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August 10, 2009


9:30 a.m. to 12:30 p.m.
At La Fontaine Bleu

All members are invited to attend a General Membership Meeting this Thursday, August 13
at La Fontaine Bleu with a continental breakfast at 9:30 am, meeting starting promptly at 10 am.

Agenda items include:

NSP MRI Update — 10 a.m. to 12 Noon
Roz Clemons, NSP Managing Director
P J Gardner, NSP Settlement Manager
Yetta Stokes, NSP Loan Coordinator

Lunch — 12 Noon to 12:30 p.m.

An update on Association Activities and Services

Meet the 2010 Candidates for Officers and Directors

Please take time from your busy schedule to participate in this
important exchange of information and ideas.

RSVP at or using attached flyer.

FROM: Linda Simpson, President

In accordance with the applicable provisions of the Prince George's County Association of REALTORS® Bylaws governing the election procedure, listed below are the candidates for Officers and Directors for 2009 / 2010. This year PGCAR Members will have the opportunity to vote online. From September 1st to 12 Noon on September 23rd, you are encouraged to go to the PGCAR website at to VOTE ONLINE. If you do not wish to or are unable to vote online, you may contact Joan Ostenso at the Association office at 301-306-7900 Extension 223 or email her at to have a paper ballot mailed to you.

The 2009 / 2010 Candidates are as follows:
President Michael Cerrito, Cerrito Realty, LLC
President-Elect Joanne Darling, Darling Real Estate
Secretary Willie Rhone, Weichert, REALTORS®
Directors (4 to be elected):
Desiree Callender, Desiree Callender & Associates
Charmayne Clark, Clark & Associates Real Estate
Pat Dowtin, GMAC Real Estate / Real Estate Service Center
James Haskins, Coldwell Banker Residential Brokerage
John Lesniewski, RE/MAX United Real Estate
Lorrence "Chuck" Ottley, SellState Dominion Real Estate

All ballots must be cast online OR delivered to the Association office via mail or in person
no later than 12 Noon on September 23rd

Please contact Joan Ostenso at 301-306-7900 Extension 223 with any questions.

Red Cross Blood Drive at PGCAR
Bring a Friend ~ Double Your Impact
Next Thursday, August 20
9 am - 3 pm @ PGCAR

On June 25, we collected 26 pints of blood. Let's do it again! Thanks for caring to Give Blood . . . to Give Life.

Please donate on August 20 >>


2009 Distinguished Sales Associate of the Year

Nominations for selection of Prince George's County's 2009 Distinguished Sales Associate of the Year are now being sought.

Any licensed sales agent or associate broker holding REALTOR® membership is eligible for consideration. Candidates must have not held an active broker's license any time during 2009 and may not hold any percentage of ownership in the firm they represent. Also, managers, owners and salaried officers are not eligible to enter this competition.

There are four standards used in the selection process.

Please fill in details under each of the four standards and submit your entry along with ONE (1) COLOR PHOTO (any size) now for consideration. REMEMBER, individuals may nominate themselves. To encourage participation you may submit your entry unsigned or anonymously, so if you think you qualify, why not nominate yourself!?

Distinguished Sales Associate Nomination      

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2009 Affiliate of the Year

Nominations are also being sought for the 2009 PGCAR Affiliate of the Year. Which one of our many distinguished affiliates will be named the 2009 Affiliate of the Year? Please nominate yourself or one of our many active Affiliate members. We appreciate you and your contributions to PGCAR!

Affiliate of the Year Nomination      

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no later than 5 p.m. on Friday, August 28th.

$20,000 NSP Down Payment Assistance,
$8,000 Tax Credit, Low Interest Rates . . . and More!

As Seen on FOX 5 News!

Click here to see PGCAR's very own
Don Frederick talk about NSP.

