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March 22, 2010

I N   T H I S   I S S U E . . .

David Maclin Memorial Scholarship

Do You Know a Prince George's County Public High School Senior:
Graduating with a 2.0 or better GPA?
Already making a difference in the community?

Please have them complete an application for the 2010 David Maclin Memorial Scholarship. Winners will receive a $2,500 scholarship to be used toward further education in any community college, university or trade school.

Please also share Scholarship Application Forms with Principals and Teachers whom you know. These have been distributed to area schools, but you may enable someone who hasn't received the materials to share this opportunity with their class, and make an important difference in the life of a student who wouldn't have heard of it without your involvement.

Scholarship Letter   •   Scholarship Application   •   Permission Slip
Make a Difference. Email this link to a teacher or a senior.
Applications are Due Next Wednesday, March 31st.

Please join us for the annual Good Friday Prayer Breakfast.
Families and friends are welcome.
Please register in advance at

Join Us at the Motown Extravaganza

2010 RPAC Fundraiser
Coming Wednesday, April 21
6 - 10 p.m.
to La Fontaine Bleu

3 tickets for $100
Single tickets $35

We are planning the best RPAC Fundraiser ever!
Reserve now to be part of the action and support your industry!

Costume Contest, Texas Hold'em, Bid Whist, Spades, Motown Music,
Silent and Live Auctions, Caricaturist, Great Food and Open Bar!

Purchase your tickets at >>

Sponsor or donate a door prize and receive special recognition >>

Share the flyers.
Event Tickets >>   |   Event Sponsorship >>

NOTE: Contributions are for RPAC which is not deductible for Federal Income Tax purposes, charitable or otherwise. Contributions to RPAC are voluntary and are used for political purposes to support state, local and federal candidates and are charged against your limits under 2USC441A. Nothing should be construed as solicitations of contributions.

No April Fooling! - PGCAR is Offering
CreditSmartTM and e-PRO Training Choices
Next Thursday, April 1

9:00 am - 4:00 pm
at La Fontaine Bleu

CreditSmartTM (6 hours - no CE), taught by Freddie Mac certified trainers, is a "Training for Trainers" program with a comprehensive curriculum that will prepare you to educate consumers about getting and maintaining good credit, credit scoring and money management towards achieving their financial goals. Any prior CreditSmartTM certification is counted toward WHC.

One of 2 days of training required for WHC certification.
Only $25 for REALTORS® / $50 for non-REALTORS®

Sign up Early >>

The March 26th WHC training sold out quickly.
If you registered for March 26, the April 1 training will complete your WHC training hours.

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FREE e-PRO® Workshop
9:00 am - 10:30 am

FREE e-PRO Workshop e-PRO® is the only technology certification course recognized nationwide and offered by NAR. This cutting-edge Internet marketing resource provides insights into today's Social Media and Web 2.0 technology tools. The course provides valuable information on both traditional and hi-tech marketing approaches to assist in cultivating tomorrow's buyers and sellers.

Attend the upcoming Intro to e-PRO Workshop and learn more about it!

Register Online or by Calling 866-377-6627 !

Seating is Limited!




Home Buyer Tax Credit Expiring Home Buyer Tax Credit Expiring

An $8,000 tax credit is available for first-time homebuyers and $6,500 for homebuyers replacing their principal residence. But they must enter a binding contract by April 30, 2010, and close on the home by June 30, 2010. Make sure your buyers are aware of these huge incentives, and help guide them on how to apply for the tax credit.
Here's how >>

3.5% Sales Price Incentive From Fannie Mae

Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on that are closed within this period may receive up to 3.5% of the final sales price for:

  • Closing costs;
  • The purchase of new Whirlpool® appliances by Fannie Mae; or
  • A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.

To be eligible for this incentive:

  • Property sales must close before May 1, 2010; and
  • Buyers must be owner-occupants (investors are excluded).

2011 NAR Leadership Academy

2011 NAR Leadership Academy To our many members already actively involved, with a passion for the industry and a vision for the future of real estate - application for the 2011 graduating class of the National Association of REALTORS® Leadership Academy is open.

Benefits: Gain NAR institutional knowledge and achieve higher levels of personal effectiveness and leadership. The next Academy begins August 4-7, 2010 at the NAR Leadership Summit in Chicago and you will graduate on May 9, 2011 at the Midyears in Washington, DC.

