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Prince George's County Association of REALTORS website link
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March 22, 2016
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David Maclin Scholarship 5K Fundraiser
FIFTH ANNUAL MACLIN 5K REGISTRATION IS NOW OPEN!
The Fifth Annual Maclin Scholarship 5K Fundraiser
will be Saturday, April 23
at Marlboro Ridge, Upper Marlboro


You may register as an INDIVIDUAL or SMALL GROUP >
or as a TEAM >
Sign up to walk, run or just wear the 5K t-shirt >
Sign up to be a 5K sponsor too >


Post and share these flyers!
Sponsor registration flyer >     5K registration flyer >
Third Annual PGCAR RPAC Bowling Fundraiser

The 3rd Annual PGCAR RPAC Bowling Fundraiser was held on March 19th at Capital Plaza Lanes in Landover Hills. After a few hours of fun, pizza, and friendly competition, Team Long & Foster Real Estate, Mitchellville, soared to victory for the second year. Congratulations to the winners and thank you to all who participated and contributed!

3rd Annual PGCAR RPAC Bowling Fundraiser
PGCAR Awards Celebration March 30
Hurry - Less Than 30 Tickets Left!


Next Wednesday, March 30
PGCAR Awards Celebration Recognizing
REALTOR® 2015 Production


Cocktails and Check-In:
Plated Dinner:
Program:
5 pm - 6 pm
Served* at 6 pm
Begins at 6:30 pm

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
Important Reminder of Contract Terms

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.

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:

  1. The transaction for which the money was entrusted is consummated or terminated;
  2. The broker receives proper written instructions from both parties directing withdrawal or other disposition of the money;
  3. A court orders disposition of the money in an interpleader case filed by the broker; or
  4. 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:
  1. Contact the broker holding the funds to determine his / her position on the matter.
  2. If the other party failed to complete the transaction, ask the broker to initiate the notification process for return of the money.
  3. 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.
  4. 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.

Recommended Reading:


4 MAR BROKERAGE FORMS UPDATED
4 Forms Released March 18 - All are Effective Now


Maryland Association of REALTORS® (MAR) has revised four brokerage forms, listed below. These forms were updated because the Coastal Association of REALTORS® MLS created a coming soon listing status. To reflect this change, references to "MRIS" or "Metropolitan Regional Information Systems, Inc." were revised to "MLS" in the noted paragraphs regarding coming soon listings.
  1. MAR Exclusive Buyer / Tenant Representation Agreement
    Revised March 2016; Changed Paragraph 5(e)
  2. MAR Exclusive Right to Lease Residential Brokerage Agreement
    Revised March 2016; Changed Paragraph 7(e)
  3. MAR Exclusive Right to Sell Residential Brokerage Agreement
    Revised March 2016; Changed Paragraph 7(e)
  4. MAR Exclusive Right to Sell Unimproved Land Brokerage Agreement
    Revised March 2016; Changed Paragraph 7(e)

Gain access to all current PGCAR forms at PGCAR.com Members Only
and current MAR forms at mdrealtors.org Members Only.


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 and Dotloop 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® dashboard.
FHA Condo Bill Passes U.S. House, Awaits Senate Consideration
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:
  1. 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.
  2. The legislation provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service loans.
  3. 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.

Also read:
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.
Wednesday, March 23
Successfully Selling Government Owned Properties - 3 MD Elective CEUe
Monday, March 28
MD Code of Ethics - 3 MD Required & DC Elective CEU
Tuesday, March 29
Short Sales - 3 MD Elective CEUe
Tuesday, April 5
Learn More Loans, Sell More Homes - FREE Workshop ~ No CEU ~ PGCAR members Only
Wednesday, April 6
Real Estate Tax Issues - 1.5 MD Elective CEU
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
Wednesday, April 13
MREC Agency - Residential - 3 MD Required CEU; Required Every 2-year Renewal Cycle
Thursday, April 14
Nuts & Bolts of an Alternative Dispute Resolution - 1.5 MD Elective CEU
Monday, April 18
MD Code of Ethics - 3 MD Required & DC Elective CEU
Thursday, April 21
MD Legislative Update - 3 MD Required & DC Elective CEU
MD Fair Housing - 1.5 MD Required & DC Elective CEU
See the complete schedule and register at www.pgcar.com >
Good Friday Women's Council of REALTORS Prince George's MD/DC Area Annual Prayer Breakfast You are Invited to the
Women's Council of REALTORS®
38th Annual Prayer Breakfast
8 - 11 am on Good Friday
This Friday, March 25

"Oh that thou would bless me indeed, and enlarge my territory. . . "

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.
Join PGCAR now!
There's great benefits for our REALTOR® and Affiliate members!

Prince George's County REALTOR membership application for real estate agents Prince George's County REALTOR membership application for real estate agents  REALTOR® Membership Application
Prince George's County affiliate membership application for real estate industry partners Prince George's County affiliate membership application for real estate industry partners   Affiliate Membership Application
Prince George's County affiliate membership levels and benefits for real estate industry partners Affiliate Membership Levels and Benefits


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.

Upcoming session:

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 >

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

February 2016 and Annual 2015 home sales statistics for Prince George's County are both available at www.pgcar.com/stats and www.facebook.com/pgcar.
NEWS YOU SHOULD KNOW

National Market News:

Trending Topics & Tips:


9200 Basil Court, Suite 400  |  Largo, MD 20774  |  Phone 301.306.7900  |  Fax 301.306.8273
PGCAR.com  |  mikeg@PGCAR.com  |  ©2016 PGCAR
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