Please join your colleagues in the celebration of their production!
The following categories will be awarded:
- 2015 Individual General Brokerage
- 2015 Team Volume General Brokerage
- 2015 Rookie of the Year
* The plated dinner includes chicken and fish. If you have special dietary requirements, please leave instructions in the comments field when registering, or call the office to register at 301-306-7900. Dinner is not included in the award entry fee. Separate registration is required.
Return of Deposit Requirements
Maryland Real Estate Commission Alerts Consumers of Their Rights
Please Read Carefully
The Maryland law that regulates real estate brokers, associate brokers, and salespersons requires that trust money be deposited in the broker's trust account promptly after both parties accept the contract of sale.
Important Reminder of Contract Terms
Although most contracts contain a provision governing the disposition of the deposit money if the property does not go to settlement, sometimes a dispute arises after cancellation of a contract and funds disposition is delayed. Please be aware of this potential for dispute, and work proactively to avoid delay in proper funds disposition. Disputes and delays in funds disposition can cost a lot in time and good will, and possible legal fees too.
The law also requires the broker to distribute funds from a trust account after any one of these four circumstances occurs:
- The transaction for which the money was entrusted is consummated or terminated;
- The broker receives proper written instructions from both parties directing withdrawal or other disposition of the money;
- A court orders disposition of the money in an interpleader case filed by the broker; or
- The broker has followed a specific procedure of notification to both parties, giving them an opportunity to contest the broker's good faith determination of proper distribution after one of the parties has failed to complete the transaction.
The Maryland Real Estate Commission (MREC) does not have the authority to order a broker to release trust money. MREC's advice to a party in a real estate transaction, who believes they are entitled to deposit monies they have not received, is as follows:
- Contact the broker holding the funds to determine his / her position on the matter.
- If the other party failed to complete the transaction, ask the broker to initiate the notification process for return of the money.
- If the other party will not agree to sign a written release, ask the broker to file an interpleader case in court requesting the judge to determine who is entitled to the deposit.
- If the broker is not willing to pursue determining rightful release of the funds, the consumer can file a claim for the funds in court.
MREC also advises consumers that many real estate contracts contain a provision that all disputes between the parties must first be submitted to mediation. They are advised to read this part of the contract carefully, and check with the broker to see if it applies to their situation.
4 MAR BROKERAGE FORMS UPDATED
4 Forms Released March 18 - All are Effective Now
Soon after initial release, form revisions are also available on ZipForm and DotLoop. To sign up for the ZipForm and DotLoop PGCAR Membership Benefits, just log in at PGCAR Members Only
and follow the instructions. As always, links to MAR forms, 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®
LEGISLATIVE NEWS - March 21, 2016
Mike Graziano, Executive Vice President
The House of Representatives passed "Housing Opportunities through Modernization Act" with a unanimous vote of 427-0! This legislation sponsored by Representatives Luetkemeyer (R-MO) and Cleaver (D-MO), includes three major provisions that NAR supports:
- The legislation solves a number of concerns regarding FHA's condo rules:
- Reduces the required minimum owner-occupancy ratio from 50% to 35%.
- Directs FHA to streamline condo certification process.
- Provides more flexibility for mixed use buildings.
- Mirrors Federal Housing Finance Agency (FHFA) rules regarding private transfer fees.
- The legislation provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service loans.
- The legislation makes reforms to federally assisted rental housing programs to streamline the program.
The bill is pending consideration in the Senate, where it must also be approved before a final bill can be sent to the President for signing into law. NAR sent a letter to all Senators
urging them to bring the important, non-controversial "Housing Opportunities through Modernization Act" to the Senate floor for an immediate vote.
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.
Friday, April 8
MREC Required Supervision
- 3 MD Required or Elective CEU; Required Every 2-year Renewal Cycle for Brokers, Branch Managers and Team Leaders
See the complete schedule and register at www.pgcar.com >
You are Invited to the
Women's Council of REALTORS®
38th Annual Prayer Breakfast
"Oh that thou would bless me indeed, and enlarge my territory. . . "
8 - 11 am on Good Friday
This Friday, March 25
Please Join Us for an Inspirational Message, Prayer and Celebration on Good Friday.
Family, Friends, EVERYONE is Welcome!
