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July 9, 2015


    I n   t h i s   i s s u e . . .
 
Events & Industry Insider Info
  • County Council and Executive Branch Resolve Budget Issues
  • Form Revisions - Released Today
  • 2016 PGCAR Committee Applications Due August 1
  • Settlement Changes Still Scheduled for August 1 - Comment Period on Extension Ended Tuesday
  • New Class: Conducting A Productive Open House
  • New Class: A Guide to Selling Properties in Agricultural Areas
  • MD & DC CEU at PGCAR - Earn ALL Required DC CEU Before August 31 Renewal Deadline
  • Guidelines on the Use of Unlicensed Employees
  • Congratulations and Happy Retirement Joan!
  • PGCAR Announces New Executive Vice President
  • REAL Trends' July Issue - Looking at the Future of Real Estate
  • 2015 MAR Conference - Register by Wednesday, July 15 to Save $80
  • MAR Leadership Academy Applications Due August 1
  • Making Home Affordable (MHA) - Free Training Webinars
  • Membership Applications


  • Consumer's Corner
  • Prince George's Home Sales Increase Again in June!
  • NEW! $15,000 Home Ownership Program for College Park
  • $5,000 New Neighbors Program for College Park
  • Mortgage Rates Moved Up Prior to Holiday; Decrease This Week



  • COUNTY COUNCIL AND EXECUTIVE BRANCH
    RESOLVE BUDGET ISSUES

    The County Fiscal Year (FY) 2016 Budget is now resolved in favor of the compromise offered by the County Council. The new budget took effect on July 1, 2015. It includes a number of revenue measures. Most important to real estate interests are:
    • $.04 increase in the real property tax rate (from $.96 to $1.00 per $100 in assessed value)
    • $.10 increase in the personal property tax rate
    • 1% increase in the telecommunications tax rate
    • $.015 increase in the MNCPPC tax rate
    • Various permit and license fee increases, including a $40 increase in the cost of a County-issued single family rental license (from $75 bi-annually to $115)
    Read the summary of 2015 Maryland real estate legislation for a status report of other issues followed by PGCAR and MAR during the 2015 Maryland General Assembly Session and 2015 Prince George's County Council. Representatives of PGCAR frequently traveled to Annapolis and Upper Marlboro to lobby legislators and testify on a number of these issues. This year, we are happy to report, that we ended the Annapolis Session with several "wins" for REALTORS®. Our efforts before the County Council are on-going, as their session runs through December.
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    FORM REVISIONS - JULY 2015


    The listed PGCAR designed forms have been modified or discontinued as indicated below.
    1. Form #1302 - Disclosure and Notice Addendum (DNA):
      Latest revision date is 7/15.

      1. Item 1 - "Unknown" is removed as an option.
      2. Item 2 - "Unknown" is removed as an option.
      3. Item 3 - "Unknown" is removed as an option.
      4. Item 6 - Revised to add notice to purchasers that certain design standards may apply to properties purchased near military installations.
      5. Item 13 - "Unknown" is removed as an option.
      6. Item 14 - "Unknown" is removed as an option.
      7. Item 16 - "Unknown" is removed as an option.
      8. Item 17 - "Unknown" is removed as an option.
      9. Item 18 - "Unknown" is removed as an option.

    2. Form #1303 - Jurisdictional Addendum to the MAR Residential Contract of Sale:
      Latest revision date is 7/15.

      1. Item 4 - Revised to add notice to purchasers that certain design standards may apply to properties purchased near military installations.
      2. Item # 9 - "Unknown" is removed as an option.

    3. Form #1000 - PGCAR Exclusive Right to Sell Listing Contract for Land/Lot/Acreage/Farm:

      This form is discontinued in favor of the MAR Land listing agreement.

    4. Form #1108 - Rental - Addendum to PGCAR Single Family Dwelling Lease:

      This form is discontinued as all relevant information is contained in PGCAR Form #1105 - Single Family Lease.

    5. Form #1331 - Jurisdictional Addendum to Regional Sales Contract:

      The Regional Sales Contract is not being utilized in Prince George's County. As such, this form is being discontinued.

