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NEW! REALTORS® Introductory Guide to Rentals
Resource Booklet Now Available to PGCAR Members
Today, PGCAR has released a REALTORS® Introductory Guide to Rentals. Whether you manage one rental, specialize in rental property managment, or considering rentals, the Guide will contain information useful to you. Here's just a few of the topics covered!
- Advertising Rental Properties
- Landlord Tenant Law - Legal Requirements
- The Rental Application Process
- Fair Housing Requirements and Resources
- Treatment of Pets Versus Service Animals
- Security Deposits
- Evictions
- 2014 Legislative Changes Affecting Rentals
- Resource Links
- . . . and Much, Much More!
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Download the Rentals Guide at www.pgcar.com Members Only >
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RECENT FORM CHANGES
Recently PGCAR revised the listed forms, added a MAR form, and deleted a form. Some of the form changes were necessary as a result of County legislation creating a special tax district in Riverdale Park. The revised forms are now available. PLEASE DISCONTINUE USING ANY OF THESE FORMS DATED PRIOR TO APRIL 2014. Using outdated forms could result in violations of law.
Revised Form #1103 - Rental Application Part II:
Latest Revision 4/14
On page 3 we added blank lines for applicant cell phone and email information.
Discontinued Form #1206 - Jurisdictional Addendum To The Exclusive Right To Sell Residential Brokerage Agreement:
This form was deemed unnecessary as Form #1302, the Disclosure and Notice Addendum and Form #1303, the Jurisdictional Addendum To The MAR Residential Contract of Sale perform the same function. It is highly recommended to present Form #1302 (comprehensive disclosures) or Form #1303 (less disclosure detail) at listing presentation in order to obtain seller required disclosures.
Revised Form #1301 - Addendum of Clauses:
Latest revision date is 5/14
- Item 6 - Revised to mirror the MAR "As Is Addendum" that was released in October 2013.
- Item 7 - The "General Inspection Contingency (no walkaway)" was removed in favor of the new language in item 6.
- Item 8 - The "General Inspection Contingency (with walkaway)" was removed in favor of the new language in item 6.
Revised Form #1302 - Disclosure and Notice Addendum (DNA):
Latest revision date is 4/14
- Item 1. C. - Added reference to the new special tax district, Calvert Tract (Riverdale Park).
- Item 8 - Added the form number of the form to disclose utility usage.
- Item 21 - Removed the provision "Availability of Home Warranty". It was determined that this provision is more suitable in the Standard Addendum of Clauses, Form #1301.
Revised Form #1303 - Jurisdictional Addendum to the MAR Residential Contract of Sale:
Latest revision date is 4/14
Item 3. C. - Added reference to the new special tax district, Calvert Tract (Riverdale Park).
Revised Form #1320 - Residential Sellers Estimated Expenses and Net Proceeds:
Latest revision date is 4/14
Just below the property identification lines on page 1 we added an "A", "B" and "C" check box to assist in identifying residency. These boxes correspond with the appropriate credits on page 2 of the form.
Revised Form #1331 - Jurisdictional Addendum to the Regional Sales Contract:
Latest revision date is 4/14
Item 33. C. - Added reference to the new special tax district, Calvert Tract (Riverdale Park).
Assigned PG Form #1366 to Existing Form
Form #1366 - Disclosure of Licensee Status:
Latest revision date is 10/13
This is a standard MAR form that was created to meet a state regulatory mandate. By state regulation a licensee must disclose certain "customer licensee relationships" (if applicable) with regard to transactions. This disclosure was formerly listed as PG L-STATUS in the PGCAR Forms Library.
Please visit PGCAR Members Only to download the latest forms. These forms have also been updated on ZipForm, a FREE benefit to PGCAR REALTOR® members. Not signed up yet? Login to PGCAR Members Only and sign up today!
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Our Third Annual 5K Fun Walk/Run
for the David Maclin Memorial Scholarship Fund
Was a Great Success!
THANK YOU!
PGCAR is grateful to the volunteers, sponsors, and participants in the David Maclin Memorial Scholarship 5K for yet again making this event a huge success. A great time was had by all, and, thanks to your participation, the Scholarship Fund has awarded $40,500 in scholarships to date, and can continue helping Prince George's County students reach for their dreams and make them a reality.
