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February 24, 2016


    I n   t h i s   i s s u e . . .
 
Events & Industry Insider Info
  • PGCAR Annual RPAC Bowling Fundraiser - Saturday, March 19
  • PGCAR Awards Celebration March 30
       - Register by Friday, February 26 at Early Bird Pricing
  • PGCAR Announces New Government Affairs Director
  • 2016 David Maclin Memorial Scholarship Applications
       - Due Sunday, February 28
  • Form News: PGCAR and Maryland Form Revisions & Practice Tips
  • Legislative Reminder: Failure to Obtain a Rental License will Cost - New Penalty Now in Effect
  • David Maclin 5K Fundraiser is April 23 - Save the Date
  • Affiliates Spotlight - We Value Our Affiliate Members!
  • PGCAR Membership - It Pays!
  • MD and DC CEU at PGCAR


  • Consumer's Corner
  • Mortgage Rates Held Steady Last Week; Down Over 30 Points Since January 7
  • 2015 and January Home Sales Statistics for Prince George's County
  • News You Should Know


  • PGCAR Annual RPAC Bowling Fundraiser!



    Who will take home the PGCAR bowling tournament this year?
    Join friends and colleagues in an evening of fun and bowling to support RPAC.
    Last year's event was a big success with 15 teams and 96 bowlers!


    Don't miss out this year!
    Sign up YOUR TEAM of SIX at www.pgcar.com >
    PGCAR Awards Celebration March 30


    Wednesday, March 30
    PGCAR Awards Celebration Recognizing
    REALTOR® 2015 Production


    Cocktails and Check-In:
    Plated Dinner:
    Program:
    5 pm - 6 pm
    Served* at 6 pm
    Begins at 6:30 pm

    Please join your colleagues in the celebration of their production!
    The following categories will be awarded:
    • 2015 Individual General Brokerage
    • 2015 Team Volume General Brokerage
    • 2015 Rookie of the Year
    * The plated dinner includes chicken and fish. If you have special dietary requirements, please leave instructions in the comments field when registering, or call the office to register at 301-306-7900. Dinner is not included in the award entry fee. Separate registration is required.

    PGCAR Announces New Government Affairs Director

    Dwayne Mingo, PGCAR Government Affairs Director

    The PGCAR Board of Directors is pleased to announce the hiring of Dwayne Mingo as Director of Government Affairs.


    Dwayne will be responsible for managing and monitoring legislative activity related to county, municipal, state and federal government. Additionally, Dwayne will manage public affairs and will work closely with the Board of Directors, Legislative Committee and the Executive Vice President in directing the Association's public policy agenda.

    Prior to accepting the position as Government Affairs Director, Dwayne worked as the Chief of Staff / Legislative Aide for Prince George's County Council Member Karen R. Toles, District 7, where he managed the legislative agenda and worked closely with government officials and the public. Dwayne has also served as the Legislative Liaison and Executive Assistant under the Administration of the former County Executive.

    During Dwayne's tenure with the Prince George's County Council, the Office of the County Executive, the Department of Legislative Services, the Maryland General Assembly, and the American Red Cross, he has built strong working relationships with elected officials and government representatives.

    Dwayne has dedicated his professional career to public service and exemplifies leadership and a commitment to public service and to the County.

    "Dwayne brings a solid background of government relations experience and unprecedented knowledge of County and State government operations. We are excited to have him join the PGCAR REALTOR® family," said PGCAR President Chuck Ottley.

    PGCAR Executive Vice President, Mike Graziano stated, "Dwayne is bright, energetic and genuinely well rounded. Not only is Dwayne an extraordinary person on paper, but once you meet him and talk with him you understand that his greatest strength is his ability to understand people and to work collaboratively with others."

    Dwayne assumed his new role on February 8th.

    2016 David Maclin Memorial Scholarship Applications
    Due Sunday, February 28


    Calling ALL Prince George's County high school seniors who serve the community, have a 2.0 or better GPA, and could use $2,500 to continue their education after high school.

    Please have them complete an application for the 2016 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 educators whom you know. 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   •


    8 FORM REVISIONS FOR 2016
    3 Released February 8 - All are Effective Now


    Gain access to current PGCAR forms at PGCAR.com Members Only
    and MAR forms at mdrealtors.org Members Only.


    Soon after initial release, form revisions are also available on ZipForm and DotLoop. To sign up for the ZipForm and DotLoop PGCAR Membership Benefits, just log in at PGCAR Members Only and follow the instructions. As always, links to MAR forms, ZipForm and Dotloop are prominently displayed at www.pgcar.com/membersonly/forms.

    To access ALL MAR forms and the below listed MAR form revisions, ZipForm users should seek out these directories under the forms library:
    • the MDAR Directory - includes the MAR Sales Contract, addenda, disclosures and more
    • the NEW MDARBF (Brokerage Forms) Directory - includes the MAR listing forms and related Broker documents

    At Dotloop, all MAR forms are located under the Maryland Association of REALTORS® dashboard.

