5 December - 18 December 2011 -- Special Edition

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2012 PGCAR DUES WERE DUE OCTOBER 1
$25 Late Fee Added to Non-Paid Dues as of December 5

Association dues invoices for the membership year which began October 1 are online in pgcar.com Members Only and were due as of Saturday, October 1, 2011. All dues were required to be paid in full by November 30, 2011 in order to prevent late fees.

Thank you to all our members who renewed on time! It saves you late fees and accounting and processing costs for your Association.

Those members who have not renewed must pay their dues in full or make their last dues installment at www.pgcar.com this week!

Dues renewals must be paid by December 31, 2011 to avoid a reinstatement fee being assessed,
and SentriLock access and membership benefits being terminated.

Please pay dues online. Online payments are automatically added to accounting reports and noted in Members Only, and those members are also removed from future emailed dues reminders.

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PGCAR OFFICE CLOSED 11AM - 3PM THIS THURSDAY - The Association office will be closed from 11 am to 3 pm, Thursday, December 8.

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DECEMBER FOOD AND COATS COLLECTION
Food and Coats Needed by Next Thursday, December 15

Do you have an unused coat in your closet? Can you spare a few non-perishable food items from your pantry, or pick up a few items on your next trip to the grocery store? It's that easy to collect valuable items for the homeless or needy. Ask your office to do the same! Then bring the coats and food to the PGCAR office by Thursday, December 15 or to the Tuesday evening Charity party.

Email photos of the coats and food that your office collects to Joan for possible use on our facebook page. Don't forget to include your name, your office name, and who helped organize your office's collection!

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LEGISLATIVE ALERT - LEAD PAINT LIABILITY OF RENTAL PROPERTY OWNERS AND PROPERTY MANAGERS

The Maryland Court of Appeals Declares Housing Act Provisions Immunizing Landlords from Lead Paint Liability are Unconstitutional

On October 24, 2011, in the case of Jackson v. Dackman Co. et al. (Md. App., 2011), the Court of Appeals of Maryland held that the immunity provisions of the Reduction of Lead Risk in Housing Act ("the Act"), which provide compliant landlords with qualified immunity from tort liability under specified circumstances, violate Article 19 of the Maryland Declaration of Rights ("Article 19").

Article 19 generally protects two related rights: (1) a right to a remedy for an injury to one's person or property and (2) a right of access to the courts. The Court interpreted Article 19 to prohibit unreasonable restrictions on traditional remedies or access to the courts.

The Court concluded that the substituted remedy under the Act for a child permanently brain damaged due to the child's ingestion of lead-based paint in the rental property was totally inadequate and unreasonable to ameliorate the harm done. The Court also held that the unconstitutional provisions of the Act could be severed from the remainder of the Act leaving all other provisions unchanged.

As with pre-1950 properties, qualified immunity from tort liability no longer exists. Continuance of registration and performance of the risk reduction activities at each change in occupancy may assist in the demonstration of due care on the part of the property owner. Owners, authorized agents and property managers dealing with affected properties are urged to consult with their attorney to determine the appropriate course of action.

Please see the November 28 Legislative Alert for more details >

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FREDDIE MAC UPDATES

Freddie Mac Amends Short Sale Affidavit Policy - At the request of NAR and the American Land Title Association (ALTA), Freddie Mac has amended its short sale affidavit policy. The purpose of the affidavit is to prevent fraud by requiring the buyer, the seller, the real estate brokers, the escrow/closing agent, and any transaction facilitator to make various certifications (including that the short sale is an arm's length transaction and the buyer will not resell within 120 days unless there are substantial improvements).

Policy changes will be mandatory as of January 1, 2012; however, servicers are encouraged to implement the changes immediately. NAR also advises members to make sure that any short sale affidavit they sign is an updated form. If presented with an old form, members should request the servicer to update or allow amendments to the form before signing, to avoid potential liability issues. Details >

3% to Buyers and $1,000 Selling Agent Bonus - Freddie Mac is offering a Winter Sales Promotion on offers submitted by owner-occupant purchasers between November 15, 2011 and January 31, 2012 with escrow closed by March 15, 2012. See this and other incentives at www.homesteps.com >

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BUY SUITLAND PROGRAM
Expanded Foreclosure Definition Increases Number of Eligible Properties!

Important - In addition to foreclosed and short sale properties, the BUY SUITLAND Program will now accept owner occupied or vacant resale properties where the seller is at least 60 days delinquent on mortgage payments. Verification of mortgage delinquency at time of contract will be required.

This criteria increases the number of homes that can utilize the Buy Suitland Program. This also enables helping more sellers already delinquent on mortgage payments and makes properties available much sooner, prior to being unoccupied for several months. Note that resale properties meeting the 60 day mortgage delinquency criteria must still be located in the Buy Suitland targeted census tracts.

Prince George's My HOME/Buy Suitland program office will compile a list of preferred resale properties for distribution to attendees at future workshops. If you are listing a resale property that meets this criteria and the seller will accept a Buy Suitland assistance contract, please contact Yetta Stokes at 301.883.7409 or HStokes@co.pg.md.us.