Full Details & Application >>

Information Flyer >>

Applications are due next Wednesday, March 31, 2010.

Veterans Homeownship
Lt. Governor Anthony G. Brown and Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner announced the launch of a special initiative to help veterans purchase previously foreclosed property within designated areas in Prince George's County.

This new program will provide up to all closing costs plus a 20% down payment in the form of a zero percent deferred loan to qualified Veterans. The state DHCD will use $2.175 million of federal Neighborhood Stabilization Program (NSP) funds for this initiative.

  • Targeted especially to veterans' families at or below 50% of the Area Median Income (AMI).
  • Requires a minimal cash outlay of $1,000 by the homebuyer.
  • Provides up to all closing costs plus the 20% down payment in the form of a zero percent deferred loan to ensure that monthly mortgage payments are affordable to the targeted families.
  • Offers the homebuyers additional funding on a case-by-case basis if repairs are needed, to help ensure the home meets at least minimum property standards.
  • In addition to NSP/DHCD funds covering the settlement and downpayment, DHCD will be able to leverage another $7 million of tax-exempt mortgage revenue bond funds as part of this initiative in the form of an 4.875% MMP first mortgage loan with a 40 year term and no mortgage insurance requirement.

Program details >> press release >>

Details are also available in the Homebuyers Savings section. Email the link to veterans who may be eligible.


Down Payment on your Dream


Up to $60,000 in Assistance Available to Eligible Households

The Prince George's County Neighborhood Stabilization Program (NSP) office will continue to accept applications until funding reserved for the below income brackets is depleted.

Maximum Income Level
for NSP Extension -
1-Person Household$35,950
2-Persons Household$41,100
3-Persons Household$46,200
4-Persons Household$51,350
5-Persons Household$55,450
6-Persons Household$59,550
7-Persons Household$63,650
8-Persons Household$67,800

The NSP loan limit for this extension and expansion of the County program is $60,000 and is NOW available for down payment and closing costs assistance to purchase foreclosures in all 33 NSP eligible zip codes. The new guidelines are already in effect.

Program Requirements and Assistance Details available in the January 20 Legislative Alert >>

If you have any questions please contact:

Rosalyn B. Clemens
NSP Program Manager
  Yetta Stokes
NSP Senior Loan Processor


  1. Sign up any interested homebuyer for the required 8-hour course, next offered on Saturday, April 3, by calling 301.567.3330 NOW, so they can take advantage of this offer while it lasts. They will also learn valuable tips about homeownership.
  2. Checklists, required forms, and instructional details are at Members Only.

Thank you for making this program such a huge success.
More than 500 new homeowners have been assisted and we're still adding more!


Mike Graziano, Director of Government Affairs

Verbal Reprieve Only - Still in Effect on Forgiven Debt Taxation

On January 27, Maryland Attorney General Doug Gansler released his opinion as to whether or not a local jurisdiction can collect transfer and recordation tax on forgiven debt in a short sale transaction. The Attorney General of Maryland has stated, "Counties do not have the authority to include debt forgiven by the seller's lender in calculating consideration on which the recordation tax will be calculated."

The Prince George's County Finance Department has not released an official written position on the opinion. The Finance Director, Michael Dougherty, communicated with PGCAR by phone on Friday, January 29 and indicated verbally that Prince George's County is "halting" the tax on forgiven outstanding debt until the County can study it further. Mr. Dougherty suggests that REALTORS® and title professionals who have upcoming settlements contact his office to verify the taxes due. The office of Finance can be reached at 301-952-4013. More details >>

Home Sales, Loan & Market Statistics

Mortgage Rates Hold Below 5%
Mortgage rates held below 5% again last week, reports Freddie Mac. Rates on 30-year, fixed loans averaged 4.96 percent for the week ending March 18, still not far from the record low of 4.71 percent of December 2009. Interest on 15-year fixed loans are averaging 4.33 percent. Five-year adjustable-rate mortgages averaged 4.09 percent and the one-year ARM averaged 4.12 percent. Full article >>

February 2010 market statistics are now online at, still showing remarkable improvements from one year ago. Although many economists have predicted a three-month lull between December 2009 and April 2010, contracts for the condo market in Prince George's show a slight uptick from January to February 2010. Contracts for single-family homes show a 11% decrease, not as much of a decrease some economists feared once February's record-setting snow falls hit, and a 183% increase from February 2009.

