December 9, 2015
HOLIDAY FOOD AND COAT DRIVE
Please Bring to the PGCAR Office by 3 PM Monday
PGCAR is collecting coats and non-perishable food to give to the needy. Ask, "Do I have coats that are never worn, that could keep someone else warm? Am I still hanging on to coats that my kids have outgrown?" Another person could be that much warmer through your sharing.
Also, a few cans or boxes of veggies, beans, canned meats, cereals, baby food, or any non-perishable food item will bring joy to someone feeling hunger.
Please gather any items you can and bring them to the PGCAR office by 3 pm this Monday, December 14. Thank you!!
PGCAR ANNUAL LEGISLATIVE BREAKFAST
$6 Billion Economic Development Initiative Announced
Over 100 REALTORS® attended PGCAR's Legislative Breakfast on December 3, held at Martin's Crosswinds in Greenbelt. The event, organized by the Association's Legislative Committee under the supervision of Committee Chair Isaac Showell, was another huge success. REALTORS® in attendance were excited to hear from Congresswoman Donna Edwards (MD D4); Prince George's Senate Delegation Chair, Jim Rosapepe; House Delegation Vice-Chair Geraldine Valentino-Smith; newly elected County Council Chair Derrick Davis; and David Iannucci representing Prince George's County Executive.
This year, all in attendance were excited to learn about $6 Billion in economic development coming on line to Prince George's County in the very near future, as reported by David Iannucci. David is the Chief Administrative Officer for Economic Development and Pubic Infrastructure. Mr. Iannucci also reported on the most recent developments regarding the FBI move to Prince George's County.
Many of our Prince George's County Senators, Delegates and County Council officials attended this year's event and enjoyed the opportunity to mingle throughout the morning.
More Legislative Breakfast photos >
PGCAR ZIPFORM BENEFITS CONTINUE;
FORM REVISIONS AND A FORM ADDITION - NOW IN EFFECT
PGCAR is pleased to advise that we will continue to offer ZipForms to our members as a benefit of membership. To sign up for this PGCAR Membership Benefit, just log in at PGCAR Members Only
and follow the ZipForm link. As always, links to MAR forms and to ZipForm are prominently displayed at www.pgcar.com/membersonly/forms
To access ALL MAR forms and the below listed MAR form revisions, ZipForm users should seek out these directories under the forms library:
- the MDAR Directory - includes the MAR Sales Contract, addenda, disclosures and more
- the NEW MDARBF (Brokerage Forms) Directory - includes the MAR listing forms and related Broker documents
At Dotloop, all MAR forms are located under the Maryland Association of REALTORS®
Revised and New Forms for October 2015
Summary of Changes and Practice Tips
The listed MAR forms have been modified or added as indicated below.
All Changes are Reflected in the Forms Dated October 2015.
- MAR Residential Contract of Sale
Paragraph 9 (Financing) - A check box was added for the new USDA Financing Addendum.
Practice Tip: The language contained in the new USDA Financing Addendum mirrors the language contained in both the VA and FHA addenda. There are different fees such as the Rural Housing Guarantee Fee. To obtain additional information about USDA loan programs, you may go to: http://www.rd.usda.gov/programs-services.
Paragraph 10 (Financing Application and Commitment) - A technical correction was made to line 2 of this provision.
Paragraph 17 (Addenda / Disclosures) - A technical correction was made to the title of the Maryland Lead Poisoning Prevention Program Disclosure.
Paragraph 37 (Property Owner's Title Insurance) - This paragraph was inserted in response to the new RESPA / TILA regulations effective October 3, 2015. Here, buyer and seller expressly agree that cost estimates for owner's title insurance be based on enhanced coverage rates. The provision reiterates that buyer is not obligated to purchase either standard or enhanced coverage.
Practice Tip: As stated above, buyers of residential property have the option of purchasing standard or enhanced title insurance. It has long been the custom and practice of lenders and most title companies to base cost estimates on enhanced coverage for residential transactions. The CFPB recently indicated that the practice of basing cost estimates using enhanced coverage will no longer be allowed unless the contract of sale specifically states that cost estimates be based on enhanced coverage rates.
Paragraph 46 (Wetlands Notice) - This provision was revised to more accurately reflect the Army Corps of Engineers' and the state's jurisdiction and permitting requirements.
