Third Quarter 2010 - Greater Capital Area Association of REALTORS

Transcription

Check www.GCAAR.com
regularly for the latest updates!
C a p ita l A r e a R e a lto r
®
The official newsletter of the Greater Capital Area Association of REALTORS®
2010Q3
Inside This Issue
Association News....................................... page 3
GCAAR in the News.................................... page 3
NAR Director’s Report.......................page 4
Ask the President........................................ page 5
‘30 under 30’....................................page 6
Meet Your GCAAR Staff.....................page 6
Board Briefing..................................page 7
Market Reports.......................................page 8-9
Technology.....................................page 11
Green Taskforce........................................ page 12
GCAAR Cares................................. page 13
Education Schedule........................ page 14-15
Public Policy...............................................page 16
RPAC Update..................................page 19
Legal Hotline Call Summary........... page 20
International Committee................ page 20
CCIM Open Doors...........................page 21
Quiz................................................................ page 22
USPS: 017-467
Volume16, Number 3
Marie Shannon Named 2010 GCAAR
REALTOR® of the Year
GCAAR is pleased to name Marie Shannon as its REALTOR® of the Year
for 2010. Marie is currently Broker/Manager of Long & Foster Real Estate
in Bethesda, MD.
A former GCAAR president, treasurer, and board member, Marie has
served on a number of national, state, and local boards and committees,
including the National Association of REALTORS® Board of Directors
Local Representative, the Maryland Association of REALTORS® Board of
Directors and Professional Standards Committee, the Washington, DC
Association of REALTORS® Board of Directors, and the MRIS Subscriber
Advisory Board.
Marie Shannon
As a GCAAR member, Marie has been an active participant on a number of committees, including Chair
of the Professional Standards Committee and Leadership Institute, and member of the Contract and
Clause, Finance, and Strategic Planning Committees.
“Marie is an excellent example of what a REALTOR® should be, knowledgeable, professional, active in
their community, and constantly working to improve the real estate industry. We are proud to have her
represent our Association,” says Shelly Murray, 2010 GCAAR President.
continued on page 3
CHANGE for
HAITI
Don’t Miss REALTOR® Fest 2010!
Greater Capital Area Association of REALTORS®
8757 Georgia Avenue, Suite 600
Silver Spring, MD 20910
www.gcaar.com
Mark your calendars for REALTOR® Fest
(formerly known as the Capital Area Real Estate
Summit) on October 4, at the Bethesda North
Marriott and Conference Center - a day of
education and networking with dynamic
instructors, exhibitors, and relevant courses
designed to take your career to the next level!
Not only will you receive up to 9 hours of
continuing education credits from Maryland,
DC, and VA, you also will be able to network
with your peers (the original social media
outlet).
continued on page 9
Habitat International
Receives $10k Donation for
Change for Haiti
2010 Board President Shelly Murray and the GCAAR
Community Service Committee presented José
Quinonez of Habitat for Humanity International with a
fundraising check for $10,810 to help build core houses
for the people of Haiti. Change for Haiti is a fundraising
campaign launched in April to support Haiti’s immediate
and long-term recovery after the January earthquake
devastated the country. GCAAR Cares will match all
donations
dollar-fordollar up to
$25,000.
GCAAR Cares
challenges you
to support
Change for
Haiti by placing a container in your office to collect
change or donate directly online at www.gcaar.com.
For more information on Change for Haiti or to get
involved, please contact Debbie Bell at [email protected].
2
2010Q3
ServingtheBusinessNeedsof OUR Professionals
Capital AreaREALTOR®
Pay $100 a month
Keep 100% commission
Licensed in MD, VA, DC
PT. FT, Referral agents
No desk duty
Free professional photos
No Tuesday meetings
Free starter business cards
No minimum sales quotas
Free starter yard signs
Free marketing templates
Open your own branch
Free in-house graphic designer
All your leads go to you
Free Zip-Forms via association
Charge any commission rate
Submit contracts via email
Free contract checklists
Create your own team under you
Commissions paid in 24 hours
E&O Insurance $1 per day
Work from the comfort of home
Use lender offices to meet clients
Full broker support & training
“Balance.
