Changes Already in Effect
PG #1317: Residential Property Disclosure/Disclaimer Statement
There are three areas where changes have been made:
- On Page 2 under Property System, a category of "Other Type" was added to Sewage Disposal, for the newer-type septic systems that are for an entire designated area.
- On Page 2, paragraph 8A was added, including the required questions regarding smoke alarms.
- On Page 3, paragraph 16A was added, regarding renovations and obtaining proper permits.
All three of these areas are in bold
type on the revised form
; to ensure that you are
using the correct (revised) form, look for the date 7/2013 at bottom right of each page.
Affects All Sales, Construction and Rentals
New smoke alarm requirements for residential property in Maryland apply to contracts entered into as of July 1, 2013. The new requirements also affect current home construction, home renovation, and rental/landlord agreements. Additional changes, as noted in the detailed Legislative Alert
(log in to Members Only), go into effect after January 1, 2018.
Sale Requirements as of July 1, 2013:
- Language added to the Seller disclosure form asking sellers to indicate whether the smoke alarms are over 10 years old and whether they have sealed, tamper resistant batteries.
- This requirement applies to contracts entered into after July 1, 2013.
Additional requirements for New Construction, Existing Properties and for Rental Properties
are in the complete Legislative Alert
and also effective July 1, 2013.
The Prince George's County Association of REALTORS® is seeking self-nominations from individuals interested in serving as a member of the 2014 PGCAR Board of Directors. The PGCAR membership will elect a President-Elect and a Secretary to serve one-year terms in those positions, and four (4) individuals to serve two-year Director terms on the Board of Directors. All terms begin on October 1, 2013.
Any individual wishing to run for
President-Elect or Secretary
- must be a REALTOR® member in good standing
- 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 with PGCAR,
- must have held Membership in PGCAR for a minimum of two years, and
- must have served on a PGCAR Committee for one 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.
If you are interested in having your name considered by the Credentials Committee for inclusion on the ballot, please complete the online Candidate Form in PGCAR.com Members Only.
Nominations/applications must be received no later than
5 p.m. THIS Friday, July 12th.
Click here for the online Candidate Form >
2013 MAR Annual Conference & Trade Show
Early Bird Rate Ends NEXT Monday, July 15
OCEAN CITY, MD SEPTEMBER 9 - 11
Member Early Bird Rate $195
(Register by NEXT Monday, July 15)
Rookies in the business for 4 years or fewer save an extra $50
(For pre-registered, three-day registrants only)
Join your fellow REALTORS® in Bringing it Home at the Maryland Association of
Conference and Expo in Ocean City. Take part in a schedule
packed with great
events and networking opportunities including:
Three Days of CE Classes
Exciting Trade Show
Sunday Golf Tournament
Recognition Banquet Installation
Certified Luxury Home Marketing Specialist® Training
Sponsored by the Women's Council of REALTORS®
Next Wednesday and Thursday at PGCAR
July 17 and 18, 8:30 am - 5:00 pm
PGCAR Office, 9200 Basil Court
, Suite 400, Largo, MD 20774
16 elective units total
This intensive two-day CLHMS training course sets the standard for luxury sales training in the industry, and is the first step in earning the coveted CLHMS designation.
With an investment of just $550, you'll learn:
- TWO secrets that will guarantee your success
- The luxury market's myths vs. reality
- The ONE thing you have to do to be a luxury home marketing expert
- The luxury market segment: what you must know
- Why the top of the market is still healthy
- Facts about rich buyers and rich sellers
Volunteer for a PGCAR Committee!
Sign Ups for 2013 - 2014 Committee Year are Due August 1
PGCAR wants, and needs, your involvement in your local association. Through PGCAR's many committees, you can play a major part in the leadership of our association, as well as help organize and promote the positive contributions that PGCAR members make throughout Prince George's County communities. It is an opportunity to give back, broaden your experience, develop leadership and team building skills, and of course - meet and work with other PGCAR REALTOR® and Affiliate members!
Click here to sign up now >
Committee applications are due Thursday, August 1, 2013.
Annual Crab Feast
Friday, August 9
7:00 pm - 11:00 pm
Knights of Columbus - College Park
Join the Prince George's County Women's Council of REALTORS®
for an all-you-can-eat crab feast!