New Location: Marlboro Riding Club
12506 Weldon Manor Lane
, Upper Marlboro, MD 20772
$25 Ticket Donation
Please register in advance at pgcar.com >
PGCAR Membership - It Pays!
As your Association, we strive to be a productive resource for you. As such, we are pleased to offer a full range of benefits
to our REALTOR®
and Affiliate members, and meaningful ways to be involved.
Another great opportunity for Affiliates is to join the Women's Council of REALTORS®
Prince George's Chapter.
Here is the Affiliate Application >
Claim Your Free .REALTOR Domain Registration
Available to NAR REALTORS® and Brokerages
2016 is the last chance to get a .REALTOR web address FREE for the first year, one per member.
The term "REALTOR" is searched over 2 million times a month!
Help consumers easily find you -- with a .REALTOR web address.
After the first free domain, pricing for additional domains starts at $39.95, with multiple domains and multiple year discounts available.
Don't Miss Out! Claim your .REALTOR domain today >
2017 NAR Leadership Academy
Application Deadline is Friday, April 1
Designed to identify, inspire, and mentor emerging leaders from the local and state level, the 2017 Leadership Academy is accepting applications until Friday, April 1. If interested, do not delay. Applicants will need 3 referrals from these categories: State and / or Local REALTOR®
Officer, State and / or Local Association Executive.
For complete application instructions, just click here and log in >
Making Home Affordable (MHA) Program Webinars
Webinars are available 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.
Thursday, March 24, 2:00 pm - 3:30 pm
HAMP A to Z for Trusted Advisors
This session will include a Home Affordable Modification Program (HAMP) Overview, the eligibility criteria for HAMP Tier 1 and Tier 2; how to assemble the Initial Package; the underwriting process (including the Waterfalls and the NPV test); the Trial Period Plan (TPP), transitioning to a permanent modification; and guidance on how to escalate a case, among other topics.
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.
||ARE YOU REGISTERED TO VOTE?
The Maryland primary election voter registration deadline is Tuesday, April 5.
Click here for a Maryland Voter Registration Form > or register online >
MD Primary Early Voting is Thursday, April 14 thru Thursday, April 21.
Early voting centers >
MD Primary Election Day is Tuesday, April 26, 7 am to 8 pm. Find your polling place >
The DC primary voter registration deadline is Monday, May 16.
Click here for a DC Voter Registration Form > or register online >
DC Primary Early Voting is Tuesday, May 31 thru Saturday, June 11.
Early voting centers will be listed here >
DC Primary Election Day is Tuesday, June 14, 7 am to 8 pm. Find your polling place >
Please note the Republican Party already held its primary on March 12. Results >
Customer Service Tip: Create a simple "Thank You" or "Thinking of You" note to mail or email to those you have sold a home to in the last 4 years. You may wish them well in their new home again. Politely and in a non-partisan way, share with them the online link or printed voter registration form and deadline to easily update their voting records -- so that they know how, when and where to vote, close to their new home.
Don't forget to include your business card or contact information!
FIXED MORTGAGE RATES UP LAST WEEK
30-Year Fixed-Rate Average Still Low at 3.73%
Average fixed mortgage rates rose last week, amid market expectations of a possible rate increase by the Federal Reserve.
"Treasury yields increased heading into this week's FOMC meeting, partially in response to modestly higher inflation readings," said Sean Becketti, Freddie Mac's chief economist. "30-year mortgage rates kept pace, rising 5 basis points to 3.73 percent. Nonetheless, at the meeting the Fed confirmed what the market had already concluded and made no change to the Federal funds target. The Fed went further and acknowledged that economic signals have been mixed and that the pace of monetary tightening may be slower than had been assumed at the end of 2015."
Freddie Mac reports the following averages for the week ending March 17, 2016:
The 30-year fixed-rate mortgage averaged 3.73%, up from 3.68% ~ Last year: 3.78%
The 15-year fixed-rate mortgage averaged 2.99%, up from 2.96% ~ Last year: 3.06%
The 5-year Treasury-indexed hybrid ARM averaged 2.93%, up from 2.92% ~ Last year: 2.97%
Freddie Mac's Weekly Primary Mortgage Market Survey >
NEWS YOU SHOULD KNOW
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