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January 30, 2006   




 

DEADLINE!!!   LAST DAY FOR ENTRIES!!!
2005 PRODUCTION AWARDS COMPETITION
. . . 2005 Awards Rules and Entry Forms have been mailed to all offices. This year's entries must be received NO LATER THAN 5 P.M. TUESDAY, JANUARY 31. No exceptions! This will be the last PGCAR production-based awards competition. If you would like an awards package sent to you, contact the association office at 301-306-7900.

 
POKER DEALERS WANTED. . . Texas Hold'em games will be held to benefit RPAC at the PGCAR office as well as some of the RPAC Committee members' offices. But first, we need experienced players to be card dealers. Anyone interested in slinging cards for a good cause may contact Joan Ostenso at jostenso@pgcar.com or 301-306-7900. Watch for more details coming soon.

 
 
Voting Deadline: February 3
1. Would you mind seeing advertising in the REALTOR® Connection?
Yes No
2. Should it be limited to Affiliate members only?
Yes No
Click here if you have trouble viewing or submitting the survey.

GOOD DEEDS DON'T GO UNREWARDED!
It's time for you to let the association know what you, your office, your company or other agents in your office have done since May 2005 to benefit the community. This information will be used for PGCAR to submit an application for the MAR C.A.R.E. Award.

The list of what this includes is endless… volunteering at churches, schools, nursing homes, civic organizations, home ownership associations, girl/boy scouts, donating to Goodwill/Salvation Army/food banks, times served on Boards of Directors, participation in walks/runs, Habitat for Humanity… Let us know!

Click here to fill out the short survey and fax back to the association at 301-306-8273. Thank you for your assistance.

 
FINAL CHANCE!

JANUARY REALTOR® STORE FEATURED ITEM
— REALTOR® Safety Kit —

While supplies last, buy REALTOR® Safety Kits for only $3.50 each!
Through January 31 in the PGCAR REALTOR® Store. Don't delay — buy today!

 
TAX TIPS: 1031/TAX FREE EXCHANGES. . . If you or a client are thinking about unloading a rental property there are a few items you need to think about. If there will be a profit upon sale of your rental property you will be subject to federal and state tax on the sale of that business use property. You must also pay tax on any depreciation you took on that property since it was placed in service. That depreciation will be taxed at your ordinary income tax rates which could be as high as 35%. However, you may be able to avoid paying this tax if you perform a 1031 or Tax Free Exchange. This process allows you to trade one property for another property (or one property for many properties), make a profit, and defer or put off paying the taxes. These exchanges are complicated and are subject to many restrictions and rules so tread lightly. You are advised to contact an attorney or accountant that specializes in 1031 or Tax Free Exchanges. If not performed correctly it could cost you or your client thousands of dollars in tax and perhaps missed investment opportunities. For more information on taxes as they pertain to real estate or any other tax-related matter please feel free to contact Mike Fine, Director of Operations for Tax-Masters, Inc. 6127 Executive Blvd, Rockville, MD 20852, (301) 230-0200 ext. 319 or mike@tax-masters.com. REMEMBER: PGCAR members always receive a hefty 30% discount on tax preparation services.

2006 EVENT DATES ANNOUNCED. . .

AWARDS LUNCHEON REGISTRATION NOW OPEN!. . . The Awards Luncheon will be held at the La Fontaine Bleu on March 16 at 11:30 a.m. to 3 p.m. TICKETS:

  Through March 10: $25 for PGCAR Members/$40 for Non-members
After March 10: $50 for PGCAR Members/$65 for Non-members

Click to download an Outlook reminder for the Entries deadline

REALTOR® EXPO AND TRADE SHOW. . . Join us on May 4 at the Equestrian Center in Upper Marlboro for PGCAR's Annual REALTOR® Expo and Trade Show. In addition to over 50 exhibits, those attending will be able to get 6 hours of continuing education. Mark your calendar now and plan to attend.

 
ANNUAL RPAC FUNDRAISER
ANNUAL RPAC FUNDRAISER The Annual RPAC Fundraiser will be held at the La Fontaine Bleu on April 19. The Fundraiser will have a country/western theme and there will be something for everyone. The committee is hard at work securing items for the silent auction, which always features wonderful items to bid on. Brought back by popular demand is the Texas Hold'em Poker competition. This year we will have a beginners table-no need to be shy if you're not an experienced player.