This is the best time to buy for any homebuyer in Prince George's County. Qualified buyers who want to buy a foreclosed home have an even better deal, up to $20,000 available towards the downpayment and closing costs, which doesn't have to be paid back if living in the home for 10 years.
Fox TV >> >>
Prince George's County Government >>

NSP REALTOR® Resources

A Down Payment on Your Dream printable marketing brochure for potential home buyers as well as all required forms and details are available at Members Only:

  • REALTORS® Guidance and Instructions
  • Down Payment & Closing Costs Assistance Guidelines
  • Loan Application Checklist
  • Required Forms and Paperwork
    • NSP Contract Addendum and Notice to Seller
    • Buyer's Affidavit
    • Seller's Affidavit
  • Who Qualifies, including Qualifying Income Limits for Homebuyers
  • What Properties Qualify
  • Participating Lenders List with Contact Information
  • NSP DPCCA Loan Amounts
 YOUR Action Items:
  1. Search MRIS and create an inventory of foreclosed properties
  2. Login to Members Only for program documentation, guidelines, required forms and other helpful details.
  3. While in Members Only, update your Member profile to help consumers find you.
  4. Pre-Qualify buyers under the parameters of the income limits.
  5. Encourage your buyers to attend the required 8 hour HUD approved housing counseling and financial literacy class prior to NSP application.
  6. Take the 3 CEU 203K Purchase Rehab class this Friday, August 14.

Help your clients take advantage of this great opportunity.


 HERE is the Money:


The $8,000 First-Time Home Buyer tax credit is available for single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 . . . but only until December 1. This tax credit in combination with currently low interest rates and the NSP funding available for buying a foreclosed home in Prince George's adds up to a very affordable time to buy.

2009 First-Time Home Buyer Tax Credit Facts at >>
IRS Form 5405: Claiming the First-Time Homebuyer Credit >>
IRS Guidelines >>

 INCENTIVES FOR TEACHERS, POLICE, NURSES, FIREFIGHTERS & WORKFORCE HOUSING - NSP down payment and closing cost assistance is available to more than first-time home buyers. It is also available to teachers, police officers, nurses, firefighters, and to anyone moving to within 3 miles of their employment. Did you know that Deputy Sheriffs and municipal police officers also save on transfer taxes when buying a home in Prince George's County?

 BEING A HOMEBUYER BUILDS WEALTH - Check out these statistics showing the change in home prices over the last ten years in the top 100 U.S. metros. Even in the midst of a recession, home values show strong growth over time.

 FHA Loans Increase in Popularity - Every REALTOR® who wants to sell more homes will benefit from the NAR FHA Toolkit - all you need to help clients find the right FHA-insured loans. Whether it's to finance needed repairs, qualify for a better interest rate, or qualify for NSP down payment assistance, an FHA loan offers many advantages to homebuyers.

Click here for FREE or low-cost resources and marketing brochures.
Want to be extra savvy on 203(k) refinance loans? Take this Friday's 3 CEU class >>


PGCAR has a limited supply of NSP Down Payment on Your Dream promotional brochures targeting the home buying public. Brokers and office managers may pick up a supply for display in your offices. The brochures will be distributed on a first come, first served basis while supplies last.


There's now less than 3 weeks to meet CEU hour requirements and renew licenses through the DC Real Estate Commission. Please visit the DCREC license renewal website today to understand the new "Mass License Renewal" process. There are tutorials for Brokers and for Salespersons.

15 total CE hours are required for license renewal.
The 9 CE in required subjects are offered the following dates / times at PGCAR.

3 CE DC Legislative Update Wed, August 19 9:30 am - 12:30 pm Register here >
3 CE DC Fair Housing Wed, August 26 9:30 am - 12:30 pm Register here >
3 CE DC Ethics Wed, August 26 1:30 pm - 4:30 pm Register here >

PGCAR classes marked DC Elective CEU on the
Education calendar are available to meet your 6 required Elective hours.

See your full continuing education requirements for DC license renewal here >>

Register for classes here >>



Offer a Class to Learn and to Earn Government Funds for a Downpayment on Dream Home

Homebuyers wishing to take advantage of Neighborhood Stabilization Plan (NSP) funds are required to complete eight hours of FHA/HUD approved housing counseling. You can offer these classes FREE to the home buying public through your membership with PGCAR. After completion of the required eight hour course, attendees will be provided with the documentation necessary to qualify them for NSP down payment assistance. All classes will be held at the PGCAR offices.