Also, please join us in congratulating this year's scholarship winners, each awarded $2,500:
Dy'mon Walker of Dr. Henry A. Wise, Jr. High School
Amarachi Ekekwe of Bladensburg High School
Natassja Pupuma of Dr. Henry A. Wise, Jr. High School
And Faith E. Esene of Charles Herbert Flowers High School, awarded a $500 Honorable Mention Scholarship.
If you missed all the fun, you can still Donate to Future Scholarships >
See Photos From the 5K >
Presented by PGCAR
Hosted by Toll Brothers
Sponsored by:
Gail Nyman, RE/MAX United Real Estate - T-Shirts
Village Settlements - Runners' Numbers with Tear Tag
TitleMax LLC - EMT/Ambulance
CyberVillage Networkers - Online Marketing
Burma Signs:
Karen Forsythe, Q Williams Real Estate Associates
Juanita and Valecia Maclin, Realty Executives of Annapolis
YPN Brown Bag Session on Tuesday, May 13
Topic: New Agent Basics
The Young Professionals Network is hosting a Brown Bag Session regarding New Agent Basics.
Register today for this informative session!
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Tuesday, May 13 |
| Time: |
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12 noon - 2 pm |
| Place: |
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PGCAR Association Office |
| Cost: |
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Just $10 |
Register at www.pgcar.com >
1st Annual RPAC Challenge Next Tuesday, May 6
Join us to support "REALTORS® NIGHT IN THE ALLEY"
The 1st Annual MAR RPAC Bowling Challenge takes place from 6 to 8 pm on Tuesday, May 6 at AMF College Park Bowling Lanes. Organize a ten-pin team of 6 people and join in the fun of "REALTORS® NIGHT IN THE ALLEY". Teams must be sponsored by a REALTOR® or Affiliate Member and space is limited.
Register today at PGCAR.com >
2014 REALTOR® Party Convention & Trade Expo
Only Two Weeks Away, FREE and a Short Metro Trip Away
| Meetings: |
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May 12 - 17 |
| Capitol Hill Visits: |
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May 14 - 15 |
| Trade Expo: |
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May 14 - 15
10 am - 6 pm both days |
Join us at the 2014 REALTOR® Party Convention & Trade Expo for one, or several days.
Come together with fellow REALTORS® to learn from the variety of meetings, special issues forums and industry trade show. Take an active role to advance the real estate industry, public policy and the association through committee meetings and legislative activities.
Registration is FREE to REALTOR® members.
Register and plan your conference here >
2014 REAL ESTATE LEGISLATION
Below is a status report of issues followed by PGCAR and MAR during the 2014 Maryland General Assembly. Representatives of PGCAR frequently traveled to Annapolis to lobby legislators and testify on a number of these issues. This year we ended the Session with several "wins" for REALTORS®.
2014 Prince George's County Annapolis Delegation Issues
Mike Graziano, Director of Government Affairs, PGCAR
HB 1021 - Foreclosure - Report by DHCD and Commissioner of Financial Regulation
STATUS: Failed in Committee
This bill took on several changes since its introduction at the start of the 2014 General Assembly. Originally introduced as a moratorium on the ability to foreclose certain mortgage products, which included some ARMs, interest only mortgages, no "doc" loans, and more. The bill then morphed into a strict foreclosure moratorium and later was amended into an effort to require the Department of Housing and Community Development and the Commissioner of Financial Regulation to study foreclosures in Prince George's County.
PGCAR ACTION - PGCAR was OPPOSED to any foreclosure moratorium effort. During debate on the bill late in the session amendments were offered that removed the moratorium in favor of a study to be conducted by state agencies. Following adoption of the amendments PGCAR withdrew opposition and took NO POSITION on the bill.
HB 1043 - Deferred Water and Sewer Charges Homeowner Disclosure Act of 2014
STATUS: Passed, Effective 10/1/2014
Similar to existing local law requiring disclosure on resale transactions and new construction, this legislation clarifies (in Prince George's County) that new home sales which are encumbered by a deferred water and sewer assessment, otherwise known as a "front foot benefit" (FFB), must disclose this fact to home buyers who would be responsible for paying the fee after the purchase of a home. The bill also strengthens penalties for failure to disclose, prohibits early payoff penalties, and creates the pathway for establishing a "clearinghouse" for registration of FFBs.