    6. Form #1352 - Conventional Financing Addendum:

      This form was intended to be used in connection with the Regional Sales Contract. The Regional Sales Contract is not being utilized in Prince George's County. As such, this form is being discontinued. MAR offers a general Conventional Financing Addendum (see MAR Forms directory).

    7. Form #1353 - Creditor Authorization Release:

      This form is discontinued.

    8. Form Checklists - Listing Forms Checklist / Contract Forms checklist:

      Both forms have been discontinued.

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    Every PGCAR member has a special talent and interest to contribute. Through PGCAR's many committees you can play a major part in the leadership of our Association, and the positive contributions PGCAR members make throughout Prince George's County communities.

    Details regarding each opportunity are at www.pgcar.org. Leadership will be appointing committees in the very near future. These committees will become effective on October 1, 2015 and will serve until September 30, 2016. Interested? Click here to sign-up and be aboard for the new membership and leadership year.

    Interested in future leadership opportunities? Committee membership and leadership is the place to start.

    If you have at least 2 years experience serving as a PGCAR committee member and interested in applying to be a candidate for the 2016 PGCAR Board of Directors, the deadline is 5 pm this Friday. Apply online (preferred) or by submitting the PDF form.
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    CFPB IS WORKING POSSIBLE 2-MONTH DELAY OF SETTLEMENT CHANGES
    For Now, the Deadline is Still August 1

    On June 17, the Consumer Financial Protection Bureau (CFPB) announced it is proposing an amendment to delay August 1, 2015 implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation until Saturday, October 3, 2015. The public comment period on the proposal ended Tuesday, July 7.

    This is another welcome development, as well as the earlier 'sensitivity' the CFPB offered to companies making a good-faith effort to comply with the new TRID regulation.

    Please continue to prepare according to the current August 1 deadline:
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    NEW EDUCATION CLASS OFFERED: Conducting a Productive Open House

    Conducting a Productive Open House
    Learn how to host your most effective open house including:
  • Maximizing visitor turnout
  • Understanding MREC Agency Guidelines
  • Observing sign ordinances
  • Managing guest visitors
  • Conducting broker open houses
  • Following safety and security recommendations
  • Following up with buyer & seller leads after the open house
  • As the housing market heats up real estate agents will be called upon more and more to host open houses and broker's opens to advertise property for their listing clients. Offering to conduct open houses and broker's opens is a valuable part of an agent's listing portfolio and doing them well is an important part of the agent's marketing strategy.
    Open houses are a great and inexpensive source for buyer and listing leads for future business when they are done well.

    Monday, July 13
    1:30 - 4:30 pm
    Location: PCGAR Association Offices
    3 MD Elective CEU
    Instructor: Olivia Hale

    Click Here to REGISTER >
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    NEW EDUCATION CLASS OFFERED: A Guide to Selling Properties in Agricultural Areas

    A Guide to Selling Properties in Agricultural Areas
    City dwellers and suburbanites seeking serenity, open space and fresh air want to move to rural areas. In Prince George's County, that probably means moving near a farming community, like the County's Rural Tier near Upper Marlboro. Selling land that is agricultural or near a farm can be a challenge for agents who do not know the various laws and ordinances that impact the sale of land that is or was an active farm or near an agricultural area.

    This course will provide attendees with an understanding of agricultural zoning, land preservation programs, leasing guidelines for farmland, and resources for locating farm land for sale.

    Completion of the class allows REALTORS® to be listed as graduates by name and listings of agricultural properties on Maryland Farm Link.

    This class is facilitated by Agricultural Professionals.

    Thursday, July 16
    9:30 am - 12:30 pm
    Location: PCGAR Association Offices
    3 MD Elective CEU
    Instructor: Mae Johnson

    Click Here to REGISTER >
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    AT A GLANCE: EDUCATION HIGHLIGHTS AT PGCAR

    ALL DC Real Estate Sales Licenses MUST be renewed by the August 31, 2015 expiration date.
    Required CEU must be reported prior to renewal. Register for required CEU now, at PGCAR.