    Revised Forms for January and February 2016
    Summary of Changes and Practice Tips


    Eight MAR and PGCAR forms have been modified as indicated below:

    1. PGCAR Form 1320, Residential Sellers Estimated Expenses and Net Proceeds
      Revised January 2016
      • The real estate withholding tax for sellers who are non-residents of Maryland, increased from 7% to 7.5% on January 1, 2016. The rate for non-resident entities stayed the same, at 8.25%. PGCAR Form 1320 was revised to match the new tax rate.
      • Download the revised Form 1320 dated 1/16, and all current PGCAR forms at www.pgcar.com/membersonly/forms >
    2. MAR Residential Contract of Sale
      Revised February 2016
      • Paragraph 38 - Paragraph 38 was added to the Contract because some lenders are refusing to provide copies of the closing disclosure / settlement statement to the real estate licensees involved in the transaction.
      • Paragraph 57 - In line 3 of Paragraph 57, the number zero was inserted in place of the number one to correct an error. Additionally, the initials "E.S.T." were replaced with the words "Eastern Time Zone" to account for both standard time and daylight-saving time.
      • Paragraph 10 - The Committee reorganized the information contained on page 10 of the Contract and inserted lines to incorporate the license numbers of the real estate brokers of record and sales associates involved in the transaction. This was done because lenders are requesting that the license numbers of the real estate brokers of record and sales associates involved in the transaction be recorded on the closing disclosure. The Committee also elected to re-insert the check boxes for intra-company agents.

        Practice Tip: You may go to the Maryland Real Estate Commission (MREC) website to locate the license numbers of real estate brokers and sales associates.

        Practice Tip: Please click here for an example of how to complete page 10 of the Contract.
    3. MAR Unimproved Land Contract of Sale
      Revised February 2016
      • Paragraph 38 - Paragraph 38 was added to the Contract because some lenders are refusing to provide copies of the closing disclosure / settlement statement to the real estate licensees involved in the transaction.
      • Paragraph 57 - In line 3 of Paragraph 57, the number zero was inserted in place of the number one to correct an error. Additionally, the initials "E.S.T." were replaced with the words "Eastern Time Zone" to account for both standard time and daylight-saving time.
      • Paragraph 10 - The Committee reorganized the information contained on page 9 of the Contract and inserted lines to incorporate the license numbers of the real estate brokers of record and sales associates involved in the transaction. This was done because lenders are requesting that the license numbers of the real estate brokers of record and sales associates involved in the transaction be recorded on the closing disclosure. The Committee also elected to re-insert the check boxes for intra-company agents.
    4. MAR General Residential Dwelling Lease Template
      Revised February 2016
      • Page 11 - The information contained on page 11 of the Template was reorganized to be consistent with the changes made to the Contracts.
      • The MAR Dwelling Lease Template is NOT for use in Prince George's County. See PGCAR Form 1105, Single Family Dwelling Lease for Prince George's County.
    5. Lead-Based Paint Federal Disclosure - Sale or Lease
      Revised January 2016

      Revised "Seller" to "Seller / Landlord" in opening sentences.
    6. Listing Agreement - Residential Exclusive Right to Sell
      Revised January 2016

      Revised to comply with the Maryland non-resident withholding tax increase, from 7% to 7.5% for individuals on January 1, 2016.
    7. Listing Agreement - Unimproved Land Exclusive Right to Sell
      Revised January 2016

      Revised to comply with the Maryland non-resident withholding tax increase, from 7% to 7.5% for individuals on January 1, 2016.
    8. Maryland Non-Resident Seller Transfer Withholding Tax Addendum
      Revised January 2016

      Revised to comply with the Maryland non-resident withholding tax increase, from 7% to 7.5% for individuals on January 1, 2016.
    Prince George's County Enacts New Rental Management Penalties
    LEGISLATIVE ALERT - December 9, 2015
    Mike Graziano, Executive Vice President

    A reminder! On December 9, PGCAR issued a legislative alert that the Prince George's County Council passed legislation imposing a drastically high penalty for operating a rental unit without the proper license. CB 85-15 imposes a $1,000 per month penalty for each month, or portion thereof, where a rental property was operated without a license or operated under an expired license.

    Rental Licenses are not transferrable, as such; purchasers of occupied rental units have 30 days following settlement to obtain a rental license. The new law applies to properties in unincorporated areas. If the property is located within the boundaries of a municipality and the municipality enforces their own rental license requirement, the County penalty would not apply. However, the municipality may impose a penalty. If the municipality does not have a rental license requirement the County license mandate applies.

