have co-sponsored to date. Please click here, and take 5 minutes to request your Representative to co-sponsor H. Res. 25 in support of the MID.

    Please take 5 Minutes to Act >

    Thanks for Saying No to 20% Down Payment Requirements!

    U.S. Federal regulators are seriously considering 20% required down payments. Thank you for responding to the related Call to Action. Over 140 Representatives and 40 Senators signed letters of concern, asking our Federal regulators to implement a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan.

     
     

    2012 OFFICERS AND DIRECTORS
    NOMINATIONS NOW OPEN
    Click here and login to Members Only to apply online!

    Are you, or someone you know, interested in serving as a member of the 2012 Prince George's County Association of REALTORS® Board of Directors? The PGCAR membership will elect:

    • a President-Elect,
    • a Secretary, and
    • four (4) Directors to serve two-year terms.

    All terms begin on October 1, 2011. Any individual wishing to run for President-Elect or Secretary

    • must be a REALTOR® member in good standing of PGCAR,
    • must have held membership in PGCAR for a minimum of two years and
    • must have served two years as a Member of the Board of Directors during the last four years.

    Those running for a Director position

    • must be a REALTOR® member in good standing of PGCAR,
    • must have held Membership in PGCAR for a minimum of two years and
    • must have served on a PGCAR standing or special committee for two full years or two separate standing or special committees for one full year during the last four years.

    Service on the Board of Directors requires a commitment to attend Board of Directors meetings (12 per year) as well as participating in other PGCAR activities. Interested in having your name considered by the Credentials Committee for inclusion on the ballot? Please complete the Online Candidate Form or you can print and fax a candidate form.

    Forms must be received in the Association office by 5 p.m. Friday, July 8.

    Printed forms may be submitted by fax at 301-306-8273 or by e-mail to info@pgcar.com.

     
     

    Market Sen$e: 30-Year Rate Below 4.5%, May Home Sales

    Average mortgage rates have now decreased for nine consecutive weeks. Freddie Mac reports the following averages for the week ending June 9, 2011:

    • The 30-year fixed-rate mortgage averaged 4.49 percent, down from 4.55 percent a week ago.
    • The 15-year fixed-rate mortgage averaged 3.68 percent, down from 3.74 percent.
    • The 5-year Treasury-indexed hybrid ARM averaged 3.28 percent, down from 3.41 percent.
    • The 1-year Treasury-indexed ARM averaged 2.95 percent, down from 3.13 percent.

    Freddie Mac's Weekly Primary Mortgage Market Survey >>

     
    May Prince George's County Stats are Online

    After 3 straight months of greater than expected monthly increases in Prince George's County home sales, we saw a decrease in single family sales from March to April. May settlements returned to a positive trend, with a 5.3% increase from April to May in single family settlements and a 2.6% increase in condo settlements.

    Condos continue their 2011 surge. Year-to-date settlements in the condo market are up 29.7% from 2010. Year-to-date contracts signed are up 25.9%. Visit www.pgcar.com/stats for detailed statistics.

    Most economic forecasts warned of a large decrease for early 2011, in comparison to early 2010 when homebuyers were signing contracts before the April 2010 Homebuyer Tax Credit contract deadline.

     
     

    Sales Coach: Hear it from the Sellers

    In-depth interviews were conducted with home sellers this spring to collect knowledge - from the customer's vantage point - what you can do to exceed client expectations and avoid doing what leads to grumbles.

    Learn the 4 key actions for making sure that your clients rave about your customer service and refer you to others.

     
     
     
     

    Gain a Low Rate Auto Loan and Earn $50 - Original Loans & Refinances Apply!

    Auto loan rates have dropped to 3.75% at the REALTORS® Federal Credit Union. Apply between now and October 31, 2011 and the FCU will also give you $50 when your loan is funded. Original loans and refinances both apply!

    And. . . if you refer a non-member friend or family member, you will both receive $50.

    Read the details and use the Online Loan Calculator at REALTORSFCU.ORG to see how much you could save!
    Share the link and flyer.

     
     

    2011 - 2012 Leadership Academy - Due August 1

    The annual MAR Leadership Academy is a rare opportunity for training in organizational leadership and communications. Applications for the upcoming October 5, 2011 through April 17, 2012 session are due Monday, August 1, 2011. Applicants must be available for an interview on August 10 or 23.

    Hurry! Applications are due August 1st.
    Details and application >>
    Leadership Academy brochure >>

     
     

    MD and DC CEU at PGCAR

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

    New 3 CEU Agency Requirement - ALL Maryland Real Estate Licensees - House Bill 83 (2010 Legislative Session) requires all real estate licensees to take a 3-hour continuing education course in agency principles and disclosure as part of the 15 hours of education required for license renewal. The agency course requirement must be fulfilled once every 4 years for the license renewals that occur after January 1, 2012. The Thursday, June 23 MREC Agency - Residential class fulfills this requirement! If your current 2-year license cycle ends during 2011 you may still take this class as an elective.