Enjoy Maryland crabs, corn on the cob, fried and baked chicken, hot dogs,
potato salad, cole slaw, watermelon and dessert. . . and Music by D.J. Phil.
Beer, soda, and a cash bar will also be available.
DC Salesperson Licenses Expire August 31
- Earn Your 15 CE Hours at PGCAR
Don't wait until August to meet CE hour requirements and renew licenses through the DC Real Estate Commission.
15 total CE hours are required for license renewal.
Easily complete all 9 CE hours in required topics at PGCAR:
||Financing Issues / Update
||Wednesday, July 24
||9:30 am - 12:30 pm
||Register here >
||DC Legislative Update
||Friday, July 26
||9:30 am - 12:30 pm
||Register here >
||DC Fair Housing & Predatory Lending
||Friday, July 26
||1:30 pm - 4:30 pm
||Register here >
Note that 6 CE hours in electives are also needed. Earn DC elective hours at PGCAR or online!
LEGISLATIVE ALERT - June 18, 2013
TESTERS ARE CHECKING TO SEE IF YOU'RE
DISCLOSING YOUR AGENCY AT OPEN HOUSES
||Recent Interpretation by the Maryland Real Estate Commission
Regarding Agency Disclosure At The Open House Or When Showing Property
The Maryland Real Estate Commission recently adopted a formal interpretation as to the obligation of a real estate licensee to complete and provide the required agency disclosure form at the time of the open house or when showing property by a buyer's agent where the seller or seller's agent is present at the time of the showing.
An article regarding the interpretation has been prepared by Al Monshower and was previously emailed to agents; click here to view the article. From Mr. Monshower's experience, very few brokers, managers or licensees are even aware of this new interpretation from the Maryland Real Estate Commission.
Please retain Mr. Monshower's article for future reference when holding open houses or showing property.
Save the Date!
PGCAR's Annual Charity Event will be held on December 11
at La Fontaine Bleu.
- College Park Live Smart Program
Up to $5,000 in Homebuyer Incentives!
College Park's program highlights affordability and convenient location to encourage home sales in the community, offering up to $5,000 in incentives to home buyers. Program details >
- Homebuyer Savings for City of Laurel
Buyers of foreclosed homes receive tax credits. The program offers a five-year descending City tax credit of up to $3,500 for buyers purchasing their primary residence within Laurel City limits.
Program Details >
- $30 Million Targeted Areas Initiative for All Homebuyers
First-Time Homebuyers Can Gain Same Benefits in ANY Prince George's County Area
Reduced interest rates starting at 2.875% (APR 3.675%) for qualified homebuyers purchasing a new primary residence. Program Details >
- Buy Suitland Initiative
$40,000 Maximum in Downpayment & Closing Cost Savings!
Up to 5% of home purchase price to first-time homebuyers or those who haven't owned within the last 3 years; Up to 7% for local civic employees. Program Details > Revised Buy Suitland Flyer >
- Federal Home Loan Bank of Atlanta (FHLB Atlanta)
Up to $15,000 toward a foreclosure purchase; Up to $7,500 toward the purchase of a property located in area approved for NSP funds.
Program Details >
- American Dream Downpayment Initiative (ADDI)
Up to $10,000 to County homebuyers who have not owned a home within the last 3 years.
Program Details >
- Freddie Mac HomeSteps SmartBuySM
Offers up to $500 for purchase of a home warranty.
Home listings and incentive details > Sign up for homesteps.com buyer leads >
Most of these programs can be used in combination. Information on these and other homebuyer savings are available at pgcar.com.
Consumer Tip: This Summer, Hit the Deck
It's summertime, and the livin' is easy. With an abundance of beautiful weather, it's a perfect time to pass the day or evening out on your deck with a book, a cold beverage and a snack, or with family and friends. Before you get lost in the daze of relaxation, though, it may be a good idea to consult the following seven components of your deck to be sure it isn't a danger to you or your guests.
Areas to check, and what to watch for:
- Boards - softness, rot, or cracking
- Hardware connections - protruding nails or screws, or rust/corrosion
- Framework - sagging or lack of solid contact among joists, beams, and posts that form the main structure
- Attachments - improper or weakened attachment to the house
- Footings and foundation - sinking or sagging
- Stairs - lack of or unsteady handrails, improper lighting for nighttime, or risers/treads/stringers in need of attention
- Rails - loose posts or sections, pickets/balusters spaced beyond four inches.