Click here for an Outlook reminder for the Annual RPAC Fundraiser

the Event Flyer the Sponsor's Package

 
ATTENTION BROKERS/SALES MANAGERS. . . Beginning February 13, you will be receiving a new one-page publication, Broker Beat, from PGCAR via fax. The purpose of this tool is to assist you by providing talking points and vital information that needs to be passed onto all agents in your sales meetings. This will be a bi-weekly publication.

What You Need to Know About Stigmatized Properties
Selling "problem properties" -- where crimes have been committed, or where things go bump in the night -- requires special marketing techniques.   Read more >>

Lenders Prepare for Big Boost in ARM Payments
Monthly payments on a substantial number of adjustable-rate mortgages are projected to increase significantly in 2006, giving lenders plenty of refinancing business but also raising credit-quality concerns.   Read more >>

 
UPCOMING CONTINUING EDUCATION CLASSES . . .
There is still space available in the following classes:

Date Course Title Instructor   Time   Hours
Feb 17 MD Real Estate Ethics - Association Office
This class is required for license renewal.
Don Martin 9:30 am -
12:30 pm
3
MD & DC
Feb 22 MD Legislative Update - Association Office
This class is required for license renewal.
Don Martin 9:30 am -
12:30 pm
3
MD & DC
MD Fair Housing - Association Office
This class is required for license renewal.
Don Martin 1:30 pm -
3:00 pm
1.5
MD & DC
Feb 23 Taxes – Save Money if You’re a REALTOR® - Association Office Linda de Marlor 10:00 am -
11:30 am
1.5
MD Only
Feb 24 Contracts - Association Office Stu Stern 9:30 am -
12:30 pm
3
MD & DC
New Agent Survival - Association Office Stu Stern 1:30 pm -
4:30 pm
3
MD & DC

Registration fee for REALTORS® is $25 for 3 hours of credit and $15 for 1.5 hours of credit. A $15 late fee is charged if reservations are made less than 3 days prior to any class. NO WALK-INS. For more information call Scott Miller, Education Director, at the association office 301-306-7961 or visit our website at www.pgcar.com for a full schedule.

 

BE IN THE SPOTLIGHT. REACH OVER 150,000 HOMES AND BUSINESSES!

The Official Homes Section of The Prince George's Association of REALTORS® — brought to you by The Gazette. A special full COLOR pull-out supplement reaching over 150,000 homes and businesses in Prince George's County!   For distribution and rates >>

Space DeadlineTOMORROW, Jan. 31
Ad Copy DeadlineFriday, Feb. 3
Publication DateThursday, Feb. 16

The Gazette also selects an office every month going above and beyond the call of duty to support our communities — for a FREE 3/4 page ad highlighting their community involvement. Should your office be spotlighted? If so, please contact Heidi LaMere.

Call Heidi LaMere
240-888-7509 direct   301-731-2134 desk
hlamere@gazette.net

If you have an article you would like to submit, please send it to the above email address to be considered for the next upcoming issue. If you would like your office considered for the Spotlight Office, call or email your nominations.

 

Code of Ethics Case Study
Case #1-18: REALTOR® Not Responsible for Legal Advice

Client A listed a commercial property with REALTOR® B who sold it. Following the sale, Client A learned that his total tax position would have been more favorable if he had disposed of the property in a trade. He complained to the Board of REALTORS® against REALTOR® B stating that in connection with his listing of the property he had discussed his total tax position with REALTOR® B, and that REALTOR® B, in spite of his obligation under Article 1 of the Code of Ethics to "be informed regarding laws" had failed to advise him that a trade would be more to his advantage than a sale.

At the hearing, REALTOR® B defended his actions by stating that it was true that Client A had briefly outlined his total tax situation at the time he listed the property for sale. REALTOR® B advised that he told Client A that sale of the listed property might result in unfavorable tax consequences and suggested that Client A consult an attorney. The client had not taken his advice.

After several weeks of advertising and showing the property, in the absence of a change of instructions from the client, the property was sold in accordance with the terms of the listing contract.

The Hearing Panel concluded that advising the client to consult an attorney had demonstrated REALTOR® B's attempt to protect the best interest of his client; that in giving this advice REALTOR® B had fully discharged his obligation under Article 1; that a REALTOR® is not responsible for rendering legal advice beyond the advice that legal advice be sought when the client's interest requires it; and that REALTOR® B was not in violation of Article 1.

Prince George's County Association of REALTORS®
8400 Corporate Drive  :  Suite 225 : Landover MD 20785
Phone 301-306-7900  :  Fax 301-306-8273  :  www.pgcar.com  :  ©2005, PGCAR
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