Keep alert of the many incentives available to Prince George's home buyers (online and in the following article) during these winter months.

$35,000 in Closing Cost and Down Payment Assistance

  1. April 30 Settlement Deadline!
    3.5% Fannie Mae Closing Cost Assistance
    - Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on properties listed on

  2. April 30 Contract Deadline!
    $6,500 / $8,000 Homebuyer Tax Credit
    - Available for buyers entering a binding contract for a new or replacement principal residence by April 30, 2010, and closing on the home by June 30, 2010. Did you know that replacement homebuyers do NOT have to sell their current principal residence to qualify for the $6,500 credit as long as other requirements are met?

    Homebuyer Tax Credit IRS Q & A >>
    Homebuyer Tax Credit Basics >>
    FREE Homebuyer Tax Credit Marketing Brochures >>

  3. NEW! Veterans Homeownership Initiative - State pilots assistance program for veterans to affordably buy vacant properties in Prince George's County.

    Forward this link to eligible veterans >>

  4. College Park $35,000 Program - Homebuyers who buy their home and work in College Park may apply to receive up to $35,000 in closing cost and down payment assistance through the WORK & LIVE COLLEGE PARK program.

    College Park Details >>

  5. Bowie $2,000 Program - Police officers, teachers and Bowie City employees can apply for a $2,000 grant when buying a primary residence in Bowie.

    Bowie Program Details >>

  6. County-wide Incentives for Sheriffs and Police - Deputy Sheriffs, and County and Municipal Police Officers Save on Transfer Taxes When Buying a Home in Prince George's County.

    Details >>

  7. $60,000 County-wide Down Payment on Your Dream Program - Buying a foreclosure in Prince George's County? Don't forget assistance of up to $60,000 is still available for targeted income brackets through NSP.

    Details >>

Visit for national, state, county and township programs which SAVE HOMEBUYERS MONEY.

Low mortgage rates and unbelievable home buyer incentives -
The news is out, "It's a great time to buy in Prince George's!"

FREE Marketing Webinars from NAR

Right Tools, Right Now

Use the First-Time Buyer Tax Credit to Build Business
Listen to a webinar and download helpful marketing slides and consumer pamphlets. Click here >>

Thursday Webinar on Closing Distressed Sales Before Tax Credit Expires
Learn how to overcome hurdles to closing distressed sales before the tax credit expires at REALTOR® Magazine's webinar this Thursday, March 25th at 3pm. Register here >>

Federal and State Legislative News

ANNAPOLIS UPDATE: Vote Expected Soon on HB 62 Ensuring Grants for Required Conversions to Nitrogen Reduction Technology Septic Systems
View a video update from Friday, March 19 on proposed doubling of recordable instrument surcharges, semi-annual property tax options, real estate (office) team legislation, and other Maryland legislation now being considered affecting homeownership and the real estate industry.

In early 2009, NAR urged the U.S. Treasury Department, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac to improve the short sales process. On May 14, 2009, the Obama Administration announced a program outline to provide incentives and uniform procedures for short sales and deeds-in-lieu (DIL) of foreclosure under the Making Home Affordable Program. On November 30, 2009, the Obama Administration released guidelines and uniform forms for its Home Affordable Foreclosure Alternatives (HAFA) Program.

All service providers are required to implement the new HAFA provisions by April 5, 2010.

HAFA Consumer Information Brochure >>
Short Sales Resources at >>
February 19 Press Release >>

Learn More Earn More at PGCAR

Learn to help educate consumers about getting and maintaining good credit at next Thursday's CreditSmartTM training, and learn some peace of mind over taxes from Linda de Marlor on April 7.