A well-made and maintained deck is a beauty to behold; care for it well, and you can enjoy it for years.
For more information about these tips and how to care for your deck, visit Houselogic.com.
LEGISLATIVE ALERT - June 24, 2013
Mike Graziano, Director of Government Affairs
Following federal and state mandates, Prince George's County has introduced legislation to implement a stormwater management (SWM) plan which will include a fee on residential and commercial property owners. Council Bill 45 and Council Resolution 59 (The plan) were debated last month (June 20, 2013) before the County Council's Transportation, Housing, and Environment Committee.
The County Department of Environmental Resources (DER) has determined that the fairest and most equitable process for applying the fee at the residential level is through zoning classification. The plan (as presented) calls for the following fees on residential property owners.
Tier I Rate Payers (R-T, R-20, R-35, R-U)
Tier II Rate Payers (R-55, R-S, R-80, R-R, R-M)
Tier III Rate Payers (R-E, R-O-S, R-A, O-S, R-L)
In the above example, Tier I would be a small "townhome" style lot; Tier II would be an averaged sized subdivision property; and Tier III would be rural or "estate" styled properties. Fees will be significantly more for commercial and industrial land owners. The stormwater remediation fee will be collected on the annual County property tax bill. There are provisions in the bill that allow credits for property owners who can demonstrate that they are mitigating rain water run-off. Those who can prove economic hardship may apply for an exemption.
The SWM plan is rooted in mandates imposed by the federal Environmental Protection Agency (EPA) upon the state of Maryland (and other states) to make significant reductions in nitrogen, phosphorus and sediment discharges by 2025. The Prince George's County Council is now considering the DER proposal. The state mandate calls for implementation by July 1, 2013.
Learn more here:
Earn All MD and DC Required CEU at PGCAR
All classes are held at PGCAR offices, just off the Route 202 / Landover Road exit of I-495. Find our association office at 9200 Basil Court, Suite 400, Largo, MD 20774. There's plenty of parking.
Remember! Enjoy Savings on CEU at PGCAR!
PGCAR Members and REALTORS® - Enjoy steep discounts on ALL classes held at PGCAR!
Register for ANY 3 CE class for $18 early bird, $33 regular.
Register for ANY 1.5 CE class for $11 early bird, $26 regular.
Hurry to www.pgcar.com/real-estate-ceu today >
Market Sen$e: Fixed Mortgage Rates Relax After Recent Rise
Results released by Freddie Mac last Wednesday, July 3, displayed a slight dip in fixed mortgage rates after last week's significant jump.
The 30-year fixed rate averaged 4.29 percent last week. The 15-year fixed rate was also down, at 3.39 percent.
Frank Nothaft, Freddie Mac's Vice President and Chief Economist, said that the easing in mortgage rates accompanied calming market concerns over a projected decrease in the Federal Reserve's bond purchases.
"Rates are still low by historical standards and should continue to aid in housing affordability and the ongoing recovery of the housing market," quoted Nothaft. "For instance, pending home sales rose 6.7% in May to the strongest pace in over six years. In addition, residential construction spending increased in four of the first five months this year."
Freddie Mac reports the following averages for the week ending July 3, 2013:
Freddie Mac's Weekly Primary Mortgage Market Survey >
- The 30-year fixed-rate mortgage averaged 4.29%, down from 4.46%.
- The 15-year fixed-rate mortgage averaged 3.39%, down from 3.50%.
- The 5-year Treasury-indexed hybrid ARM averaged 3.10%, up from 3.08%.
- The 1-year Treasury-indexed ARM averaged 2.66%, same as last week.
Like us on Facebook to see monthly Prince George's County home sales and weekly mortgage reports as soon as they are released!
2013 - 2014 MAR Leadership Academy
Applications Due Thursday, August 1
The Maryland Association of REALTORS® Leadership Academy offers an enriching opportunity for REALTORS® to strengthen leadership skills through a series of eight sessions. Applications for the upcoming October 10, 2013 through April 15, 2014 sessions are due Thursday, August 1, 2013. Applicants must be available for an interview on August 8 or August 20.
Details and application >
Leadership Academy brochure >
Upward Trend in County Home Settlements Continues in June
June Statistics Available at www.pgcar.com/stats >
Now available: June's home sales statistics for Prince George's County!