Tuesday, August 11, 2009 5:30 p.m. - 9:30 p.m. Part 1 (4 Hours)
Thursday, August 13, 2009 5:30 p.m. - 9:30 p.m. Part 2 (4 Hours)
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Monday, August 24, 2009 5:30 p.m. - 9:30 p.m. Part 1 (4 Hours)
Wednesday, August 26, 2009 5:30 p.m. - 9:30 p.m. Part 2 (4 Hours)
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Tuesday, September 8, 2009 9:00 a.m. - 5:00 p.m. Parts 1 & 2 (8 Hours)

Visit the Events Calendar for entire class listing >>
Only $50 for the full 8-hour required class.
Call 301-567-3330 to register your customers.


An additional Homebuyer's Class meeting NSP homebuyer training requirements is being offered by Housing Initiative Partnership (HIP) free of charge at PGCAR this Saturday, August 15 from 9 a.m. to 5 p.m..

Please share the flyer!


New Lender Disclosure Requirements
Now Effective for All Mortgage Loans

Lenders are now subject to new disclosure requirements for mortgage loans under the Federal Reserve Board Truth in Lending Regulation. The new requirements apply to all loan applications filed on or after July 30. These new rules are complex, and can dictate the closing date. REALTORS® are advised to learn the basics so you can discuss the new procedures and potential delays with clients and consumers.

Here are key highlights of the changes:

  1. If the consumer is financing the property, these new regulatory and investor guidelines will impact - and could even dictate - the closing date. Under the new regulation, a closing may not take place until after a seven day waiting period following the good faith cost estimate disclosure.
  2. Lenders must give good faith estimates of mortgage loan costs within 3 business days after the consumer applies for a loan (early disclosure). The lender may not collect any fees before the disclosure is provided, except for a reasonable fee for obtaining a credit report.
  3. An increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending Disclosure (TIL) triggers a new three business day disclosure and waiting period.
  4. A consumer may modify or waive the seven business day waiting period or the three day waiting period by waiving the waiting periods to meet a bona fide personal financial emergency, by providing the creditor a dated, specific, signed written statement, and creditors may not use preprinted forms for this purpose.

For more information, visit the National Association of REALTORS®
website by
clicking on this link.


On July 23, Fannie Mae and Freddie Mac issued clear guidance on two very important points raised by NAR over the new Home Valuation Code of Conduct for home appraisers implemented this May:

  1. That lenders should use appraisers who have clear experience in the geographic area.
  2. That appraisers are not prohibited from talking to real estate agents.

Read the full article at >>
Fannie Mae HVCC FAQs >>
Freddie Mac HVCC FAQs >>


Earn ALL of Your Continuing Education requirements for Maryland and DC license renewal at PGCAR!
DC licensing for real estate salespersons must be renewed by August 31!

Sign up for YOUR choice of classes here!

This Wednesday, August 12
MD Code of Ethics
3 MD Required Ethics CEU;
3 DC Elective CEU
Larry Hudson 6:00 pm - 9:00 pm

This Friday, August 14
203K Purchase Rehab
3 MD Elective CEU;
3 DC Elective CEU
Michael Chelst 9:30 am - 12:30 pm
Building Green for REALTORS®
3 MD Elective CEU
Vimal Kapoor 1:30 pm - 4:30 pm

Next Tuesday, August 18
Reverse Mortgages
1.5 MD Elective CEU
Bruce Winstead 6:00 pm - 7:30 pm

Next Wednesday, August 19
DC Legislative Update
3 DC Required Legislative Update CEU
Thomas Lynch 9:30 am - 12:30 pm

Wednesday, August 26
DC Fair Housing & Predatory Lending
3 DC Required Fair Housing CEU
Thomas Lynch 9:30 am - 12:30 pm
DC Ethics
3 DC Required Ethics CEU
Thomas Lynch 1:30 pm - 4:30 pm

Thursday, August 27
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

Starting Wednesday, October 7
GRI Series I
- Full Series of 5 Classes Begins

30 MD CEU - covering 1.5 hrs Fair Housing,
3 hrs Ethics, and 25.5 hrs Elective CE
  8:30 am - 4:00 pm

Full CEU Schedule >>


Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. "Historically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who have been on the sidelines. Activity has been consistently much stronger for lower priced homes," he said. "Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30." More >>

For Prince George's County, the number of July settlements increased from June 2009 in both the single-family and condo residential markets. Prince George's County market reports >>


Code of Ethics Case Study: Case #3-10:
Disclose Accepted Offers with Unresolved Contingencies

REALTOR® A listed Seller S's house and placed the listing in the local association's MLS. Within a matter of days, REALTOR® X procured a full price offer from Buyer B. The offer specified that Buyer B's offer was contingent on the sale of Buyer B's current home. Seller S, anxious to sell, accepted Buyer B's offer but instructed REALTOR® A to continue marketing the property in hope that an offer that was not contingent on the sale of an existing home would be made.

