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June 18, 2007

This Thursday, June 21, 2007
Starting at 5:30 p.m.
Prince George's County Association of REALTORS®
8400 Corporate Drive
Landover, Maryland (ATRIUM)
Auctioneer: Mel Schneider, Attorney at Law
EVERYONE WELCOME!   To donate an auction item or cash,
contact Karen Thomas at 301.809.3236 or fax attached form
Live Auction and Silent Auction
All items sold to the highest bidder
Cash, Check or Charge
Cost: $10, payable at the door
Free Beer, Wine and Soda
Click to Register

 

2007-2008 BOARD OF DIRECTORS APPLICATIONS AVAILABLE

Candidates are being sought for the PGCAR Board of Directors. A candidate form is available online at www.pgcar.com or you can contact the association office to have one mailed to you.

 

PLEASE PRACTICE REALTOR®SAFETY

Recently, one of our own members was tragically murdered in a vacant home. We urge all agents to be diligent about safety practices when showing homes or working with prospective buyers. Please visit www.realtor.org for tips and best practices for your safety in many aspects and circumstances of your business. Here are just a few:

  • Always have your cell phone charged
  • Never list your home phone on your business card
  • Never advertise a property as vacant
  • Always have prospects meet you at your office the first time.

 
 

MAR LEADERSHIP ACADEMY

MAR is now accepting applications for the 2007-2008 Leadership Academy. Academy sessions are starting October 4, 2007 and ending on April 14, 2008. All applications are due by August 1st. Please be sure to indicate on the application your preferred interview date. Once received, MAR will confirm your interview date and time.

Click here for an application.

Questions? Contact Lisa Kinsman, at 800-638-6425 or lisa.kinsman@mdrealtor.org.

 
 

The Women's Council of REALTORS® of PRINCE GEORGE'S COUNTY
presents their

ANNUAL CRAB FEAST
Sunday, August 19, 2007 -- 7:00 p.m. to 11:00 p.m.
at Martin's Crosswinds

ALL YOU CAN EAT Crabs, Peel and Eat Shrimp, Fried Fish, Roast Beef, Sirloin, BBQ Chicken, All Beef Hotdogs, Homemade Crab Soup, Seafood Salad, Pasta Salad, Dessert, Rolls & Much More

Free Beer - Wine - Sodas (Cash Bar for other Alcohol Available)

Let's Eat, Let's Dance, Let's Have a Good Time

DJ ~ Dancing ~ Door Prizes ~ Raffle

Tickets: $65 in advance

Register Online today!

 
 

MAR ANNUAL CONFERENCE & TRADESHOW

The MAR Annual Conference will be held September 10th - 12th in Ocean City. Register now for education classes & fun day events. This year, online conference registration allows you to make any class changes, purchase additional tickets, and receive an improved registration confirmation.

3-day Registration — Only $225 through August 15th
$50 discount for Rookie REALTORS®.

Note: Once you have successfully entered your NRDS#, please review your contact information and scroll down to "REGISTRATION TYPE" to choose the registration type that applies to you. Then continue registering. Register now!

 
 

MORTGAGE RATES SPIKE AS TREASURY YIELDS RISE

On Friday, Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), in which the 30-year fixed-rate mortgage (FRM) averaged 6.74% for the week ending June 14, 2007, up from last week when it averaged 6.53%. Last year at this time, the 30-year FRM averaged 6.63%. The 30-year FRM has not been higher since the week ending July 20, 2006, when it averaged 6.80%. Full story >>

 
 

GROUND RENT DISCLOSURE LAW TAKES EFFECT JULY 1

A new ground rent disclosure will take effect for all contracts of sale in Maryland where the underlying property is subject to a ground lease. This disclosure must be made on all contracts entered into on or after July 1, 2007. This disclosure will be available through the Maryland Association of REALTORS® Web site (www.MDRealtor.org) under the forms section as an addendum. We will also update the PGCAR.com Members Only Forms section with the addendum when available.

In the addendum, sellers of residential property of up to four units that is subject to a ground rent must disclose the amount of the annual rent; whether it is paid yearly or half-yearly; the date or dates on which it is due; the date when the next payment is to be paid and the amount to be paid; the name, address and phone number of the ground rent owner; a specified statement as to the potential right to redeem; and the consequences for non-payment. For further information, please contact Chuck Kasky at 800-638-6425 or chuck.kasky@mdrealtor.org.

 
 

MARKETS MAY HAVE HIT BOTTOM

Three bits of news came out this week, that may be pointing out that we may have hit the bottom on the slumbering real estate market. Full story >>

 
 

Home Inspectors Conducting Wood Destroying Insect Inspections

REALTORS®, home buyers, and sellers routinely employ pest control companies to perform wood destroying insect (WDI) inspections. It recently has come to our attention that some home inspection firms also are offering WDI inspections in conjunction with their home inspection work. Please be aware that, under Maryland Law (Title 5-Pesticide and Pest Control, Subtitle - 2 Pesticide Applicator's Law), "pest control" includes inspecting for, and providing opinions on, infestation or damage caused by termites or other wood destroying insects, and may only be offered and performed by a pest control company licensed by the Maryland Department of Agriculture (MDA). Individuals who conduct WDI inspections must:

  1. be employees of a licensed pest control firm,
  2. be adequately trained, and
  3. either have a valid employee registration identification card, or a pest control consultant or pesticide applicator certificate issued by MDA.