    This Wednesday, June 15
    GRI 100 Series - Module 103:
    Fair Housing & Cultural Issues; and MD Law Ethics,
    Flipping & Predatory Lending

    MD CEU - 6 hours total:
    3 hrs Fair Housing and 3 hrs Ethics
    - 8:30 am - 4:00 pm

    This Friday, June 17
    DC Fair Housing & Predatory Lending
    3 DC Required Fair Housing CEU
    Prabhjit Singh 9:30 am - 12:30 pm
    DC Legislative Update
    3 DC Required Legislative Update CEU
    Prabhjit Singh 1:30 pm - 4:30 pm

    Monday, June 20
    GRI 100 Series - Module 104:
    Basic Residential Financing

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

    Tuesday, June 21
    MD Legislative Update
    3 MD Required Legislative Update CEU;
    3 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
    Environmental Issues/Chesapeake Bay
    1.5 MD Elective CEU
    Larry Hudson 3:15 pm - 4:45 pm

    Thursday, June 23
    MD Code of Ethics
    3 MD Required Ethics CEU;
    3 DC Elective CEU
    Don Martin 9:30 am - 12:30 pm
    MREC Agency-Residential
    3 MD Required or elective CEU
    Don Martin 1:30 pm - 4:30 pm

    Friday, June 24
    GRI 100 Series - Module 105:
    Marketing Methods

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

    Wednesday, June 29
    Self-Defense Class
    Jim Thrift 6:00 pm - 7:30 pm

    Full CEU Schedule >>

     

    Case #7-1:
    Acceptance of Compensation from Buyer and Seller

    Buyer A engaged REALTOR® B to locate a small commercial property. Buyer A explained his exact specifications indicating that he did not wish to compromise. They agreed that if REALTOR® B could locate such a property within Buyer A's price range, he - the buyer - would pay a finder's fee to REALTOR® B.

    Two weeks later, REALTOR® B called Buyer A to advise that Seller C had just listed a property with him that met all of Buyer A's specifications except that the listed price was a bit higher than Buyer A wanted to pay. Buyer A inspected the property and liked it, but said he would adhere to his original price range. REALTOR® B called Buyer A three days later to say that Seller C had agreed to sell at Buyer A's price. The sale was made and REALTOR® B collected a commission from Seller C and a finder's fee from Buyer A which was not disclosed to Seller C, REALTOR® B's client.

    Several weeks later, Seller C learned about the finder's fee that REALTOR® B had collected from Buyer A and filed a complaint with the Board of REALTOR® charging REALTOR® B with duplicity and unprofessional conduct. The complaint specified that when REALTOR® B had presented Buyer A's offer at less than the listed price, he, the seller, was reluctant to accept it, but REALTOR® B had convinced him that the offer was a fair one and not likely to be improved upon in the current market; and that REALTOR® B had dwelt at length on certain disadvantageous features of the property in an attempt to promote acceptance of the offer. The complaint charged that REALTOR® B had actually been the agent of the buyer while holding himself out as the agent of the seller. Further, Seller C asserted that REALTOR® B had never mentioned that he was representing the buyer or intended to be compensated by the buyer.

    At the hearing, REALTOR® B's defense was that he had served both buyer and seller faithfully; that he had not accepted Seller C's listing until after he had agreed to assist Buyer A in locating a property; and that in his judgment the listed price was excessive and the price actually paid was a fair price.

    Based on your understanding of the Code of Ethics Article 7, how do you think the Professional Standards Panel ruled?

    Find out here >>

     

    To ALL DC Real Estate Licensees

    Critical - If you are a Salesperson, Broker, or Property Manager in DC, this subject matter may apply to you. Please share this with other DC Brokers, Property Managers and Salespersons.

    Please note that as of February 28, 2011, some real estate companies, real estate brokers and/or property managers did not renew their licenses and are currently INACTIVE AND UNLICENSED to practice real estate in the District of Columbia.

    All licensees (AGENTS) who are affiliated with an unlicensed real estate company and/or real estate broker also have INACTIVE LICENSES.

    Any business conducted by a licensee with an inactive license is deemed unlicensed real estate activity and therefore, ILLEGAL.

    Follow these steps to check the status of your license:

    1. Go to: http://www.pulseportal.com
    2. Choose a Program: Click District of Columbia
    3. Select a Board: Click Real Estate
    4. Under "Search/Inquiry Services" select: "Search Licensees (to find and verify a person or entity who is licensed"
      • Enter either your license number (which starts with: SP, AB, IB, PB or PM) OR enter your first and last name. Click "Next"
      • Look under the "Status" header to determine the status of your license.
      • If your license status is "Active", then you are free to conduct real estate business in the District of Columbia.

    If you find that your license status is "INACTIVE", YOU MUST:

    • Cease conducting real estate business in the District of Columbia until your license status is ACTIVE!

    Your OPTIONS, if you find that your license status is "INACTIVE":

    • Contact your Broker to determine the status of the broker's license and or the real estate company's license and when it will be revised.
    • Transfer to an active broker or company. Visit the DC Real Estate Commission's website, http://www.pearsonvue.com/dc/realestate/ to download a SPONSORING BROKER CHANGE/TRANSFER REQUEST in the "Publications and Forms" section. Follow the instructions and fee requests on the form.

    Per DC Regulations:

    § 47-2853.161. SCOPE OF PRACTICE FOR REAL ESTATE BROKERS.

    For the purposes of this subpart, the term "real estate broker" means any person, firm, association, partnership, or corporation (domestic or foreign) ...:

    § 47-2853.12. License, certification, and registration criteria; waiver.

    (k) A person who fails to renew a license or certification required by this subchapter, or fails to re-register, shall be considered to be unqualified to practice the occupation or profession and subject to the penalties set forth in this subchapter and other applicable laws of the District if he or she continues to practice the profession or occupation.


    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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