Printable Version      Email to a Friend

< Back to REALTOR® Connection Archive

Prince George's County Association of REALTORS website link
Members Only  |  Forms  |  Education  |  Calendar
July 21, 2015


    I n   t h i s   i s s u e . . .
 
Events & Industry Insider Info
  • DC Salesperson Licenses Expire August 31 - Earn Required CE Before DC License Expiration
  • MD CEU Requirements Change October 1 - Meet All Required CEU Categories Every 2 Years
  • Form Revisions Reminder - Changes Now in Effect
  • U.S. Representatives Considering Patent Trolls Legislation THIS Week - Please Voice Your Support
  • 2016 PGCAR Committee Applications Due August 1
  • Join the PGCAR YPN School Supplies Drive!
  • Settlement Changes Still Scheduled for Next Week
        - CFPB Director States Initial Enforcement Will Not be Punitive
  • MD and DC CEU at PGCAR
  • Guidelines on the Use of Unlicensed Employees
  • MAR Leadership Academy Applications Due August 1
  • Making Home Affordable (MHA) - Free Training Webinar
  • Membership Applications


  • Consumer's Corner
  • Prince George's Home Sales Increase Again in June!
  • $15,000 Home Ownership Program for College Park
  • $5,000 New Neighbors Program for College Park
  • Mortgage Rates Seesaw Back Up; Still Near Historic Lows


  • DC SALESPERSON LICENSES EXPIRE AUGUST 31
    Earn Your 15 CE Hours at PGCAR

    Don't wait any longer to meet CE hour requirements and renew licenses through the DC Real Estate Commission. Register for your remaining hours TODAY!

    15 total CE hours are required for license renewal.
    Easily complete all 9 CE hours in required topics at PGCAR:


    3 CE Financing Issues / Update Wednesday, July 29 9:30 am - 12:30 pm Register >
    3 CE DC Fair Housing & Predatory Lending Tuesday, August 25 9:30 am - 12:30 pm Register >
    3 CE DC Legislative Update Tuesday, August 25 1:30 pm - 4:30 pm Register >
    6 CE hours in electives are also needed. DC elective hours are also easy to meet at PGCAR or online!
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    MARYLAND CEU REQUIREMENTS CHANGE OCTOBER 1
    Meet All Required CEU Categories Every 2 Years

    Is your Maryland license expiring soon? If it expires October 1 or afterwards, you will need to meet the NEW Maryland CEU requirements.

    15 total CE hours are required for license renewal.
    Here are the required CE categories:


    3 Maryland Legal Update CE hours Category A Required every 2-year renewal
    1.5 Maryland Fair Housing CE hours Category C Required every 2-year renewal
    3 Maryland Ethics CE hours Category D Required every 2-year renewal
    3 Maryland Agency CE hours Category H Currently required every 4 years; Required for every 2-year renewal for licenses expiring 10/1/15 and later
    3 Maryland Supervision CE hours Category I Currently required every 4 years for Brokers, Managers and Team Leaders; Required for every 2-year renewal cycle for Brokers, Managers and Team Leaders for licenses expiring 10/1/15 and later
    To meet the 15 total CEU requirement, licensees who are not a Broker, Manager or Team Leader will have 10.5 hours in required subjects (Categories A, C, D and H) and 4.5 Elective hours.

    To meet the 15 total CEU requirement, licensees who are Brokers, Managers or Team Leaders will have 13.5 hours in required subjects (Categories A, C, D, H and I) and 1.5 hours in electives.


    The previous lowered 7.5 CE requirement for licensees who possess a graduate degree in law or real estate, and are not a broker, associate broker, or designated a branch office manager or team leader also expires as of October 1, 2015.

    PGCAR has you covered for all Maryland and DC CEU requirements. Many of our classes are approved for both Maryland and DC. See the complete CE schedule and register at www.PGCAR.com or take online classes 7/24 here!
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    FORM REVISIONS REMINDER - JULY 2015
    Changes Now in Effect

    PLEASE NOTE: Effective last Friday, July 17th, at the request of MAR, PGCAR is no longer providing MAR forms within our forms directory at PGCAR.com. PGCAR is not authorized to offer MAR forms in a PDF format. At the PGCAR Zipforms and DotLoop directories all MAR forms will be removed with the exception of the MAR listing agreements. MAR maintains their own Zipforms directory and Dotloop directory at those platforms. It is becoming increasingly more difficult to maintain MAR forms at our domains and provide members with the most recent versions. The MAR forms in PDF are available at MDREALTOR.org. This link is now prominently displayed at the Forms Page at PGCAR.com.

    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.

    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    Please Help Stop Patent Trolls and Frivolous Lawsuits Against Businesses

    Please tell your U.S. Representative to support H.R. 9, the Innovation Act to stop patent trolls and protect the real estate industry from frivolous lawsuits.

    REALTORS® across the country receive threatening demand letters and lawsuits alleging patent infringement based on the use of common business tools such as drop down menus or search alert functions on websites and the scanner function on a copier. These patent trolls buy vague patents and use them to turn everyday business practices into potential lawsuits.

    H.R. 9 is scheduled for House floor consideration THIS WEEK. Congress must pass this common-sense comprehensive patent litigation reform to protect Main Street businesses and REALTORS® from patent troll abuse.

    Thank you for your advocacy efforts!
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  

    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.
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    JOIN THE PGCAR YPN SCHOOL SUPPLIES DRIVE!
    Collect School Supplies in Your Office This Month

    Backpacks and School Supplies Plan A: Collect school supplies and donations now through July 31 in your office. Have fun shopping for extra backpacks, pens, paper and other school supplies the weekend of August 1 with any cash donations you collect. Bring all to the PGCAR office on Monday, August 3.