PGCAR ACTION - SUPPORT. As a matter of informing consumers, REALTORS® have been disclosing notice of these fees in the resale market since the early 80's. Of foremost importance to REALTORS® is the creation of the clearinghouse as a depository for all relative details of the deferred charges.
HB 1012 - Property Tax Credit - Qualified Residential Property
STATUS: Failed in Committee
This bill proposed to enable Prince George's County to create and offer a tax credit program to benefit purchasers of distressed properties.
PGCAR ACTION - SUPPORT. Prince George's County has been heavily plagued by foreclosure and short sale transactions, and an influx of vacant, and abandoned properties. Incentivizing the purchase and rehabilitation of these properties would have been a positive step toward rebuilding property values and strengthening communities.
HB 1027 - Condominiums - Limit on Assessments
STATUS: Failed in Committee
This bill attempted to limit a condominium assessment fee to 20% of an individual unit owner's monthly mortgage payment.
PGCAR ACTION - OPPOSED. This proposal would have limited a condominium regimes ability to properly fund for common expenses and future reserves that are necessary to maintain operations.
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Summary of 2014 Legislative Session
Maryland Association of REALTORS®
Bill Castelli
Vice President of Government Affairs, MAR |
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| MAR Commercial Real Estate Symposium |
From Concept to Reality–Moving Your
CRE Project Forward
Approved for 3 Hours MD CE
Open to all Real Estate Practitioners
| WHEN: |
Friday, May 9
9 am - 12:15 pm |
| WHERE: |
Hilton Baltimore BWI Airport
1739 West Nursery Road
Linthicum, MD 21090 |
| COST: |
$35 |
| PROGRAM: |
8 - 9 am
Registration and Continental Breakfast
9 - 10:30 am
Panel Discussion
(1.5 Hours Professional Enhancement CE, Category "F")
Our team of experts will discuss how to obtain tax credits, work with local agencies, arrange financing, get the public on board (fighting NIMBYism), and get environmental approvals in order to move a commercial real estate project forward to completion.
Dr. Anirban Basu, CEO of the Sage Policy Group will moderate the panel discussion. Dr. Basu will also present his views on the topic.
Panelists:
- Tom Polin - St. John's Properties, Inc.
- Abe Rosental - 28 Walker Associates
- Marc Dubick - Duball, LLC
- Marco Greenberg - Beatty Development
10:30 - 10:45 am
Break
10:45 am - 12:15 pm
2014 Legislative Update - Impact on Commercial Real Estate
(1.5 hours Legal & Legislative CE, Category "A")
William Castelli, Vice President, Government Affairs,
Maryland Association of REALTORS® |
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Exercise Your Right - and Your Privilege - to Vote!
MD Primary Early Voting is Thursday, June 12
Early voting for Maryland's Primary Election will take place Thursday, June 12, 2014. Please be sure to cast your vote and make your voice heard.
If you don't know whether you're registered or need to update your address, check here >
To register, you can print and complete the Maryland Voter Registration Application. Be sure to follow instructions: your original signature is required, and the application must be postmarked by 5/21/14.
If you're eligible to vote and need to register, you can also register online here >
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- My HOME / My HOME II Program
Up to 5% or $20,000 in Homebuyer Incentives!
Program offers up to 5% of sale price (through My HOME) of a primary residence anywhere in Prince George's County; up to $20,000 (through My HOME II) within targeted zip codes. Program details >
- College Park Live Smart Program
Up to $5,000 in Homebuyer Incentives!
College Park's program highlights affordability and convenient location to encourage home sales in the community, offering up to $5,000 in incentives to home buyers. Program details >
- Homebuyer Savings for City of Laurel
Buyers of foreclosed homes receive tax credits. The program offers a five-year descending City tax credit of up to $3,500 for buyers purchasing their primary residence within Laurel City limits.
Program Details >
- $30 Million Targeted Areas Initiative for All Homebuyers
First-Time Homebuyers Can Gain Same Benefits in ANY Prince George's County Area
Reduced interest rates starting at 2.875% (APR 3.675%) for qualified homebuyers purchasing a new primary residence. Program Details >
- Buy Suitland Initiative
$40,000 Maximum in Downpayment & Closing Cost Savings!