Prince George's County home settlements continued to rise in June, as homes in the $300,000 - $399,999 range increased 33.3%, with 88 settlements in June 2013 compared to June 2012's 66. Home settlements in the $500,000 - $599,999 range also jumped, with 9 this June, compared with 4 in June of 2012 - a 125% increase.
Year-to-date (YTD) settlements rose 17.3% overall for condos and co-ops as of June 2013, with the $150,000 - $199,999 price range notably showing an 83.3% YTD increase.
Visit www.pgcar.com/stats for more details. And don't forget to like PGCAR on Facebook to see monthly statistics first!
And coverage on the national market from REALTOR.org:
Home Prices Post Biggest Jump in 7 Years
Don't Let Credit Checks Derail Buyers
Work and Family Life: Get the Balance Right
Sometimes it can be a real challenge to juggle the responsibilities of home and office, as you well know. It's important to find the proper balance, though, to ensure long-term harmony between the two. Luckily, there are some effective ways to keep the family/work scales even.
The following eight tips may help you to mitigate the strain:
We all can slip up from time to time and allow the scale to tip one way or the other, but it's never too late to recalibrate and ensure that both family and office are happy.
- Family is priority #1.
Always make time for your family.
- Maintain YOUR schedule.
Real estate allows for flexible scheduling; if you're supposed to be at your son's basketball game at 6, keep the commitment. Clients will understand, and can work around your schedule (they're not skipping their kids' events, either).
- Planning makes perfect.
Looking ahead at the day - or better yet, the week - to schedule time for both work and family commitments is a great way to include everything and stay motivated.
- Work OUT.
Work is important, but so is your health: you need to get exercise, too. An added benefit is that exercise helps keep your energy and mood up, so you'll enjoy both work and home life more.
- Eat and supplement properly.
It's easy to lose track and skip meals as real estate agents, and/or to resort to fast food when we get hungry. Eating healthy meals, though, and supplementing with multivitamins (with your physician's approval) will help keep your energy steady.
- Give the phone a break.
It's okay - and even liberating - to be incommunicado from time to time. If you're eating with the family or at an important event for your kids, the calls can wait.
- Tag-team for time off.
Agree to help cover calls and emergencies when a colleague is out, and they can do the same when you need time away. You both have peace of mind in knowing that business carries on in your absence.
- Don't forget #1!
Remind yourself - daily - of the importance of time with your family. Don't let significant events go by without being there: your presence is precious to your spouse and children.
For additional information on the home/work balance,
Case #14-2: Refusal to Submit Pertinent Facts
When REALTOR® A was charged with a violation of the Code of Ethics, he was notified of the charge and directed to attend a hearing before a panel of the Professional Standards Committee of the Board.
At the hearing, the complainant formally presented the charge and a considerable body of evidence to support it. Members of the panel questioned REALTOR® A on specific points. To each question he responded that he was not guilty of the charge, but that specific answers to the questions put to him could conceivably do him an injustice, and that he felt that he should not be required to answer questions in a situation that was unfair to him.
Further attempts to question REALTOR® A met with similar responses.
Based on your understanding of the Code of Ethics Article 14, what do you think the hearing panel concluded? Click here to find out >
2013 NAR Annual Conference - November 8 - 11
What's the secret to earning more money in real estate? Attending the 2013 REALTORS® Conference & Expo, Nov. 8-11 in San Francisco, CA. Attendees make two times the average real estate income, so you'll have the chance to network with some of the most successful pros in the industry!
Register today to take advantage of hotel room rates starting at just $129 a night; hurry! These rates won't last long!
For complete conference details, click here >
REALTORS® Federal Credit Union
Personal and Professional Lines of Credit
Whether you're consolidating higher interest debt, investing in home or business improvements, spreading tuition or annual dues payments, or simply opening a line of credit "just in case", you can cover it with a REALTORS® Federal Credit Union line of credit or personal loan.
Apply for personal or professional loans and find out more about great offers here >
SentriLock Lockbox sale expires soon! Get yours today!
Pay only $65 each (plus tax) for up to 9 lockboxes; order larger numbers and enjoy even
greater discounts! Power paddles are also discounted to $55 for a limited time. To take
advantage of these great prices, please contact Shirley at the Association office.