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MY HOME AND BUY SUITLAND HOLIDAY SCHEDULE
Submit Final Conditions by next Friday to Close by December 30

Due to the upcoming holidays, the following submission deadlines should be noted:

DECEMBER SCHEDULE:

• Last day to submit new loans to close by December 30, 2011 was December 1.
• Last day to submit final conditions on loans in My HOME/BUY SUITLAND pipeline to close by December 30, 2011 is Friday, December 16, 2011.

Buy Suitland Initiative Details
For this program with wide eligibility, including Civic Employees and Incomes up to 120% AMI, visit the County website dedicated to the Buy Suitland Initiative. Also find a handy overview to Buy Suitland Initiative eligibility criteria at www.pgcar.com which you can email to homebuyers.

My HOME Details
My HOME provides up to 5% of the home sale price in Down Payment and Closing Cost Assistance to County Homebuyers who have not owned a home within the last 3 years. See details at www.pgcar.com or the County website.

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CERTIFIED LUXURY HOME MARKETING SPECIALIST TRAINING
Coming in March. Register Before January 15 to Save $50

Attend this value-packed 2 days of training on March 22 and 23, 2012 to learn how to reach more affluent prospects and grow your business. This course is required for CLHMS Designation and earns 2 CRS Elective Units.

Successful completion of the course results in membership with The Institute for Luxury Home Marketing and is the first step in earning the coveted CLHMS designation. Members must then meet sales performance requirements before they are awarded the CLHMS designation.

Early Bird: $499 before January 15, 2012
Register in full or pay in 3 installments
(Installments require login to pgcar.com Members Only)
Sponsored by the Women's Council of REALTORS^®

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YOU DID IT! FHA LOAN LIMITS RESTORED!

Thursday night, Congress restored the FHA loan limits for 2 years. The reinstated FHA loan limit formula and cap change will help make mortgages more affordable and accessible for hard-working, middle-class families in 669 counties in 42 states and territories, where the average loan limit reduction after the reset last month was more than $68,000. Prince George's loan limit will be restored to $729,750 – the highest amount available.

2012 NAR President Moe Veissi reminds us, "I know that when we work together we can accomplish anything we set our minds to in order to preserve, protect and defend the American Dream of Home Ownership."

Thank you for your support of homeownership! More details >

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FLOOD INSURANCE PROGRAM RECEIVES ANOTHER SHORT-TERM EXTENSION
Now Due to Expire Next Friday, December 16, 2011

The same bill reinstating FHA loan limits also saved the National Flood Insurance Program from its November 18 expiration, but only through December 16, 2011. Please help urge Congress to reauthorize the NFIP for 5 years. The NFIP ensures access to affordable flood insurance for millions of home and business owners across the country.

Take Action Today >

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NEW LEASE OPTION FORM - OPTION TO PURCHASE AGREEMENT

A new Lease Option Agreement is now available. Download the new Option to Purchase Agreement in pgcar.com Members Only.

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NOW IS THE TIME TO BUY IN PRINCE GEORGE'S COUNTY

Members should visit www.pgcar.com and the latest REALTOR^® Connection for details on all continuing offers.
Additional homebuyer savings are available through:

• Federal Home Loan Bank of Atlanta (FHLB Atlanta) >
• American Dream Downpayment Assistance (ADDI) >
• The Maryland Mortgage Program (MMP) >
• . . . and more!

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CEU SPOTLIGHT

Have you noticed these upcoming CEU courses? Register early and save. REALTORS^® and PGCAR members pay only $36 for any 3 CEU class and $21 for any 1.5 CEU class when registering more than 3 days in advance.

• Short Sales - Secrets for the listing and buyer's agent from the Short Sale Queen! This Wednesday, December 7
• MREC Agency-Residential - New Required class for all Maryland Licensees with an expiration date of 1/1/2012 and beyond. This Friday, December 9
• Contracts - Next Tuesday, December 13
• Reverse Mortgages - FHA Changes have Reduced Costs. Next Tuesday, December 13
• MD Code of Ethics - This class meets the 3 Ethics CE hours required for all Maryland license renewals. Next Wednesday, December 14

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HUGE SENTRILOCK LOCKBOX & REALTOR^® STORE SALE
Sale Ends Soon!

Special sale on SentriLock Lockboxes for PGCAR Members.
Between NOW and December 31, 2011, lockboxes are being sold as follows:

1 - 9 Lockboxes 10 - 19 Lockboxes 20 - 29 Lockboxes 30 Lockboxes or more

$65 each + tax $60 each + tax $55 each + tax $50 each + tax

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PRESENTATION CHARTS FROM NAR ANNUAL CONFERENCE

Handouts from more than 30 training sessions are free to download from www.realtor.org. If you attended the 2011 Conference, don't forget that downloadable/streaming audio from all sessions is also free.

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GET THE FACTS. . . ANYTIME - When is the next PGCAR New Member Orientation, or MAR's next FREE webinar? Find important industry information, and details and registration for PGCAR Events and Classes — all at the PGCAR.com Events Calendar.