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May 23, 2006

HOLIDAY CLOSURE - The association office will be closed on Monday, May 29, in observance of Memorial Day.

Have a great holiday weekend!

 

Midyear Message: Boom May Be Over, But Landing Will Be Soft

The five-year boom in home sales may be over, but strong demographics and job growth promise only a short-term slowdown in most U.S. markets, NAR's Chief Economist David Lereah told REALTORS® at the Economic Issues & Residential Real Estate Business Trends Forum. His presentation took place during the 2006 REALTORS® Midyear Legislative Meetings & Trade Expo.

 

YOUR RPAC DOLLARS AT WORK! County Transfer Tax Reduced for Police Homebuyers... Thanks to the Prince George's County State Delegation and County Executive Jack Johnson, County police officers and municipal police officers will save thousands of dollars when buying a home in Prince George's County. More >>

 

LET THEM HEAR IT FROM REAL ESTATE...

MAR is conducting a Get Out the Vote Campaign to strengthen the voice of real estate and private property rights in the critical 2006 elections. REALTORS® have a formidable voice collectively in the state, that is magnified when our over 31,000 Maryland members are registered to vote. Not registered? Now it's easy--we've provided you a secure, confidential mechanism to help you register to vote or to just change your address if necessary. Go to www.mdrealtor.org and click on the blue, I'm a Maryland REALTOR® and I VOTE button. Answer a few questions, review your answers for accuracy and download the form.

 

MAR & PGCAR have teamed up to provide you with valuable marketing tools to provide consumers and ways to assist homebuyers in achieving the dream of homeownership. After all, "there's no place like home!"

RESOURCES
For Consumers & REALTORS®:   MarylandHomeownership.com
For REALTORS®:   MDRealtor.org
MarylandHomeownership.com

 

BASICS OF SPANISH FOR REALTORS®
Special Return Engagement — 6-Session Course!
Instructor Luis Lama returns to PGCAR to teach real estate agents the basics of communicating with the growing market of Hispanic homebuyers. The cost of the series will be $175 for REALTORS® and $300 for non-REALTORS®. Price includes all materials for the class plus the book, "Bienes Raices: An English-Spanish Real Estate Dictionary". Registration limited to only 45 students. Course dates are:

Wednesdays     June 14, 21 and 28     July 5, 12 and 19     4 to 7 p.m. each day

Click here to Register Now!

 

Keynote Speakers:

Presidents Bill Clinton and
George H.W. Bush


Even if you have never attended a NAR Conference & Expo,
you HAVE TO attend this one!


Click here for info on the NAR Conference & Expo in New Orleans.

 

UPCOMING CONTINUING EDUCATION CLASSES

Date(s) Course Title Instructor   Time   Hours
May 26 MD Real Estate Ethics Don Martin 9:30 am - 12:30 pm 3
MD & DC
June 14, 21, 28
July 5, 12, 19
Basics of Spanish for REALTORS® Luis Lama 4:00 pm - 7:00 pm -

June 16
MD Legislative Update Don Martin 9:30 am - 12:30 pm 3
MD & DC
MD Fair Housing Don Martin 1:30 pm - 3:00 pm 1.5
MD & DC

June 23
Contracts Stu Stern 9:30 am - 12:30 pm 3
MD & DC
New Agent Survival Stu Stern 1:30 pm - 4:30 pm 3
MD & DC
June 28 MD Real Estate Ethics Don Martin 9:30 am - 12:30 pm 3
MD & DC
July 10, 13, 19, 21, 26 GRI 100 Series 8:30 am - 4:00 pm 30

July 14
MD Legislative Update Don Martin 9:30 am - 12:30 pm 3
MD & DC
MD Fair Housing Don Martin 1:30 pm - 3:00 pm 1.5
MD & DC
July 27 MD Real Estate Ethics Don Martin 9:30 am - 12:30 pm 3
MD & DC

Registration fee for REALTORS® is only $25 for 3 hours of credit and $15 for 1.5 hours of credit. Above classes are limited to the first 45 registrants. For reservations made less than 3 days prior to a class, please add $15 to the Tuition Fee. ABSOLUTELY 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 the latest schedule.

WANT TO REACH OVER 150,000 POTENTIAL HOMEBUYERS?

GREAT! Contribute an article of public interest, tell what good deeds your office does for the community or advertise in The Gazette's Spotlight on Homes! If you are interested in writing an article or placing an ad, please contact Heidi Lamere at hlamere@gazette.net.

Space Deadline Saturday,
May 27
  Ad Copy Deadline Tuesday,
May 30
  Publication Date Thursday,
June 15


 

Code of Ethics Case Study
Case 1-28: Disclosure of Existence of Offers to Prospective Purchasers
Seller S listed her home for sale with REALTOR® B. The property was priced reasonably and REALTOR® B was confident it would sell quickly. The listing agreement included the seller's authorization for publication in the MLS and authority to disclose the existence of offers to prospective purchasers.

Within days, REALTOR® B had shown the property to several prospective purchasers and one of them, Buyer Z, wrote a purchase offer at close to the asking price.

REALTOR® B called Seller S to make an appointment to present the offer. After hanging up with Seller S, REALTOR® B received another call, this time from REALTOR® A. REALTOR® A explained that he represented a buyer who was interested in making an offer on Seller S's property. REALTOR® A explained that while his buyer-client was quite interested in the property, price was also a concern. He asked REALTOR® B if there were other offers on the property, indicating that his buyer-client would likely make a higher offer if there were competing offers on the table. REALTOR® B responded telling REALTOR® A, "That's confidential information. Please tell your client to make his best offer."

Taken aback by REALTOR® B's comments, REALTOR® A shared them with his buyer-client, who chose not to make an offer and instead pursued other properties.

Buyer Z's offer was accepted by Seller S later that evening and, sometime later, the transaction was closed.

Several months afterward, Seller S and REALTOR® A met at a social event. REALTOR® A related his conversation with REALTOR® B. Seller S asked REALTOR® A if he thought that REALTOR® A's buyer-client would have made an offer on Seller S's home absent REALTOR® B's refusal to disclose whether there were other offers pending. REALTOR® A responded that it was impossible to tell for certain, but his buyer-client had certainly not been favorably impressed by REALTOR® B's response to a seemingly routine question.

Seller S subsequently filed an ethics complaint against REALTOR® B alleging violation of Article 1 as interpreted by Standard of Practice 1-15. He noted that he had clearly authorized REALTOR® B to disclose to buyers and cooperating brokers the existence of pending offers and that REALTOR® B's arbitrary refusal to share information he was authorized to share could have been the reason, or part of the reason, why REALTOR® A's client had chosen not to make an offer on Seller S's home.

REALTOR® B defended his actions indicating that while he agreed that he had an obligation to promote Seller S's interests, his obligation to REALTOR® A and to REALTOR® A's buyer-client was simply to be honest. He had not, in any fashion, misrepresented the availability of Seller S's property. Rather, he had simply told REALTOR® A to encourage his client to make her best offer. "I'm not required to turn every sale into an auction, am I?" he asked. "I feel I treated all parties honestly and fairly," he concluded.

The Hearing Panel did not agree with REALTOR® B's reasoning, indicating that he had violated Article 1 as interpreted by Standard of Practice 1-15. They noted that Standard of Practice 1-15 requires REALTORS®, if they have the seller's approval, to divulge the existence of offers to purchase on listed property in response to inquiries from either potential buyers or from cooperating brokers. REALTOR® B had not met that obligation and, consequently, the Hearing Panel concluded that REALTOR® B had violated
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  :  ©2006, PGCAR
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