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5 January - 18 January 2015


Non-Renewed Memberships Have Now Expired!
Renew Today to Avoid Loss of Benefits
Dues for the October 1, 2014 - September 30, 2015 membership year were due October 1, 2014. Members were alerted that a $100 reinstatement fee would be added at midnight December 31, yet an extension was given.

A $100 reinstatement fee will be added
to non-paid dues invoices
at midnight TONIGHT, January 5, 2015.

If you have not renewed . . .
Renew now at www.pgcar.com and skip the reinstatement fee >

Please don't wait any longer to pay your dues renewal - you'll lose REALTOR® membership benefits, including SentriLock key privileges, your MRIS discount, and ZipForms!

Take just a few moments to renew your membership right now: just use the secure, easy online dues renewal at www.pgcar.com.
  1. Click here
  2. Log in
  3. Pay and receive an itemized receipt for your
    2014 - 2015 PGCAR, MAR and NAR membership renewals.
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FORM EXPLANATIONS - JANUARY 2015



Due to recent changes in State and County Law the listed forms have been or/are being revised.
  1. Revised Form #1300 - Residential Contract of Sale:
    Latest revision date is 1/15.

    Paragraph 16C – Revised to reflect changes to Maryland's lead law. Effective January 1, 2015, all residential rental properties constructed prior to 1978 must be registered with the Maryland Department of the Environment (MDE). Additional information regarding changes to the rules are at the MDE website. Frequently asked questions regarding the new rules may be viewed at www.mdrealtor.org.

  2. Revised Form #502 - Maryland Lead Poisoning Prevention Program Disclosure:
    Latest revision date is 1/15.

    This form was also revised to reflect changes to Maryland's lead law.

  3. Revised Form #1105 - Single Family Lease:
    Latest revision date is 1/15.

    1. Paragraph 3 – Revised paragraph to reference new method of calculating interest on security deposits and revised the number of days to notify Tenant of Damages (if any) from 30 to 45 days, which took effect on January 1, 2015.
    2. Paragraph 9 – Added language addressing a specific pet deposit.
    3. Paragraph 20 – Revised the paragraph in reference to potential flood insurance premium increases, and information on where to obtain flood insurance.
    4. Paragraph 39 – Revised the paragraph in accordance with new state lead paint laws which took effect on January 1, 2015.

  4. Form #1100 - Property Management and Exclusive Rental Agreement:

    We have restricted access to the form at this time in order to bring it into conformance with new state laws. We anticipate that the form will be available on or before January 9, 2015.

  5. REALTORS® Introductory Guide to Rentals:

    We have restricted access to this document at this time in order to bring it into conformance with new state laws. We anticipate that the revised Guide will be available on or before January 9, 2015.

  6. New Form #904 - Notice of Referred Service Provider and Contractor Licenses:
    Form date is 1/15.

    Since August 18, 2014, the Maryland Real Estate Commission requires agents who recommend service providers to verify that the service provider is licensed by the State of Maryland. This new notice form has been prepared by MAR for use by REALTORS® to comply with the requirements of this new regulation. More details >
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AT A GLANCE: EDUCATION HIGHLIGHTS AT PGCAR

Early bird registration is only $18 for 3 CEU classes and $11 for 1.5 CEU classes.
Next Wednesday, January 14
MD Legislative Update - 3 MD Required Legislative Update CEU; 3 DC Elective CEU
MD Fair Housing - 1.5 MD Required Fair Housing CEU; 1.5 DC Elective CEU
Next Friday, January 16
Contracts - 3 MD Elective CEU; 3 DC Elective CEU
Successfully Selling Government Owned Properties - 1.5 MD Elective CEU
See the complete schedule and register at www.pgcar.com >
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RENTAL SECURITY DEPOSIT CHANGES NOW IN EFFECT
Interest on Rental Security Deposits is Reduced;
Timeframe for Notice of Damages is Extended

On Wednesday, November 12, in a 9 - 0 vote, the Prince George's County Council passed much-needed rental security deposit reforms. At the encouragement of PGCAR and AOBA (The Apartment and Office Building Association), Council Member Derrick Davis introduced CB 63 - Residential Leases - Rental Security Deposits.

The new County law (CB 63) rescinds the County's 4% interest on deposit mandate in favor of the U.S. Treasury rate or the 1½% floor dictated by Maryland law. The new County law also changes the timeframe under which a property owner (landlord) must provide notice of damages to the tenant with the intent to retain a portion of the security deposit. CB 63 extends the notice timeframe in Prince George's County from 30 days to 45 days, which will also be in conformance with Maryland state law.

Please note: the new state law and County law became effective last Thursday, January 1, 2015. The PGCAR Single Family Residential Lease (Form #1105 mentioned in above Form Changes) is now revised in accordance with the new laws and is available here. Please ensure you are using the updated form, and destroy all copies of the outdated form.