Up to 5% of home purchase price to first-time homebuyers or those who haven't owned within the last 3 years; Up to 7% for local civic employees. Program Details > Revised Buy Suitland Flyer >
- Federal Home Loan Bank of Atlanta (FHLB Atlanta)
Up to $15,000 toward a foreclosure purchase; Up to $7,500 toward the purchase of a property located in area approved for NSP funds. Program Details >
- American Dream Downpayment Initiative (ADDI)
Up to $10,000 to County homebuyers who have not owned a home within the last 3 years.
Program Details >
- Freddie Mac HomeSteps SmartBuySM
Offers up to $500 for purchase of a home warranty.
Home listings and incentive details > Sign up for homesteps.com buyer leads >
Most of these programs can be used in combination. Information on these and other homebuyer savings are available at pgcar.com.
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Consumer Tip: Making a Utility Switch? How to Decide
Maryland is one of several states whose energy market became deregulated since the 1990's, allowing consumers to choose their electric and gas suppliers. The challenge for consumers, though, is deciding whether to change and which supplier to choose.
Try the following to help demystify the utility-switch dilemma:
Gather Information
- The Maryland Office of People's Counsel (OPC) provides general information on energy choice for consumers, which is a good place to start.
- You'll have to compare prices for suppliers in your area, but it's worth the effort; some may save you 10% to 15% -- or more! Consult this list of licensed suppliers (also provided by OPC) to make your comparison.
Know Your Bill
- Determine your average price paid per kilowatt hour (kWh) over the past 12 months (call your electric supplier if needed).
- On your current bill, look at your price per kWh, additional taxes, and additional monthly service charges - all of which could differ by supplier.
Know Pricing Options
- Fixed rates lock in the unit price for the length of your contract.
- Floating rates (or variable rates) mean your unit cost will increase or decrease according to the wholesale value of your energy.
- Hybrid rates bill a certain percentage at the fixed rate, and the remainder at the floating rate.
Interview Suppliers
- Is the price per kWh fixed?
- Are taxes included in their cost?
- Is there a monthly service charge or other fees?
- Who do you contact for billing issues?
- Is this a one-time deal that will expire?
- If I enroll under contract, am I charged a fee if I break it? Does the contract automatically renew?
Bear in mind that, while you might change your energy supplier, the public utility company is still your provider; therefore, poles, wires, customer service, and infrastructure upgrades are all handled by them.
For more helpful information about changing your utility supplier, please visit
Houselogic.com.
FREE Cancer Prevention Services
Complete the Survey by Wednesday
Prince George's County Health Department has made many free resources available at their Healthy Revolution site. Please check out the healthy living, exercise and eating tips and tools available -- and pass along favorites to your contacts! The first two links go to sign ups for FREE cancer screenings. Hurry! Sign ups close this Wednesday, April 30.
Earn All MD and DC Required CEU at PGCAR
All classes are held at PGCAR offices. There's plenty of parking!
Remember! Enjoy Savings on CEU at PGCAR!
PGCAR Members and REALTORS® - Enjoy steep discounts on ALL classes held at PGCAR!
Register for ANY 3 CE class for $18 early bird, $33 regular.
Register for ANY 1.5 CE class for $11 early bird, $26 regular.
Hurry to www.pgcar.com/real-estate-ceu today >
Nominate an Amazing Colleague for PGCAR REALTOR® of the Year
Due Wednesday, June 4
We know you know a REALTOR® who enhances the quality of the real estate profession and exemplifies leadership and service - so encourage him or her to apply for PGCAR REALTOR® of the Year. Perhaps it's someone in your office, a REALTOR® you've worked with in a transaction, or maybe it's you! Self-nominations are highly encouraged. Just don't let excellence go unnoticed!
All applications must be received by 5 pm on Wednesday, June 4, 2014.
Click here for a PDF application >
MAR's CARE & Special Project Awards
Your Volunteer Work May Help Win $10,000 for Charity
PGCAR has a chance to win MAR's CARE Award, which gives us $10,000 to use for whatever charity we select. We could use it to fund FOUR $2,500 scholarships to our graduating students; we could give it to a food bank or numerous other charities - the possibilities are endless. But we can't win if you don't let us know what you're doing!