It’s the reason I switched”
More info. at www.isellhousesrealty.com/joinus
Call 301-418-0613 today or write to [email protected]
Various low fee affiliation options to pick from. Transaction fees based on the option you choose
Capital AreaRealtor®
2010Q3
A s s o c ia t io n N e w s
2010 Board of Directors
President
Shelly Murray
President-Elect
GCAAR in the News
Homebuyer Tax Credit to End - NBC News Washington, April 24, 2010
“Housing sales have increased this year to about 20-30% over last year this time. We are also
seeing multiple offer situations occurring.” - Shelly Murray, GCAAR 2010 President
K. Adrian Hunnings, GRI
Learn The Real Story Behind a House Before You Close The Deal
Treasurer
Silvia Rodriguez, GRI, CIPS, TRC, AHWD, WHC
Secretary
Bonnie R. Casper
Immediate Past President
WUSA 9 News, May 25, 2010
“We have some very good disclosure laws that don’t really allow for stigmatized properties.”
- Adrian Hunnings, GCAAR Board Member and President-Elect
Stage Your House to Sell - The Gazette - How to Sell a Home, June 2010
“The first thing I do is go over a brief questionnaire with them [prospective seller] on the phone.
I want to prequalify them and understand their motivation to sell.”
- Koki Adasi-Efuya, GCAAR Member
Joseph Himali, GRI, CRS
Closing: What Sellers Should Expect - The Gazette - How to Sell a Home, June 2010
Chief Executive Officer
Michael Moran
Directors
Cuvator “Q” Armstrong
Stephen A. Bennetts
Edward K. Downs
Gregory J. Ford
Mynor Herrera
William H. Highsmith Jr.
Guy D. Josey
Ellen Katz
H. Fred Kendrick
Eleanor S. Kott
Michael McGreevy
Gerard “Gerry” Occhiuzzo
Editor
Bobette Banks
Advertising Representative
Arlene Braithwaite
Capital Area REALTOR® (USPS 017-467) is published four
times a year (Q1, Q2, Q3, Q4) by the Greater Capital Area
Association of REALTORS®, 8757 Georgia Avenue, Suite 600,
Silver Spring, MD 20910. Periodicals postage paid at Silver
Spring, MD. Member subscriptions account for $10 of each
member’s annual dues. Annual subscriptions are available to
non-members for $25. Subscription inquiries may be sent to
Capital Area REALTOR® at the above address. Copyright© 2009
by the Greater Capital Area Association of REALTORS®. All
rights reserved.
POSTMASTER: SEND ADDRESS CHANGES TO CAPITAL AREA
REALTOR®, ATTN: GCAAR, 8757 Georgia Avenue,
Suite 600, Silver Spring, MD 20910.
The Greater Capital Area Association of REALTORS® makes
no warranties and assumes no responsibility for the
accuracy of the information contained herein. The opinions
expressed herein do not necessary reflect the opinions of
the officers, directors or staff of the Greater Capital
Area Association of REALTORS®.
The Greater Capital Area Association of REALTORS® accepts
submissions of articles and photographs and remains the
property of the Capital Area Association of REALTORS®.
The publisher reserves the right of full editorial authority
and to decline publication of any article not deemed
proper. Deadline for all submissions, including cameraready advertising on disk or film, is the first of the month
prior to publication. Reprint with permission only. Reprint
permission may be obtained by contacting the Greater
Capital Area Association of REALTORS® at 301.590.2000; via
fax at 301.590.2248; or via e-mail at [email protected].
REALTOR® is a registered collective membership mark that
identifies and may be used only by real estate
professionals who are members of the National
Association of REALTORS® and subscribe
to its Code of Ethics.
“Selling the home is an emotional process; the sellers want the new buyers to be happy with the
home…They wish new buyers congratulations. It can be a beautiful moment.”
- Mynor Herrera, GCAAR Board Member
The Crowning Touch: Moldings Span A Range Of Styles, Materials And Prices
The Washington Post, June 12, 2010
“Today, molding remains aspirational. Home shoppers like crown molding because it gives a
sense of luxury to a home that otherwise might not feel luxurious. Although molding is a plus for
home buyers, it isn’t a must for home sellers. There will never be a time when the actual cost of
crown molding will be covered in the eventual sale.”