Read more >
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2015 MARYLAND ASSOCIATION OF REALTORS® LEGISLATIVE BREAKFAST
Save the Date!

Tuesday, January 27
8 - 9:45 am at the Loews Annapolis Hotel
126 West Street, Annapolis, MD 21401
Cost: $15

The Maryland Association of REALTORS® invites members to participate in the 2015 Legislative Breakfast with the Maryland Legislature.

This is an excellent opportunity to interact with your elected officials and learn about key real estate issues before the Maryland General Assembly. Maryland General Assembly leadership and Governor-Elect Larry Hogan have been invited to address attendees.
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2015 STANDARD MILEAGE RATES

As of January 1, 2015, the standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes have changed to:
  • 57.5 cents per mile for business miles driven, up from 56 cents in 2014
  • 23 cents per mile driven for medical or moving purposes, down half a cent from 2014
  • 14 cents per mile driven in service of charitable organizations
Taxpayers have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

For more information, please visit www.irs.gov or see a tax advisor.
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3% DOWN PAYMENT MORTGAGES - NEW FROM FANNIE, FREDDIE
Prince George's County FHA Loan Limits Stay at Maximum Limit

New loan limits announced by FHA took effect last Thursday, January 1, 2015. For Prince George's County, the FHA loan limit remains at the maximum of $625,500.

Read more >

Another victory has been won in the fight for safe, affordable loans for qualified home buyers. Fannie Mae and Freddie Mac have both announced that 3% down payment mortgages are available for first-time home buyers.

Even for non- first-time buyers, Fannie Mae and Freddie Mac's new lending guidelines released in early December are much more reasonable, opening up mortgages and refinances - and speeding up the application and approval processes - to more qualified home buyers and home

Read more >
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NEW AGENTS? INTERESTED AFFILIATES?
2015 Applications are Online

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MAKING HOME AFFORDABLE (MHA) PROGRAM WEBINARS

Sessions are scheduled for both MHA Trusted Advisors and MHA Servicers. Click here to see all scheduled classes.

Upcoming sessions:
This Tuesday, January 6, 2:00 pm - 3:00 pm
Case Escalations for Trusted Advisors

This Thursday, January 8, 2:00 pm - 3:30 pm
CheckMyNPV.com

Wednesday, January 21, 3:00 pm - 4:00 pm
MHA Base NPV v5.02

Monday, January 26, 3:00 pm - 4:00 pm
Home Affordable Modification Program Webinar: Part 1

Thursday, January 29, 1:30 pm - 3:00 pm
Home Affordable Modification Program Webinar: Part 2
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30 UNDER 30 APPLICATION DEADLINE LOOMS!
Applications Due Next Thursday, January 15

Are you or someone in your office a rising star in the real estate industry, and younger than 30 as of May 31, 2015? If so, apply for NAR's 30 Under 30 Class of 2015 and be recognized internationally for your exceptional real estate skills!

The application period closes next Thursday, January 15, 2015. Don't delay; take the time to apply now, and don't forget to ask for recommendations in support of your selection.

30 Under 30 Web Site >     30 Under 30 FAQ and Contest Rules >

Maryland boasts two REALTORs® in the 2013 class of 30 Under 30, and one in 2012.

We'd love to see a member of PGCAR in the 2015 list of honorees!
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INCLEMENT WEATHER / SNOW POLICY:

SNOW POLICY: PGCAR classes will be conducted as scheduled unless the Prince George's County Government offices are closed. If you are registered for a class and it is cancelled, your registration fee will be returned or transferred to a future class.

Please be safe and use your best judgment with regards to driving. If unable to attend due to weather, please e-mail Scott Miller or call Scott at 301-306-7961 and you will not be charged. If you will not be attending class, please indicate whether you would like to reschedule or if you would like a refund.

PGCAR committee meetings: If Prince George's County Public Schools are CLOSED, all PGCAR committee meetings will be cancelled. If Prince George's County Public Schools are on a delayed schedule, committee meetings will be held as scheduled.

PGCAR offices will be open unless the Prince George's County Government is closed.
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A WEALTH OF INFORMATION - 24 X 7! - Find important industry information, as well as details and registration for PGCAR Events and Classes - all at the PGCAR.com Events Calendar.
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MLK HOLIDAY: MONDAY, JANUARY 19

Please note that the PGCAR Office will be closed on Monday, January 19th in observance of Martin Luther King, Jr.'s birthday.
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- - - CONSUMER'S CORNER - - -
Share these items with your customers.


The $100 million TriplePlay Initiative is designed exclusively for Prince George's to promote homeownership and assist Prince George's County homebuyers.

"TriplePlay" offers three things:
  • Homebuyers interested in purchasing a Prince George's County property may be eligible for up to $20,000 of down payment and closing cost assistance.
     
