September 16, 2017
Voting for YOUR 2018 PGCAR Board of Directors
closes at 12 noon on Thursday, September 21.
PGCAR Member Boyd Campbell,
2018 President of the Maryland REALTORS®!
The Prince George's County Association of REALTORS® is proud to announce that, one of our own, Boyd Campbell, was sworn in as 2018 President of the Maryland REALTORS® during the Annual REALTOR® Conference in Ocean City, Maryland.
At a gala event on Tuesday, September 12, Boyd took the oath of office and now represents 23,000 REALTORS® in the state of Maryland. Boyd, who is currently an Associate Broker with Century 21 - New Millennium in Bowie, served as President of PGCAR in 2002. He is an accomplished broker with strong volunteer ties to PGCAR, Maryland REALTORS®, NAR, and Bright MLS.
Read the article on Boyd Campbell in the August / September 2017 issue of Maryland REALTOR® >
PGAtlas.com - Have You Disclosed?
Is your listing located within a Special Tax District?
Does it have a Tree Conservation Easement?
Is it exposed to airport noise?
As REALTORS® it is essential to educate yourself on available resources to better assist you and your clients. Also, as REALTORS®, you have a fiduciary responsibility and obligation to disclose information to the buyer or seller.
Please take the time and familiarize yourself with this resource guide and invest in your day to day business. Making use of this resource will set you apart as a REALTOR® who is particularly knowledgeable and cognizant of the needs of your clients.
How are you obtaining information to disclose if a property is located in a Special Taxing District or if there is a Tree Conservation Plan?
Help For Common Ownership Communities
FHA & VA Condominium and Homeowners Association Approval Pamphlet
Condominium projects and homeowners associations are struggling in Prince George's County because of foreclosures, low returns on assessments, inadequate reserves and, in some cases, simply the apathy of board members and residents. This situation often results in the inability for these projects to receive and maintain HUD financing approval. PGCAR has created a resource guide to assist COC's in qualifying and maintaining their FHA and VA loan approvals.
The FHA & VA Condominium and Homeowners Association Approval Pamphlet walks COC officers and management companies through the complicated process of obtaining HUD approvals and includes valuable contact resources.
PGCAR's New Office Renovation Begins
The Prince George's County Association of REALTORS® began demolition on our new office space at Metro East, 8300 Corporate Drive, Landover, Maryland, at the heart of the New Carrollton Metro Center. The site will serve as our permanent headquarters.
Over the next few months, the headquarters location will be remodeled to suit the needs of PGCAR members and staff.
2017 / 2018 Dues Renewals are Now Online
Membership Renewals are Due October 31
Please renew your dues early, online at www.pgcar.com/dues.
Renewing online gives you an immediate itemized dues receipt, adds your dues payment to your Members Only dues report . . . and saves your Association manual processing time and expenses.
A non-refundable late fee of $75 will be assessed to all accounts with unpaid balances on November 30. An additional non-refundable reinstatement fee of $125 will be assessed to all accounts with unpaid balances on December 31 and termination of membership will occur.
THANK YOU for your involvement in PGCAR! We look forward to serving you and continuing to improve, through another upswing year!
Did you know? You can view your CE hours which are electronically recorded for a Maryland or a DC license.
Poaching and Penalties:
Prepare for Enforcement of Advertisement Rules
by Mark Feinroth, Esquire
Maryland REALTORS® Director of Regulatory Affairs
At recent meetings, the Real Estate Commission has started a review of Maryland law applicable to advertisements. A Task Force composed of commission members and licensees will be selected during the summer, and by late fall the Commission plans an enhanced enforcement campaign. REALTORS® should take the time now to carefully review their marketing and advertisement practices to avoid becoming the target of a disciplinary action.
One of the practices Commissioners discussed at the May and June meetings is the practice of agents who publish listings of another agent or company, without identifying the listing brokerage or agent. Known as poaching, this technique presents a misleading impression that the agent represents the seller or has authority to advertise on behalf of the listing broker. Poaching is very clearly a violation of Maryland Real Estate Commission law and regulation, and there is language that discourages the practice in both the National Association of REALTORS® Code of Ethics and internet data exchange (IDX) licensing agreements.
The provision of the Maryland Real Estate Brokerage Act that apply to poaching can be found in the Business Occupations and Professions Article of the Maryland Annotated Code at Sec. 17-322 (b) 19 which empowers the Commission to penalize a licensee who "advertises in any misleading or untruthful manner." Regulations adopted by the Commission under the heading "Relations to the Client" at 09.11.02.02 G (1) provide, "[T]he licensee may not submit or advertise property without authority." Regulation 09.11.02.01 "Relations to the Public" contains the language that requires real estate licensees "in advertising, to be especially careful to present a true picture." Taken together, these provisions of law and regulation provide the Commission with sufficient authority to take an enforcement action against any licensee who publishes another agent's advertisement without the listing broker's permission and identifying information. The Commission may impose a fine of up to $5,000 for a first violation, $15,000 for a second violation and $25,000 for a third or subsequent violation. It is unlikely the Commission would assess penalties at the higher levels of its statutory authority; however, the Commission and staff are increasingly frustrated with the number of advertising violations they encounter. Monetary penalties are therefore likely to be significant because the longstanding practice of sending informal advertising compliance letters was not effective.