- Joseph Himali, GCAAR 2009 President
A Whole New Ball Game - The Washington Post Express, July 12, 2010
‘When you run your own business, you’re the marketing director, the finance director,
everything.”
GREATER CAPITAL AREA
- Koki Adasi-Efuya, GCAAR Member
ASSOCIATION OF REALTORS
®
Thank you,
GCAAR in Print
Did you catch the GCAAR ads recently placed in the Montgomery
County Gazette and the DC Current newspapers? Look for another
round, coming soon...
Shelly Murray
2010 GCAAR President
REALTORS®!!!
“Thank you GCAAR members! You continue to serve our
communities with commitment and diligence.
GCAAR REALTORS® respond to those in need!”
GCAAR REALTO
RS® partner
with Rebuildin
g Together to provide
repairs on a home
in Montgomery
County.
GCAAR members
support the annual
Fannie Mae Help
Walkathon. GCAAR the Homeless
is one of many
organizations in
the
made the Walkathon U.S. who have
one of the largest
fundraisers helping
the nation’s homeless.
at the
ed a family
who
GCAAR sponsor g Conference
e
Housin
for first-tim
Affordable
contest held
won the essay
homebuyers.
REALTOR
like the Dwel® donations to
organ
ling Place
pots for
purchased izations
transi
20 crock
take a cooki tional-housing
famili
Universities ng class sponsored/h es who
at Shady
osted by
Grove.
Here are some of the local organizations served by REALTORS® in the past year:
• Affordable Housing Conference of Montgomery County
• Dwelling Place
• Fannie Mae Help the Homeless Walkathon
• Habitat for Humanity
• Mental Health Association & Places for People
• Montgomery Housing Partnership
• Rebuilding Together
www.gcaar.com
(301) 590-2000
Marie Shannon Named 2010 GCAAR REALTOR® of the Year, continued from page 1
Ricki Gerger, one of Marie’s colleagues at Long & Foster puts it this way, “It is a pleasure for any
agent to be in a transaction with an agent in Marie’s office, because her agents are well-trained
and have learned the importance of collaboration and cooperation. Marie models this behavior
in all her dealings and as such is a real credit to the industry.”
Among her many civic activities, Marie is an ardent supporter of So Others Might Eat (SOME),
the Children’s Inn at NIH, and she was a founding supporter of GCAAR Cares, the
Association’s Community Service Committee.
As the winner of the local award, Marie will now join those who are being considered for
the Maryland Association of REALTORS® top award, which will be presented at the state
convention in September.
3
4
2010Q3
NAR Director’s Report
Silvia Rodriguez, GRI, CIPS, TRC, AHWD
GCAAR Treasurer
NAR Director
This is my second year representing you as one of GCAAR’s National
Association of REALTORS® (NAR) Directors. Being a NAR Director
is a great honor. The NAR Directors are elected at the local and state
association levels to represent their members. The NAR Directors
are the NAR’s leadership. We are the NAR’s Board of Directors. We
conduct business not only to protect the interest of our members but
also to protect the public in general.
WHEN NAR SPEAKS, LEGISLATORS LISTEN!!
NAR is one of the largest membership organizations in the USA.
Recently, we witnessed the tremendous power of NAR when the
Congress passed the much needed tax credit settlement extension to
September 30, 2010. This extension will allow those transactions that
are still in the pipeline to enjoy the $8,000 tax credit. This is a great
benefit to thousands of short sale and foreclosure transactions.
Our national, state and local associations are effective at making sure
that good measures like the National Flood Insurance legislation as
well as many other local and state legislation become law. They are also
dedicated to stop those legislative proposals that will not benefit our
industry or our nation.
MARYLAND AT THE HIGHEST LEVEL
During the 2010 NAR Midyear Board of Directors Meeting, Bill
Armstrong, Maryland Association of REALTORS® (MAR) Past
President and member of the Frederick Association of REALTORS®,
was elected to serve as the 2011 NAR TREASURER. Bill is the first
Maryland member to be elected to serve in one of the four highest
NAR leadership positions. We wish Bill great success!!!
REALTORS® POLITICAL ACTION COMMITTEE (RPAC)
The elections are coming! We, as NAR, MAR and GCAAR members
have power in numbers. We also need the power of the $$$ to support
those who support us.