Sign up for classes at

This Wednesday, March 24
MD Code of Ethics
3 MD Required Ethics CEU;
3 DC Elective CEU
Larry Hudson 9:30 am - 12:30 pm

This Friday, March 26
Workforce Housing Certification:
Three Classes in One Day

Required for Workforce Housing Certification
6 MD Elective CEU
various 9:00 am - 4:00 pm

Next Thursday, April 1
Workforce Housing Certification: CreditSmartTM
Required for Workforce Housing Certification
Moved to La Fontaine Bleu to accommodate more members!
various 9:00 am - 4:00 pm
FREE e-PRO® Workshop Floyd Arnold 9:00 am - 10:30 am

Wednesday, April 7
Real Estate Tax Issues
1.5 MD Elective CEU
Linda de Marlor 10:00 am - 11:30 am

Thursday, April 8
Agent Survival
3 MD Elective CEU;
3 DC Elective CEU
Stu Stern 9:30 am - 12:00 pm
REALTOR® Etiquette & Professional Courtesies
1.5 MD Elective CEU;
1.5 DC Elective CEU
Stu Stern 1:30 pm - 3:00 pm
MD Fair Housing
1.5 MD Required Fair Housing CEU;
1.5 DC Elective CEU
Stu Stern 3:15 pm - 4:45 pm

Tuesday, April 13
Reverse Mortgages
1.5 MD Elective CEU
Bruce Winstead 6:00 pm - 7:30 pm

Friday, April 23
Up to 6 hours of MD and DC Continuing Education
various 8:00 am - 5:00 pm

Wednesday, May 5
GRI 100 Series - Full Series of 5 Classes Begins
16.5 MD CEU - covering 3 hrs Fair Housing,
3 hrs Ethics, and
10.5 hrs Elective CE
various 8:30 am - 4:00 pm
GRI 100 Series - Module 101:
Building a Real Estate Business
various 8:30 am - 4:00 pm

Friday, May 7
GRI 100 Series - Module 102:
Prospecting & Listing Techniques
various 8:30 am - 4:00 pm

Full CEU Schedule >>


Offer a Class that Helps Buyers Qualify for 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. PGCAR has partnered with HIP and HOPE certified counseling agencies to offer these classes for your customers, the home buying public.

After completion of the required eight hour course attendees will be provided with the documentation necessary to qualify them for NSP down payment assistance.

Only $50 for the full 8-hour required class.
Call 301-567-3330 to register your customers PROMPTLY for the next open session.
All classes will be held at the PGCAR offices.

Saturday, April 3, 2010 9:00 a.m. - 5:00 p.m. Parts 1 & 2 (8 Hours)


Code of Ethics Case Study: Case #17-3:
Dispute Between REALTORS® of Different Boards

REALTOR® A, the listing broker and a member of the X Board of REALTORS®, and REALTOR® B, the cooperating broker and a member of the Y Board of REALTORS®, disagreed as to whether REALTOR® B should participate in a commission on a sale. The property was located within the jurisdiction of REALTOR® A's Board, and REALTOR® A proposed that the dispute be submitted for arbitration within his Board, the X Board of REALTORS®. REALTOR® B agreed, and appeared before an arbitration panel of the Professional Standards Committee of the X Board of REALTORS® to present evidence in support of his view that he was entitled to participate in the commission. The arbitration panel of the X Board of REALTORS® found in favor of REALTOR® A.

REALTOR® B then requested his Board, the Y Board of REALTORS®, to contact the X Board of REALTORS® for the purpose of arranging interboard arbitration as provided for in Article 17 of the Code of Ethics.

Based on your understanding of the Code of Ethics Article 17, how do you think the Professional Standards Panel ruled?

Find out here >>

WANTED: 2010 - 2011 MAR Committee Volunteers

WANTED: 2010 - 2011 MAR Committee Volunteers Committee descriptions and a volunteer form are now online at There are 19 Maryland Association of REALTORS® committees, and all MAR members are encouraged to apply for 2 or 3 preferred committee choices.

Current MAR committee members must re-apply for 2010 - 2011 MAR Committee memberships.

Applications are due May 12, 2010.

Midyear Registration Now Open

NAR Midyear Legislative Meetings and Trade Expo Save the date for this year's Midyear Legislative Meetings and Trade Expo. The meetings will take place May 10 - 15 in Washington, DC.
The Trade Expo will be held May 12 - 14.

Registration and schedules are now online at
Midyears are FREE, as always, to REALTOR® members.

Prince George's County Association of REALTORS®
8400 Corporate Drive  :  Suite 225 : Landover MD 20785
Phone 301-306-7900  :  Fax 301-306-8273  :  :  ©2010, PGCAR

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