Agents and brokers should also review their IDX licensing agreement as well as the MLS rules and regulations. Internet data exchange agreements allow participants to download and display multiple listing service data subject to several IDX restrictions. According to the IDX licensing agreements, brokers and agents may not repurpose the IDX listing data to any other site or display, or for any use other than on an approved website as specified in the license agreement. An agent who copies and reposts another agent's advertisements from the IDX feed onto a social media platform such as Facebook without the listing broker's permission will likely violate the licensing agreement, which requires compliance with the laws and regulations administered by the Real Estate Commission. After providing the participant an opportunity to correct or take down an advertisement that violates the IDX licensing agreement, the licensing agreement allows the MLS to terminate the agreement and cut off the agent's IDX feed.
These are relatively complex issues but they boil down to two very simple concepts: agents should not copy another agent's advertisement without permission from the listing broker; and the identity of the listing agent or brokerage from the original advertisement must be fully replicated on the copy.
A best practice recommendation is to obtain the broker's written permission to copy the advertisement and to retain the written permissions in the event the Real Estate Commission or the MLS attempts to verify that permission was granted.
If you have any questions or comments regarding this topic or another regulatory issue, please feel free to contact Mark Feinroth at firstname.lastname@example.org.
PGCAR Member Benefits
It Pays to Be a Member!
YOUR Membership in the Prince George's County Association of REALTORS® = $1,445 in discounted services!
Get the most from your membership!
Stay in the Know
Visit Our Events Calendar Regularly
Check out the PGCAR Calendar so you ALWAYS know where to find details for the National Association of REALTORS® Conference in Chicago this year, and other high-value local, state and national events. In the PGCAR Calendar, you'll also see exceptional nearby opportunities like blood drives, voting, important deadlines and more.
Bookmark the PGCAR facebook page too, for late-breaking news, home sales and mortgage rate reports, and even MORE events. And of course, visit the PGCAR Photo Gallery for photos from past events.
PGCAR members have many opportunities to be involved, and to learn!
Earn All Your Maryland and DC CEU at PGCAR
Only $18 for 3 CEU; $11 for 1.5 CEU Classes
Save the most by registering 3 days or more in advance.
Hurry! Some classes have been selling out.
Thursday, September 21
- 3 MD (Cat. F) & DC Elective CEU
Monday, September 25
MD Code of Ethics
- 3 MD Required Ethics CEU (Cat. D); 3 DC Elective CEU
Thursday, October 12
MD Legislative Update
- 3 MD Required Legislative Update CEU (Cat. A); 3 DC Elective CEU
MD Fair Housing
- 1.5 MD Required Fair Housing CEU (Cat. C); 1.5 DC Elective CEU
- - - CONSUMER'S CORNER - - -
Great reasons to stay in touch! Share these with your customers.
Help homebuyers get into their dream home with the HomeReady® mortgage
, an affordable Fannie Mae lending product.
First-Time Homebuyer Program for Prince George's County:
"Pathway to Purchase" Homebuyer Income Limits Have Increased
Pathway to Purchase is still available, offering first-time home buyers in Prince George's County up to $10,000 in down payment and closing cost assistance. The maximum eligible home sales price is $307,000. Homebuyers may have an annual household income up to 80% of the area median, adjusted for family size. Single household buyers can have between $38,811 and $61,800 annual income. A household of five can have between $59,823 and $95,350 to qualify.
Share information on this great program while funding is still available >
For information on program income limits, buyer contribution, area median income, debt requirements, and other application details:
"Following a sharp decline last week, the 10-year Treasury yield rose 11 basis points this week," stated by Sean Becketti, Freddie Mac Chief Economist. "The 30-year mortgage rate, however, remained unchanged at 3.78 percent. If Treasury yields continue to rise, mortgage rates could see an increase in next week's survey."
Freddie Mac reports the following averages for the week ending September 14:
The 30-year fixed-rate mortgage averaged 3.78%, unchanged from last week ~ Last year: 3.50%
The 15-year fixed-rate mortgage averaged 3.08%, unchanged from last week ~ Last year: 2.77%
The 5-year Treasury-indexed hybrid ARM averaged 3.13%, down from 3.15% ~ Last year: 2.82%
Freddie Mac's Weekly Primary Mortgage Market Survey >
PRINCE GEORGE'S 2017 HOME SALES CONTINUE THEIR GROWTH OVER 2016
August Home Sales Soared by Double Digits in Prince George's County
County home sales continue to improve. August sales prices were stable and interest rates continued to be favorable.
Quick glance stats for August Single Family sales:
- New contracts INCREASED 2.5% over July and 1.3% year-to-date (YTD)
- New settlements INCREASED 11.5% over July and 6.5% YTD
- Average sales price rose 0.5% to $301,050.
For August Condo & Coop sales:
See more on our hot market at pgcar.com/stats >
- New contracts INCREASED 4.1% over July and 3.2% year-to-date (YTD)
- New settlements INCREASED 19.1% over July and 6.2% YTD
- Average sales price decreased 0.6% to $141,269.
And don't forget to like PGCAR on Facebook
to see monthly statistics first!
- - - NEWS AND TRENDS - - -
Reminders, trends and other news you should know.
IN THE NEWS