    Early bird registration is only $18 for 3 CEU classes and $11 for 1.5 CEU classes.
    Monday, July 13
    Conducting a Productive Open House - 3 MD Elective CEU
    Wednesday, July 15
    Reverse Mortgages - 1.5 MD Elective CEU
    Thursday, July 16
    A Guide To Selling Properties in Agricultural Areas - 3 MD Elective CEU
    Tuesday, July 21
    Upcoming Home Lending Changes - 1.5 MD Elective CEU
    Wednesday, July 22
    DC Fair Housing & Predatory Lending - 3 DC Required Fair Housing CEU
    DC Legislative Update / Exam Prep - 3 DC Required Legislative Update CEU
    Thursday, July 23
    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
    Friday, July 24
    Contracts - 3 MD & DC Elective CEU
    Monday, July 27
    MD Code of Ethics - 3 MD Required Ethics CEU; 3 DC Elective CEU
    Wednesday, July 29
    Financing Issues / Update - 3 DC Required Financing Issues / Update CEU; 3 MD Elective CEU
    See the complete schedule and register at www.pgcar.com >
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    GUIDELINES ON THE USE OF UNLICENSED EMPLOYEES

    The Maryland Office of the Attorney General made a handy listing of do's and don'ts for duties that a non-licensed person may perform. These are reprinted here and on www.pgcar.com. Please carefully check out the list, in comparison to your office practices. Review regularly to make sure you're in compliance.

    An unlicensed employee MAY:
    • Answer the telephone and forward calls to a licensee.
    • Submit listings and changes to a multiple listing service.
    • Follow up on loan commitments after a contract has been negotiated.
    • Assemble documents for closing.
    • Secure documents (public information) from courthouse, public utilities, etc.
    • Have keys made for company listings.
    • Write and place ads subject to the review and approval of licensee and supervising broker.
    • Type contract forms at the direction of, and for approval by, licensee and supervising broker.
    • Compute commission checks.
    • Place signs on property.
    • Arrange the date and time of home, termite, and well/septic inspection, mortgage application, presettlement walk-thru, and settlement.
    • Prepare flyers and promotional information for approval by licensee and supervising broker.
    • Act as courier service to deliver documents, pick up keys, etc.
    • Schedule an open house.
    • Schedule appointments for licensee to show listed property.
    • Accompany a licensee to an open house or showing for security purposes or to hand out preprinted materials.
    An unlicensed employee MAY NOT:
    • Prepare promotional materials or ads without the review and approval of licensee and supervising broker.
    • Show property.
    • Answer any questions on listings, title, financing, closing, etc.
    • Discuss or explain a contract, listing, lease, agreement, or other real estate document with anyone outside the brokerage.
    • Be paid on the basis of real estate activity, such as a percentage of commission, or any amount based on listings, sales, etc.
    • Negotiate or agree to any commission, commission split, management fee, or referral fee on behalf of a licensee.
    • Discuss the attributes or amenities of a property, under any circumstances, with a prospective purchaser or lessee.
    • Discuss the terms and conditions of the real property offered for sale or lease with the owner of the property.
    • Collect, receive, or hold deposit monies, rent, other monies, or anything else of value received from the owner or lessee of the real property or from a prospective purchaser or lessee.
    • Provide owners of real property or prospective purchasers or lessees with any advice, recommendations, or suggestions as to the sale, purchase, exchange, or lease of real property to be listed or real property presently available for sale or for lease.
    • Hold himself or herself out in any manner, orally or in writing, as being licensed or affiliated with a particular company or real estate broker as a licensee.
    • Contact the public concerning the availability of real estate brokerage services unless an inquiry about a specific property is immediately referred to a licensee.
    Note that the word "licensee" as it appears in the guidelines means a licensed Associate Broker or Salesperson affiliated with and acting under the supervision of a Broker. An individual who holds a license, but is affiliated with a different Broker is considered to be unlicensed for the purposes of these guidelines.

    Elizabeth H. Trimble
    Assistant Attorney General
    Counsel to the Real Estate Commission
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    CONGRATULATIONS AND HAPPY RETIREMENT JOAN!