    Plan B: Collect donations of new school supplies, and drop off or mail them anytime during July to: PGCAR, School Supply Drive (YPN), 9200 Basil Court, 4th Floor, Largo, MD 20774.

    Result: Members of the Young Professional Network of PGCAR will transport all of our donated school supplies to Prince George's County Public Schools. Hundreds of our County school children who wouldn't otherwise have backpacks and school supplies will be better prepared for learning, and beaming with smiles and appreciation of your good deed!!

    Extra Credit: Take a photo of your collected backpacks and school supplies. Email to comms@pgcar.org, if OK for us to publish on the PGCAR website or other communications.

    Supplies Needed: Backpacks and other basic school supplies. Here's an idea list:

    Elementary
    Composition books (wide ruled)
    Plastic school box
    Glue sticks
    #2 pencils
    Crayons
    Scissors
    Facial tissues
    Secondary
    3-inch, 3-ring binder
    Subject dividers
    College-ruled notebook paper
    Composition books (college ruled)
    Blue or black ballpoint pens
    #2 pencils
    Colored pencils
    Highlighter
    Ruler
    Book covers
    Intermediate
    Ruler
    Protractor
    College-ruled notebook paper
    Highlighters
    Book covers
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    CFPB IS WORKING POSSIBLE 2-MONTH DELAY OF SETTLEMENT CHANGES
    Deadline is Still Set at Saturday, August 1

    Truth in Lending Act - RESPA Changes On June 17, the Consumer Financial Protection Bureau (CFPB) announced it is proposing an amendment to delay implementation of the new Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure (TRID) regulation from August 1 until October 3, 2015.

    On July 15, before the Senate Banking Committee, CFPB Director Cordray offered encouraging words concerning his previous pledge to show great "sensitivity" to good faith efforts to comply with the new TRID rules. In response to a question from Senator Tim Scott (R-SC), Director Cordray said that early enforcement of TRID "will be diagnostic and corrective". He added that ". . . for the first period, which may last many months, the other agencies and ourselves as we work on this, if we see errors, we will point out what they are and how they should be corrected. We will not be looking to be punitive to people."

    NAR and other industry groups had sought a specified time period and greater understanding of what the promised "sensitivity" would entail. While Cordray's new remarks fall short of those goals, they do offer very encouraging assurances.

    Please be prepared according to the current August 1 deadline, now approaching at the end of next week:
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    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.
    Wednesday, July 22
    SOLD OUT!   DC Fair Housing & Predatory Lending - 3 DC Required Fair Housing CEU
    SOLD OUT!   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
    MREC Agency - Residential - 3 MD Required or Elective CEU;
    required for every 2-year renewal cycle as of October 1, 2015
    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
    Monday, August 3
    Meeting With the Buyer for the 1st Time - 3 MD Elective CEU
    Friday, August 7
    MREC Required Supervision - 3 MD Required or Elective CEU;
    required for every 2-year renewal cycle for Brokers, Managers and Team Leaders as of October 1, 2015
    Wednesday, August 19
    Nuts & Bolts of an Alternative Dispute Resolution - 1.5 MD Elective CEU
    Friday, August 21
    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
    Tuesday, August 25
    DC Fair Housing & Predatory Lending - 3 DC Required Fair Housing CEU
    DC Legislative Update / Exam Prep - 3 DC Required Legislative Update CEU
    Wednesday, August 26
    Financing Issues / Update - 3 DC Required Financing Issues / Update CEU; 3 MD Elective CEU
    Thursday, August 27
    MD Code of Ethics - 3 MD Required Ethics CEU; 3 DC Elective CEU
    See the complete schedule and register at www.pgcar.com >
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    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. Did you miss this in the last issue of REALTOR® Connection? This and other important regulation updates are available at www.pgcar.com.

    Please review the list for what an unlicensed employee MAY and MAY NOT do. Review regularly to make sure you're in compliance.

    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 state guidelines.
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    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 >
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    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:

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

    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    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.
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  

    - - - 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!
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    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 >
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    MORTGAGE RATES SEESAW BACK UP
    Fixed Rates Stay Below Last Year and Near Historic Lows

    "The crisis in Greece continues to generate volatility in U.S. Treasury yields," said Sean Becketti, Freddie Mac's chief economist. "The tentative agreement hammered out last weekend gave investors the confidence to pull back a bit from Treasuries. Rates rose about 16 basis points on the 10-year Treasury from last week. As a result, the average rate on a 30-year fixed-rate mortgage rose 5 basis points this week to 4.09 percent, the highest level since October of last year."

    Freddie Mac reports the following averages for the week ending July 16, 2015:

    The 30-year fixed-rate mortgage averaged 4.09%, up from 4.04% ~ Last year: 4.13%
    The 15-year fixed-rate mortgage averaged 3.25%, up from 3.20% ~ Last year: 3.23%
    The 5-year Treasury-indexed hybrid ARM averaged 2.96%, up from 2.93% ~ Last year: 2.97%
    The 1-year Treasury-indexed ARM averaged 2.50%, unchanged from prior week ~ Last year: 2.39%

    Freddie Mac's Weekly Primary Mortgage Market Survey >

    Like PGCAR at www.facebook.com/pgcar to see monthly home sales statistics and weekly mortgage rate reports as soon as they are released!

    National Industry News:

    Trending Industry Topics:
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  
    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 >
    .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .   .  

    9200 Basil Court, Suite 400  |  Largo, MD 20774  |  Phone 301.306.7900  |  Fax 301.306.8273
    PGCAR.com  |  mikeg@PGCAR.com  |  ©2015 PGCAR
    visit the PGCAR website              visit the PGCAR Facebook page        

    < Back to REALTOR® Connection Archive