A week later, REALTOR® Q, another cooperating broker working with an out-of-state transferee on a company-paid visit, contacted REALTOR® A to arrange a showing of Seller S's house for Buyer T. REALTOR® A contacted Seller S to advise him of the showing and then called REALTOR® Q to confirm that he and Buyer T could visit the property that evening. REALTOR® A said nothing about the previously-accepted purchase offer.

REALTOR® Q showed the property to Buyer T that evening and Buyer T signed a purchase offer for the full listed price. REALTOR® Q left the purchase offer at REALTOR® A's office.

REALTOR® A informed Seller S about this second offer. At Seller S's instruction, Buyer B was informed of the second offer, and Buyer B waived the contingency in his purchase offer. REALTOR® A then informed REALTOR® Q that Seller S and Buyer B intended to close on their contract and the property was not available for purchase by Buyer T.

REALTOR® Q, believing that REALTOR® A's failure to disclose the existence of the accepted offer between Seller S and Buyer B at the time REALTOR® Q contacted REALTOR® A was in violation of Article 3 of the Code of Ethics, as interpreted by Standard of Practice 3-6, filed an ethics complaint with the association of REALTORS®.

At the hearing called to consider the complaint, REALTOR® A defended his actions noting that while Buyer B's offer had been accepted by Seller S, it had been contingent on the sale of Buyer B's current home. It was possible that Buyer B, if faced with a second offer, could have elected to withdraw from the contract. REALTOR® A argued that continuing to market the property and not making other brokers aware that the property was under contract promoted his client's best interests by continuing to attract potential buyers.

Based on your understanding of the Code of Ethics Article 3, how do you think the Professional Standards Panel ruled?

Find out here >>


Please renew your Association dues on a timely basis to keep your local, state and national member benefits. Payments are due by November 30th, 2009 in order to prevent late charges. Total REALTOR® annual dues are as follows:

2010 Total Annual Dues

$560 (includes voluntary RPAC contribution of $35)
$525 (does not include voluntary RPAC contribution of $35)
Prince George's County Association of REALTORS® $216
Maryland Association of REALTORS® $194
National Association of REALTORS® $115
Voluntary RPAC Contribution $ 35

Your dues invoice is now available online in the Members Only section. Paying online allows streamlined processing and confirms your payment as soon as accepted. It will also email you a dues payment receipt for your records. Thank you for your continued involvement in PGCAR!

GRI 100 Starts October 7
Sign up for the entire, 30 CE Series here!
(1.5 Fair Housing, 3 Ethics, and 25.5 Elective CE hours)

Need a few make-up classes?
Sign up for individual classes by clicking class titles below.

  red arrow Module 101: Building a Real Estate Business - Wed, Oct 7
  red arrow Module 102: Prospecting & Listing Techniques - Fri, Oct 9
  red arrow Module 103: Fair Housing & Cultural Issues; and MD Law Ethics, Flipping & Predatory Lending - Wed, Oct 14
  red arrow Module 104: Basic Residential Financing - Wed, Oct 21
  red arrow Module 105: Marketing Methods - Thur, Oct 22



The market is starting to turn around! Get your properties in front of over 127,000 homes and businesses in Prince George's County by advertising in The Gazette Paper!

Internet Specials - For $20/mo. advertise your information and website to the people who visit our site monthly, ask me how!


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 Association of REALTORS® - brought to you by The Gazette.

August 10
  Ad Copy
August 12
August 20

If you are interested in writing an article or placing an ad, please contact
Heidi Lamere at 240-473-7588 or

Why Miss a Lead? Update your REALTOR® profile today.

The consumer friendly helps home buyers and home sellers find YOU, the
in Prince George's real estate.

Haven't updated your profile yet? Click here and log in to Members Only to edit your Membership profile.

Prince George's County Association of REALTORS®
8400 Corporate Drive  :  Suite 225 : Landover MD 20785
Phone 301-306-7900  :  Fax 301-306-8273  :  :  ©2008, PGCAR

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