Please take a few minutes to tell us how you help your community!
Forms are due to PGCAR by Wednesday, June 4. Please respond during April if possible ~ it increases our chances of winning.
Click Here for the CARE Award / Special Project Nomination Form >
Market Sen$e: A Slight Uptick in Fixed Mortgage Rates
Freddie Mac released results last Thursday, April 24, showing fixed mortgage rates rising slightly while ARMs remained static.
"Mortgage rates edged up following the uptick in the 10-year Treasury note late last week," said Frank Nothaft, Freddie Mac's Vice President and Chief Economist. "Existing home sales were essentially flat with a 0.2 percent decline in March to a seasonally adjusted annual rate of 4.59 million. However, new home sales [PDF] fell nearly 15 percent in March to an annual rate of 384,000, well below consensus."
Freddie Mac reports the following averages for the week ending April 24, 2014:
- The 30-year fixed-rate mortgage averaged 4.33%, up from 4.27%.
- The 15-year fixed-rate mortgage averaged 3.39%, up from 3.33%.
- The 5-year Treasury-indexed hybrid ARM averaged 3.03%, same as last week.
- The 1-year Treasury-indexed ARM averaged 2.44%, same as last week.
Freddie Mac's Weekly Primary Mortgage Market Survey >
Like us on Facebook to see monthly Prince George's County home sales and weekly mortgage reports as soon as they are released!
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COUNTY HOME SALES WARMED UP IN MARCH
In the Prince George's single family market, contracts increased 29.9% from February to March, and settlements increased 19.3%. In county condo/coop sales, contracts increased 11.9% from February to March, while settlements decreased 8.4%.
Digging into the numbers a bit deeper shows that year-to-date (January through March) sales increased in the $200,000 - $599,000 range and have been much lower overall in the $199,000 and below range. Part of this is due to the rise in average home prices. There are 23% fewer listings available in the under $200K range than a year ago; there are 27.2% more home listings priced between $200K and $300K than a year ago.
See the detailed March sales statistics for Prince George's County at www.pgcar.com/stats.
Also see these national stories from NAR:
Mortgage Giants Revise Housing Forecasts
Mortgage Applications Drop as Borrowing Costs Rise
Home Sales Mark Sluggish Start to Spring
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Sales Coach: Turning That "No" into a "Go!"
REALTORS® experience plenty of rejection, from leads to buyers to sellers. Sometimes, though, it just takes a bit of patience, creativity, integrity, and/or know-how to transform a "no" to a "yes".
Innovation Counts
When following up on leads for prospective listings, remember that the prospect is receiving calls or letters from other agents, too. How can you ensure that you don't get the "no" they do? Set yourself apart with creativity. Come up with a novel way of conveying your message, and you'll get noticed.
Persistence Pays Off
If salespeople took "no" for an answer all of the time, most of us would be out of work. Still, we sometimes accept rejection too quickly. A hasty rejection could simply mean the prospect is having a bad day, is in the middle of something else, or is intimidated by all the calls/letters he's receiving. Be patient and try again - perhaps even with some creativity - and you may find yourself winning the race.
Knowledge Matters
Especially when you need to convince buyers to go above list price or sellers to reduce pricing, solid knowledge will make all the difference. When you show them the numbers and educate them, you help them to see their answer - rather than feeling pulled into a sale. One resource that distills current and need-to-know real estate news into easily-digestible formats for busy REALTORS® is www.keepingcurrentmatters.com.
Honesty Opens Doors
People know when they're being told just what they want to hear, which will make them suspicious that they're being "sold". You show integrity, though, when you tell the truth, even if it's negative news. Being totally honest may not make prospects or clients smile, but you'll earn their trust - especially if you can offer strategies to counteract the bad news.
Consider practicing these pointers to help you get to "yes" more often in your real estate business. For more information on these tips, please visit
Realtor.org >
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Case #1-8:
Knowledge of Essential Facts
Client A listed a small house with REALTOR® B who obtained an offer to buy it and a deposit in the form of a check for $2,000. Client A agreed to accept the offer, then heard nothing from REALTOR® B, the listing broker, for three weeks. At that time REALTOR® B called him to say that the sale had fallen through and that the buyer's check had been returned by the bank marked "Not Sufficient Funds."