    Following her remarkable tenure serving REALTORS® for over 40 years, Joan Ostenso will now enjoy a bit more free time with her family, knitting, and the beach!

    See photos from Joan's last day at the office >
    We'll soon have photos from the retirement dinner celebration too!
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    Mike Graziano, PGCAR's new AE

    PGCAR Announces New Executive Vice President

    The PGCAR Board of Directors was pleased to announce the appointment of Mike Graziano as its Executive Vice President on July 1st.

    Mike has been a part of the REALTOR® family for 27 years, most recently serving PGCAR as Director of Government Affairs. Prior to that, Mike served PGCAR in numerous capacities and served as Assistant Director of Government Affairs at the Maryland Association of REALTORS®.

    During Mike's tenure with the organization he has built strong working relationships with elected officials and government representatives. Most recently Mike led the successful PGCAR effort to combat a 15% property tax increase.

    Mike will be responsible for managing staff, planning and organizing PGCAR programs and activities to ensure that members receive the highest quality service, informative education and exceptional networking experiences.

    PGCAR President, Desiree Callender stated, "Mike is committed to the success of the Association and has spearheaded and accomplished many of its goals. His knowledge of the organization and his connections within the industry have been and will continue to be beneficial to the effective operations of PGCAR."

    "I am honored to follow in the footsteps of Joan Ostenso who has a long and distinguished history with the Association," said Graziano. "I too have a passion for real estate and the REALTOR® family. I'm excited and honored to serve as EVP and I look forward to working with our current staff, members and leadership to build upon our many successes in keeping PGCAR at the forefront of the real estate industry."

    Mike assumed his new role on July 1st.
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    REAL TRENDS REAL ESTATE NEWS
    Read and Share the July Issue

    REAL Trends


    • Future Challenges - How long will this run continue?
       
    • Project Upstream - 2 articles on combining the power of NAR, RPR and UpstreamRE to build the homes listing database of the future -- and how it affects agents, brokers and associations.
       
    • Smart, Healthy or Both? - Does your leadership team have "the advantage"?
       
    • No Housing Bubble in Sight . . . For Now - Stable market, crisis market, another boom and bust? Read real analysis, and the emotions behind the various projections of our next 5 years.
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    2015 MAR CONFERENCE EARLY BIRD DEADLINE
    Save $80: Register by Wednesday, July 15

    Plan ahead and save! Although the MAR Convention is being held October 3 - 6 this year (instead of in September), don't miss the traditional "early bird" date of July 15. All details and registration are at www.mdrealtor.org >
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    MAR LEADERSHIP ACADEMY APPLICATIONS DUE AUGUST 1
    Apply Now

    The annual MAR Leadership Academy is a rare opportunity for training in organizational leadership and communications. Applications for the upcoming October 1, 2015 through April 19, 2016 session are due Saturday, August 1, 2015.  Details and Application Form >
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    MAKING HOME AFFORDABLE (MHA) PROGRAM WEBINARS

    There are sessions for MHA Trusted Advisors and MHA Servicers. Click here to see all scheduled classes. Click on Event Center tab if not immediately directed to webinar listing.

    Upcoming sessions:

    Monday, July 13, 3:00 pm - 4:00 pm
    Home Affordable Foreclosure Alternatives Program Webinar

    Thursday, July 16, 2:00 pm - 3:30 pm
    CheckMyNPV.com - learn how this free online tool helps homeowners understand the net present value (NPV) evaluation process under HAMP by conducting an NPV evaluation of their mortgage. This session describes the calculator's easy step-by-step data entry process that allows homeowners to conduct an independent NPV evaluation and obtain a downloadable copy of the results.

    Wednesday, July 22, 2:00 pm - 3:00 pm
    Case Escalations for Trusted Advisors
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    2015 MEMBERSHIP APPLICATIONS

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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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    - - - CONSUMER'S CORNER - - -
    Great reasons to stay in touch! Share these with your customers.


    PRINCE GEORGE'S HOME SALES INCREASE AGAIN IN JUNE!

    June sales continued their positive trend. Single family settlements posted a large month-to-month gain of 19.4% (115 more single family homes went to settlement in June than in May).