Page 10 (Information Provided for Reference only) - In response to the new RESPA / TILA regulations referenced above, this section was modified to include the listing and selling brokers' license numbers. Additionally, several check boxes were removed.
- Unimproved Land Contract of Sale
Paragraph 45 (Wetlands Notice) - This provision was revised to more accurately reflect the Army Corps of Engineers' and the state's jurisdiction and permitting requirements.
Page 9 (Information Provided for Reference only) - This section was modified to include the listing and selling brokers' license numbers. Additionally, several check boxes were removed.
MAR Contract Addenda
- MAR As Is Addendum (Paragraph 1) – The sentence stating that Buyer understands and agrees that Seller shall have no obligation to make repairs was deleted from the Addendum.
Practice Tip: The MAR As Is Addendum stipulates that the Property is sold in "As Is" condition as of the Date of Contract Acceptance. This means that if there is any damage to the property that occurs between the time the contract is formed and settlement, Seller is obligated to repair that damage.
- Conventional Financing Addendum (Paragraph 7 - Appraisal Contingency) – The words "by Buyer" were removed from the third sentence of Paragraph 7.
Practice Tip: The words "by Buyer" were removed as the lender orders the appraisal.
- Resale of Condominium Unit Acknowledgment – The seller initial lines were removed from the bottom of page 1.
- Property Inspections Notice – The buyer & seller initial lines were removed from the bottom of page 1.
- USDA Financing Addendum
Practice Tip: The loan details are specified in Paragraph 1. Much of the remaining language in the Addendum mirrors the language contained in the VA and FHA addenda. To obtain additional information about USDA loan programs, you may go to: http://www.rd.usda.gov/programs-services.
MAR Brokerage Forms
- Exclusive Buyer / Tenant Representation Agreement (Paragraph 5 - Buyer Responsibilities) – This paragraph was modified to include a provision discussing the "Coming Soon" status in MRIS.
Practice Tip: MRIS added a "Coming Soon" listing status that can be used for listings that are being prepared for showing. If an owner selects this status, the listing agent must enter an expected on-market date in MRIS that can be no later than 21 days from when the listing was submitted to MRIS. The "Coming Soon" status will automatically update to active on the expected on-market date if not made active sooner. Listings in "Coming Soon" status are not displayed on public websites. For additional information regarding the "Coming Soon" status, you may go to: http://mrisblog.com/blog/coming-soon-listing-status-is-coming-soon/.
- Exclusive Right to Lease Residential Brokerage Agreement (Paragraph 7 - Marketing, MLS, Internet Advertisement) – This paragraph was modified to include a provision discussing the "Coming Soon" status in MRIS.
- Exclusive Right to Sell Residential Brokerage Agreement (Paragraph 7 - Marketing, MLS, Internet Advertisement) – This paragraph was modified to include a provision discussing the "Coming Soon" status in MRIS.
- Exclusive Right to Sell Unimproved Land Brokerage Agreement (Paragraph 7 - Marketing, MLS, Internet Advertisement) – This paragraph was modified to include a provision discussing the "Coming Soon" status in MRIS.
General Residential Dwelling Lease Template
- Paragraph 33B (Maryland Lead Poisoning Prevention Program) – A technical correction was made to line 2 of this provision.
- Page 11 (Information Provided for Reference only) – Several check boxes were removed.
|PGCAR 2016 MEMBERSHIP RENEWAL NOW OVERDUE!
Renew by Midnight December 31, 2015 to Avoid SentriLock &
Membership Deactivation >
Please renew your dues today at PGCAR.com
. The online invoice can be printed. You will also receive an emailed, itemized receipt immediately after payment - and your Order History in Members Only
will automatically show your online payment.
Membership renewals were due for the October 1, 2015 - September 30, 2016 membership year on October 1, 2015, and a $75 late fee was due if non-paid as of December 1. After midnight on December 31, membership will be terminated and a $125 reinstatement fee will be added to the account.
Offices with non-paid agents remaining on their office rosters past the final deadline will also be made inactive.
Thank you to everyone who has already renewed !
We appreciate your membership in PGCAR !
LEGISLATIVE ALERT - December 9, 2015
Mike Graziano, Executive Vice President
The County Council recently passed legislation imposing a drastically high penalty for operating a rental unit without the proper license. CB 85-15 imposes a $1,000 per month penalty for each month, or portion thereof, where a rental property was operated without a license or operated under an expired license.