Client A complained to the local Board of REALTORS® against REALTOR® B charging him with dilatory and unprofessional conduct and apparent unfamiliarity with essential facts under laws governing procedures in real estate transactions.
At the hearing, it was established that two days after making the offer the buyer had refused to sign escrow instructions, and that REALTOR® B had not deposited the buyer's check until ten days after receiving it.
REALTOR® B's defense was that since the return of the check he had received numerous promises from the buyer that it would be made good, and that the buyer's reason for refusing to sign escrow instructions was to give the buyer's attorney time to read them. Questioning during the hearing established that the check had not been made good, the escrow instructions had not been signed, and that the delay had caused great inconvenience and possible loss to Client A.
Based on your understanding of the Code of Ethics Article 1, what do you think the hearing panel concluded? Click here to find out >
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HANDS-ON MRIS TRAINING
Today at PGCAR
Tuesday, April 29 @ 10:00 am
MRIS 101: Kick Off Your Career with MRIS
Tuesday, April 29 @ 1:30 pm
KEYSTONE 101: Entering Listings Correctly, The Key to a Fast Sale
MRIS reports that agents who take advantage of their FREE workshops, also tend to seldom receive complaints and fines for misuse of the MLS. Visit www.mris.com/training for details and registration. Advance registration with MRIS is required.
Call for MAR & NAR Committee Volunteers
MAR Applications Due Next Monday, May 5
MAR Committee descriptions and a volunteer form are now online at www.mdrealtor.org. All MAR members are encouraged to apply for 2 but no more than 3 preferred committee choices. Some committees have specific requirements; however, every attempt will be made to accommodate your request for at least one committee assignment. Committee selections are prioritized by qualifications and date received.
Note: Current MAR committee members must re-apply for 2014 - 2015 MAR Committee memberships.
Apply Online by next Monday, May 5 >
MAR will confirm committee appointments by letter by August 22.
2015 NAR Committee Recommendations
NAR committee recommendations are now open, as well (login required).
Nominations are due by Friday, May 23. Self-nominations are encouraged.
NAR Committee Details and Nomination Form >
REALTOR® Magazine Seeks Good Neighbor Nominations
Five Winners will Receive $10,000 Grants and National Publicity
REALTOR® Magazine is seeking nominees for the 2014 Good Neighbor Awards. The program recognizes REALTORS® whose extraordinary commitment to community service has helped make their communities better places to live.
If a REALTOR® you know is putting forth the effort to make a difference in the community, help their cause by nominating them today!
Deadline for entry is Friday, May 16.
Click here for details, rules and an entry form.
RFCU: The Credit Union Designed For You!
REALTORS® Federal Credit Union offers a number of solutions to meet your unique needs as a REALTOR®.
Just a few of the products and services awaiting you at RFCU:
- Dues Savings Plans
- Professional Development Lines of Credit
- Debt Management Strategies
- Money Management Strategies
- Tips to Managing a Fluctuating Income
To learn more or to join the REALTORS® Federal Credit Union, click here >
Call For Entries: Artwork For Juried Art Show and Silent Auction
Submission Deadline is May 30; Opening Reception and Art Preview June 27
The Partnership for Housing Foundation (PHF) will hold a juried art show and online art auction to benefit MARYLAND HOME MAKEOVER® and the PHF Endowment Fund. The theme of "Maryland, My Maryland" has been selected and all artwork must portray something about Maryland, featuring any of the following concepts: Urban, Rural, Bay or Shoreline Scenes; Architectural Landmarks / Prominent Buildings; Portraits of a Community; or "Home".
All artists must be Maryland REALTORS®, REALTOR® staff, or sponsored by a REALTOR® member of the Maryland Association of REALTORS®.
Art entries must be submitted by Friday, May 30.
Details and artist entry form >
PGCAR and WCR Membership Applications for 2014
New Agents? Looking for a PGCAR or Local WCR Membership Application?
Download the 2014 PGCAR Membership Application from www.pgcar.com >
Women's Council of REALTORS® Prince George's Chapter Membership Application >
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