    Prince George's June 2015 County Home Sales Statistics Year-to-date through June 2015, all numbers are up:
    • Single family contracts YTD: up 11.9% from June 2014
    • Single family settlements YTD: up 17.3%
    • Single family listings YTD: up 2.6%
    • Condo/coop contracts YTD: up 6.2% from June 2014
    • Condo/coop settlements YTD: up 10.2%
    • Condo/coop listings YTD: up 10.2%
    See more details at www.pgcar.com/stats >
    Follow us at www.facebook.com/pgcar to see monthly statistics when they're released!
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    NEW! $15,000 HOMEBUYERS PROGRAM FOR COLLEGE PARK
    A Second College Park Program Offers up to $5,000 in Home Buying Incentives!


    $15,000 Home Ownership Program College Park Downpayment Savings

    Through a new College Park City-University Partnership (CPCUP) Home Ownership Program, employees of the University of Maryland, College Park can receive $15,000 in down payment or closing cost assistance for a home purchased anywhere in College Park. The home must be their primary residence. It can be a single-family or condominium unit.

    The $15,000 funding is received as a zero-interest, ten-year forgivable loan so long as all requirements are met. These funds may be combined with other home ownership programs and grants.

    The CPCUP Home Ownership Program is part of an effort to increase the number of University of Maryland employees living in the City of College Park as outlined in the University District Vision 2020.



    $5,000 New Neighbors Program

    College Park's New Neighbors Program provides a $5,000 grant when buying a primary residence in College Park. Applicants must agree to live in the property as their primary residence for a minimum of 5 years.

    New Home   /   Resale   /   Former Rental   /   Foreclosure


    Anyone purchasing their primary residence within the City of College Park which meets ANY of the following conditions is eligible for a $5,000 grant:
    • Anyone purchasing a single-family home that was previously rented for a minimum of two years.
    • Anyone purchasing a single-family home or condominium unit that is in foreclosure or short sale status.
    • Anyone purchasing a single-family home or condominium unit who is a City of College Park employee; full-time certified police officer employed by the State of Maryland, the University of Maryland, the Washington Metropolitan Area Transit Authority (WMATA), Prince George's County or Maryland-National Capital Park and Planning Commission; career firefighter or full-time emergency medical technician (EMT) employed in Prince George's County; or members of a volunteer fire department in Prince George's County who can provide certification for their department.
    College Park Maryland Closing Cost and Down Payment Assistance   College Park New Neighbors website >

    Program Details PDF >
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    MORTGAGE RATES MOVED UP PRIOR TO HOLIDAY; DECREASE THIS WEEK
    Mortgage Rates Move Down From 2015 Highs

    "Yields on Treasury securities declined this week in response to investor concerns about events in Greece and China. Mortgage rates fell as well, although not by as much as government bond yields. The rate on 30-year fixed-rate mortgages fell 4 basis points to 4.04 percent," said Sean Becketti, Freddie Mac's chief economist.

    "Overseas volatility is likely to persist for some time, providing some restraint on potential U.S. rate increases. In addition, the minutes of the June meeting of the Federal Open Market Committee suggest the Federal Reserve will proceed cautiously -- monitoring events both overseas and in the U.S. to ascertain the appropriate moment to begin raising short-term interest rates. As a result, mortgage rates may remain in the neighborhood of 4 percent for a while."

    Freddie Mac reports the following averages for the week ending July 2, 2015:

    The 30-year fixed-rate mortgage averaged 4.04%, down from 4.08% ~ Last year: 4.15%
    The 15-year fixed-rate mortgage averaged 3.20%, down from 3.24% ~ Last year: 3.24%
    The 5-year Treasury-indexed hybrid ARM averaged 2.93%, down from 2.99% ~ Last year: 2.99%
    The 1-year Treasury-indexed ARM averaged 2.50%, down from 2.52% ~ Last year: 2.40%

    Freddie Mac's Weekly Primary Mortgage Market Survey >

    Like PGCAR at www.facebook.com/pgcar to see monthly home sales statistics and next week's mortgage rate report as soon as they are released!

    National Market and Industry News:
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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
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