Rental Licenses are not transferrable, as such; purchasers of occupied rental units have 30 days following settlement to obtain a rental license. The new law applies to properties in unincorporated areas. If the property is located within the boundaries of a municipality and the municipality enforces their own rental license requirement, the County penalty would not apply. However, the municipality may impose a penalty. If the municipality does not have a rental license requirement the County license mandate applies.
ALERT: REAL ESTATE TRANSACTIONS ARE BEING TARGETED BY WIRE AND EMAIL FRAUD
Real estate professionals have reported an upswing in email scam in recent months, including:
- Hackers will break into a licensee's email account to obtain information about upcoming real estate transactions. After monitoring the account to determine the likely timing of a close, the hacker will send an email to the buyer, posing either as the title company representative or the licensee. The fraudulent email will contain new wiring instructions or routing information, and will request that the buyer send transaction-related funds. Unfortunately, some buyers have fallen for this scheme, and have lost money.
- Email scammers have copied recent MRIS fraud alert messages, and added their own text to the bottom of the message asking MRIS customers to click on a link and log in to scan their computers for viruses. THIS IS A SCAM. MRIS will never ask you to click on any link to scan your computer. MRIS will also never ask you to log in by clicking on a link contained within an email message.
Please help protect yourself, your clients and all parties in a real estate transaction from cybercrime.
Including PGCAR's NEW Affiliate Membership Program!
As your Association, we strive to be a productive resource for you. As such, we are pleased to offer a new and exciting opportunity to expand your brand and profile among PGCAR's 2800 REALTOR® members. Our new Affiliate Membership program includes affordable sponsorship opportunities on an on-going basis.
Affiliate Member Packages were created as a way for our valued Affiliate members to pay one discounted price and reap the benefits of numerous advertising possibilities all year long. There are three separate packages - each designed to fit within your marketing needs and budget, giving you the option to choose the package that most appeals to you.
Advertise your brand to a broad and captive audience. Envision your logo scrolling on the PGCAR webpage! On a banner at PGCAR events! Hear your name mentioned to large REALTOR® audiences! And more!
The best way to get your name in front of REALTORS® and industry decision makers is to get involved and sponsor PGCAR activities. We hope you will consider this valuable opportunity to support your Association and build new business relationships.
Another great opportunity for Affiliates is to join the Women's Council of REALTORS® Prince George's Chapter.
Here is the Affiliate Application >
30 UNDER 30 APPLICATION DEADLINE FAST APPROACHING!
Applications Due 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, 2016? If so, apply for NAR's 30 Under 30 Class of 2016 and be recognized internationally for your exceptional real estate skills!
The application period closes January 15, 2016. With the busy holiday season upon us, 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 six REALTORs® from the 2012 - 2014 classes of 30 Under 30.
We'd love to see a member of PGCAR in the 2016 list of honorees!
AT A GLANCE: NEXT-UP CEU AT PGCAR
PGCAR members save BIG!
Early bird registration is only $18 for 3 CEU classes and $11 for 1.5 CEU classes.
See the complete schedule and register at www.pgcar.com >
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.
MORTGAGE RATES DOWN FOR THIRD STRAIGHT WEEK
Average fixed mortgage rates rose last week, amid market expectations of a possible rate increase by the Federal Reserve.
"Treasury yields ticked down 3 basis points after weak manufacturing data," said Sean Becketti, Freddie Mac's chief economist. "In response, the 30-year mortgage rate dropped 2 basis points to 3.93 percent. After the survey closed, Yellen implied that the economy is ready for a rate hike in December. However, all eyes remain on this Friday's jobs report, the last significant release prior to the FOMC's (Federal Open Market Committee's) meeting."
Freddie Mac reports the following averages for the week ending December 3, 2015:
The 30-year fixed-rate mortgage averaged 3.93%, down from 3.95% ~ Last year: 3.89%
The 15-year fixed-rate mortgage averaged 3.16%, down from 3.18% ~ Last year: 3.10%
The 5-year Treasury-indexed hybrid ARM averaged 2.99%, down from 3.01% ~ Last year: 2.94%
The 1-year Treasury-indexed ARM averaged 2.61%, up from 2.59% ~ Last year: 2.41%
Freddie Mac's Weekly Primary Mortgage Market Survey >
NEWS YOU SHOULD KNOW
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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 >