    David Maclin Scholarship 5K Fundraiser
    SAVE THE DATE!
    The Fifth Annual Maclin Scholarship 5K Fundraiser
    will be Saturday, April 23
    at Marlboro Ridge, Upper Marlboro
    Affiliates Spotlight
    We Value Our Affiliate Members!

    Affiliates are our "partners in real estate": mortgage lenders, title companies and settlement attorneys, home inspectors, home warranty companies and more. Affiliates have elected to support the real estate industry by holding membership in PGCAR, and many have chosen to sponsor our programs and events.

    We encourage our REALTOR® members -- and Prince George's County home owners, buyers and sellers -- to use the Affiliates Directory when seeking real estate related service providers.



    PGCAR Membership - It Pays!

    As your Association, we strive to be a productive resource for you. As such, we are pleased to offer a full range of benefits to our REALTOR® and Affiliate members, and meaningful ways to be involved.
    Join PGCAR now!
    There's great benefits for our REALTOR® and Affiliate members!

    Prince George's County REALTOR membership application for real estate agents Prince George's County REALTOR membership application for real estate agents  REALTOR® Membership Application
    Prince George's County affiliate membership application for real estate industry partners Prince George's County affiliate membership application for real estate industry partners   Affiliate Membership Application
    Prince George's County affiliate membership levels and benefits for real estate industry partners Affiliate Membership Levels and Benefits


    Another great opportunity for Affiliates is to join the Women's Council of REALTORS® Prince George's Chapter.
    Here is the Affiliate Application >
    AT A GLANCE: NEXT-UP CEU AT PGCAR

    PGCAR members save BIG!
    Early bird registration is only $18 for 3 CEU classes and $11 for 1.5 CEU classes.
    Friday, February 26
    MREC Required Supervision - 3 MD Required or Elective CEU; Required Every 2-year Renewal Cycle for Brokers, Branch Managers and Team Leaders as of Oct. 1, 2015
    Monday, February 29
    Conducting a Productive Open House - 3 MD Elective CEU
    Wednesday, March 9
    DC Fair Housing & Predatory Lending - 3 DC Required CEU
    DC Legislative Update / Exam Prep - 3 DC Required CEU
    Friday, March 11
    MD Legislative Update - 3 MD Required & DC Elective CEU
    MD Fair Housing - 1.5 MD Required & DC Elective CEU
    Monday, March 14
    MREC Agency - Residential - 3 MD Required CEU; Required Every 2-year Renewal Cycle
    Wednesday, March 16
    Contracts - 3 MD & DC Elective CEU
    Reverse Mortgages - 1.5 MD Elective CEU
    Monday, March 21
    Meeting With the Buyer for the 1st Time - 3 MD Elective CEU
    Wednesday, March 23
    Successfully Selling Government Owned Properties - 1.5 MD Elective CEU
    Monday, March 28
    MD Code of Ethics - 3 MD Required & DC Elective CEU
    See the complete schedule and register at www.pgcar.com >
    A WEALTH OF INFORMATION - 24 X 7! - Find important industry information, as well as details and registration for PGCAR Events and Classes - all at the PGCAR.com Events Calendar.

    - - - CONSUMER'S CORNER - - -
    Great reasons to stay in touch! Share these with your customers.


    FIXED MORTGAGE RATES HELD STEADY LAST WEEK, WELL BELOW 4%
    Down Over 30 Points Since Week Ending January 7, 2016



    "After another week of financial market oscillations driven by rumors of potential limits on oil production, the 10-year Treasury yield edged up 5 basis points, and the 30-year mortgage rate remained unchanged at 3.65 percent," said Sean Becketti, Freddie Mac's chief economist. "Despite this week's uptick in Treasury yields, the 10-year is still 54 basis points lower than it stood at the end of 2015, while the mortgage rate has dropped only 36 basis points over the same period."

    Freddie Mac reports the following averages for the week ending February 18, 2016:

    The 30-year fixed-rate mortgage averaged 3.65%, same as last week ~ Last year: 3.76%
    The 15-year fixed-rate mortgage averaged 2.95%, same as last week ~ Last year: 3.05%
    The 5-year Treasury-indexed hybrid ARM averaged 2.85%, up from 2.83% ~ Last year: 2.97%

    Freddie Mac's Weekly Primary Mortgage Market Survey >

    Like PGCAR at www.facebook.com/pgcar to see monthly home sales statistics and weekly mortgage rate reports as soon as they are released!

    January 2016 and Annual 2015 home sales statistics for Prince George's County are both available at www.pgcar.com/stats and www.facebook.com/pgcar.
    NEWS YOU SHOULD KNOW

    National Market News:

    Trending Topics & Tips:



    9200 Basil Court, Suite 400  |  Largo, MD 20774  |  Phone 301.306.7900  |  Fax 301.306.8273
    PGCAR.com  |  mikeg@PGCAR.com  |  ©2015 PGCAR
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