Finally, please note that these individuals may not operate as independent contractors; they must be employees of a pest control company that is licensed by the Maryland Department of Agriculture. Failure to comply with the Maryland law and regulations will result in enforcement action taken against the violators. For questions please contact: Dennis Howard, Chief Pesticide Regulation Section, Maryland Department of Agriculture at 410-841-5710, or at Howarddw@mda.state.md.us.

 
 

CONTINUING EDUCATION

Meet your Continuing Education requirements for Maryland and DC license renewal!

DC licensing for real estate salespersons must be renewed by August 31!
Earn 3 required CE for DC license renewal this Wednesday. Do you have your DC required categories out of the way? Most PGCAR classes are also approved for DC elective CE. Check the class listings for specifics. Sign up for multiple classes here!


This Wednesday, June 20
DC Legislative Update
3 DC Required Legislative Update CEU; no MD CEU
Prabhjit Singh 1:30 am - 4:30 pm

This Thursday, June 21
Contracts
3 Elective CEU, MD & DC
Don Martin 9:30 am - 12:30 pm

Thursday, July 12
Home Inspections & Environmental Issues
3 Elective CEU, MD & DC
Vimal Kapoor 1:30 pm - 4:30 pm

Friday, July 13
MD Legislative Update
3.0 MD Required Legislative Update CEU; 3.0 DC Elective CEU
Don Martin 9:30 am - 12:30 pm
MD Fair Housing
1.5 MD Required Fair Housing CEU; 1.5 DC Elective CEU
Don Martin 1:30 pm - 3:00 pm

August 2007
GRI Series 200 - SOLD OUT!
5 classes, 30 CEU
Various Instructors 8:30 am - 4:00 pm

October 2007
GRI Series 300
5 classes, 30 CEU
Various Instructors 8:30 am - 4:00 pm

 
 

HOMESTEAD TAX CREDIT

New legislation enacted during the 2007 Session of the General Assembly will, for the first time, require homeowners to file an application with State Department of Assessment and Taxation in order to claim the Homestead Tax Credit. The legislation will require home owners to provide information to verify the taxpayer's eligibility for the credit. The Homestead Tax Credit program is effectively a cap on state and local property tax assessment increases. The State requires a 10% cap on property tax assessment increases in any given year and eighteen of the 24 local governments have exercised their authority to lower the cap. The application for the Homestead Tax Credit is not yet available but Maryland REALTORS® may wish to advise clients that an application must be filed to claim the credit within 180 days of the date the ownership of the dwelling is transferred after December 31, 2007 or before December 31, 2012 for a dwelling that was last transferred to new ownership on or before December 31, 2007. For additional information, contact Mark.Feinroth@mdrealtor.org.

 

Code of Ethics Case Study:
Case #1-6: Fidelity to Client's Interest
REALTOR® A managed an apartment building owned by Client B. In his capacity as property manager, REALTOR® A received a written offer to purchase the building from Buyer C. REALTOR® A responded that the building was not for sale. A few days later Buyer C met Client B and told him that he thought he had made an attractive offer through his agent, and indicated that he would be interested in knowing what price would interest Client B. Client B answered that he had received no offer through REALTOR® A and asked for the details.

Client B then filed a complaint against REALTOR® A with the local Board of REALTORS® charging failure to represent and promote his interests. His complaint specified that while REALTOR® A had been engaged as a property manager, REALTOR® A had at no time told him not to submit any offers to buy. Furthermore, in the absence of any discussion on this point, Client B felt that REALTOR® A should have recognized a professional obligation to acquaint Client B with Buyer C's offer, which Client B stated in the complaint, was definitely attractive to him.

REALTOR® A was notified of the complaint and directed to appear before a panel of the Board's Professional Standards Committee. In his defense, REALTOR® A stated that his only relationship with Client B was as a property manager under the terms of a management contract; that he had not been engaged as a broker; that at no time had the client ever indicated an interest in selling the building; and that in advising Buyer C that the property was not on the market, REALTOR® A felt that he was protecting his client against an attempt to take the Client's time in discussing a transaction, which REALTOR® A felt sure would not interest the Client.

It was the conclusion of the Hearing Panel that REALTOR® A was in violation of Article 1; that in the absence of any instructions not to submit offers, he should have recognized that fidelity to his client's interest, as required under Article 1 of the Code of Ethics, obligated him to acquaint his client with a definite offer to buy the property; and that any real estate investor would obviously wish to know of such an offer.

SPOTLIGHT SPECIAL

BE IN THE SPOTLIGHT FOR FREE!

That's right - FREE! Write an article that would be of interest to real estate consumers and have it published in the Official Homes Section of The Prince George's County Association of REALTORS® brought to you by The Gazette. This is a special pullout FULL COLOR supplement reaching over 127,000 homes and businesses in Prince George's County.

Article Deadline Monday,
July 10
  Space Reservation
& Ad Copy Deadline
Tuesday,
July 11
  Publication
Date
Thursday,
July 26

If you are interested in writing an article or placing an ad, please contact
Heidi Lamere at 301-731-2134, 240-888-7509 or hlamere@gazette.net.




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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