  • Buyers are eligible for a reduced Maryland Mortgage Program interest rate.
     
  • The State is waiving its fee to receive the Maryland HomeCredit, which allows homebuyers to claim a federal income tax credit of up to $2,000 for as long as the Maryland Mortgage Loan is outstanding.
The Maryland Mortgage Program (MMP) TriplePlay Initiative will help an estimated 500 families own the home of their dreams in Prince George's County. It is the result of a partnership between the Maryland Department of Housing and Community Development, Prince George's County, and the Office of the Maryland Attorney General, Doug Gansler. The funding source is part of the landmark Mortgage Servicing Settlement between the nation's attorneys general and the five largest lenders.

The lower Maryland Mortgage Program Interest rate, plus down payment assistance, plus a Maryland HomeCredit federal tax credit without the customary fee gives homebuyers three unique financial incentives to purchase a home in Prince George's County.

For specific details on this exciting NEW program please visit:
http://mmp.maryland.gov/TriplePlay
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DAVID MACLIN MEMORIAL SCHOLARSHIP

Do you know a Prince George's County Public High School Senior who wants to further his/her education and is already making a difference in the community?

Alert them to submit a David Maclin Memorial Scholarship application before Saturday, February 28. Winners will receive a $2,500 scholarship towards further education in any community college, university or trade school.

Please also share this with Principals and Teachers at your local schools, so you may enable someone who may not have received the materials to share this opportunity with their class.

You can make an important difference in the life of a student!

Scholarship Letter   •   Scholarship Application   •   Permission Slip

Scholarship Applications are Due Saturday, February 28, 2015.

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FOR PRINCE GEORGE'S COUNTY, SALES DOLLAR VOLUME IS UP FOR THIS YEAR, NUMBER OF HOMES SOLD DOWN YEAR-TO-DATE

2014 was the year of wide monthly fluctuations, either increasing or decreasing in much larger percentages than normal by month. Numbers were much smoother looking at the annual trends, with sales dollar volume trending higher from 2013 to 2014, and number of homes volume trending slightly lower from 2013 to 2014. However, even the year-to-date numbers volume of single family sales contracts and settlements is higher than 2014, in all $100k sales price ranges, from the $200,000 - $299,999 range to the $800,000 - $899,999 range.

Prince George's county condos contracts decreased 4.9% from October to November 2014, while settlements decreased 2.6% and average sales price increased 2.3% (from $106,641 in October to $109,102 in November).

For more details, visit www.pgcar.com/stats.
Like PGCAR at www.facebook.com/pgcar to see December statistics when they are released this week!

National Market News:
Pending Home Sales Show Modest Gain in November
10 Reasons 2015 Will Rock for Real Estate
Price Gap Widens Between New and Old Homes
Buyers Say Price, Not Inventory, Is the Problem
More Markets Show Signs of Stabilizing
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2014 CLOSES WITH FIXED MORTGAGE RATES BELOW 4 PERCENT

"While mortgage rates edged up this week, they remain near 2014 lows," noted Frank Nothaft, Freddie Mac's Vice President and Chief Economist. "Looking at full year data, the 30-year fixed-rate average for 2014 was 4.17 percent, the highest annual average since 2011. Also, the Conference Board reported that confidence among consumers rose in December and the S&P/Case-Shiller [PDF]® Seasonally-Adjusted National house price index rose 4.6 percent over the 12-months ending in October 2014."

Freddie Mac reports the following averages for the week ending December 31, 2014:

The 30-year fixed-rate mortgage averaged 3.87%, up from 3.83% ~ Last year: 4.53%
The 15-year fixed-rate mortgage averaged 3.15%, up from 3.10% ~ Last year: 3.55%
The 5-year Treasury-indexed hybrid ARM averaged 3.01%, same as last week ~ Last year: 3.05%
The 1-year Treasury-indexed ARM averaged 2.40%, up from 2.39% ~ Last year: 2.56%

Freddie Mac's Weekly Primary Mortgage Market Survey >

Like PGCAR at www.facebook.com/pgcar to see December home sales statistics and this week's mortgage rate report as soon as they are released!
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MARK YOUR CALENDARS

The annual David Maclin Memorial Scholarship Fundraiser 5K Fun Walk/Run will be held Saturday, April 25, 2015.

Stay tuned for more information as the date approaches.
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SHARE HOMEBUYER SAVINGS FROM PGCAR.COM

First-time homebuyers, homeowners buying again, Military homebuyers, teachers... There are real estate deals for everyone in Prince George's County. It's easy to find the right information and send links from www.pgcar.com >
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9200 Basil Court, Suite 400  |  Largo MD 20774  |  Phone 301.306.7900  |  Fax 301.306.8273
PGCAR.com  |  jostenso@PGCAR.com  |  ©2015 PGCAR
                    

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