Your personal contributions to a political party of your choice are very
important. Your RPAC contribution is crucial! Think of your RPAC
contribution as your investment to protect your business. Invest in the
present and future of your real estate business and profession! Give to
RPAC!!
NAR DESIGNATIONS AND CERTIFICATIONS
NAR and its affiliated Institutes, Societies, and Councils offer a
wide-range of designations and certifications. These educational
opportunities give members the knowledge and expertise needed today
in the real estate arena. These programs will assist you in increasing
your earning level.
SRES: The baby boomers are aging and retiring. The SENIOR REAL
ESTATE SPECIALIST designation will prepare you to address the
housing needs of this large segment of our population.
CCIM: The CERTIFIED COMMERCIAL INVESTMENT MEMBER
designation provides you with the tools to conduct commercial
activities in the best professional manner.
SFR: The SHORT SALES AND FORECLOSURE RESOURCE
certification enables you to maneuver the complexities of the short
sales and foreclosure transactions.
continued on page 6
5
2010Q3
Ask the President
Question: I’ve had a problem
with a battery dying in a lockbox
that’s on one of my listings.
I’ve heard something about a
temporary power supply…what’s
the story?
-An agent in D.C.
GCAAR now has access to the
Sentrilock Power Paddle, which is
available for loan at any of our three
locations – Silver Spring, Rockville,
2010 GCAAR President
or DC. The Power Paddle provides a
Shelly Murray
temporary power source to the NXT
Series lockbox. If the internal batteries in the lockbox are dead,
you will need a temporary power source to allow you to open the
key compartment and replace the internal lockbox batteries.
How do you know if the internal lockbox batteries are dead? If
you insert your SentriCard® into the lockbox, and the lights
do not display and the lockbox does not make any sounds, the
batteries are dead. Before the batteries die, the lockbox alerts you.
When you insert your SentriCard® into the lockbox, followed by
your PIN, the lockbox will illuminate the MESSAGE light. The
MESSAGE light indicates that it’s time to replace the batteries.
Once the MESSAGE light appears, you’ll have a couple of weeks
(depending on lockbox usage) to replace the batteries. However,
SentriLock recommends replacing the batteries as soon as possible
after the MESSAGE light appears.
You will need to provide a VISA or MasterCard in order to borrow
a Power Paddle. Your credit card will be charged only if you do
not return the Power Paddle to one of the GCAAR offices. Right
now we have a limited supply of paddles available for loan. We
have more on order, but please be sure to call ahead to guarantee
that one is available when you come into the office.
Question: I’m a new manager in the Germantown area.
I have some new sales associates who plan to join my
office as soon as they complete the licensing process.
Do they have to travel to Silver Spring to sign up for
GCAAR, get their keycard, etc?
-A manager in upper Montgomery County
Glad you asked. A year ago this July, GCAAR opened a location
in Rockville at 9707 Key West Avenue. This is the same building
that houses the MRIS offices. This is a full service membership
location for the Association. Your new agents can join the
Association, purchase lockboxes, set up their SentriCard®, buy
signs and other merchandise in the REALTOR® Store, and
anything else that a member can do at our Silver Spring location.
We are also offering at least two education classes at the Rockville
location each month, and more are planned for next year.
By the way, we also have a full service location in downtown
DC at 500 New Jersey Avenue, N.W. This is the also the NAR
Washington Headquarters.
$ $ win $250! $ $
Step 1:
find a GOLD STAR STICKER
in this issue of CAR*
STEP 2:
Call Debbie Bell at
301.590.8771
Step 3:
Collect your $250!
property environmental energy education
property environmental energy education
a full sPeCTruM of serviCes
4 Home inspections for new and existing homes
4 Environmental testing for lead-based paint,
mold, radon, water and septic systems
4 Home energy audits for increased energy efficiency
Think of Alban as your Total Home Consultant.
Call us anytime for the answers you need to
make informed decisions about your home...
now THaT’s serviCe and
ConfidenCe you Can build on.
alban insPeCTions
* Actual Gold Star Sticker is used, not just a star graphic. Only 1 winner per issue.
Winner must present the issue of CAR with the sticker to claim winnings.
If no winner is identified by CAR’s next mailing, the winnings are forfeited.
your Total Home Consultant
800.822.7200 • 301.662.6565
www.albaninspect.com
Alban GCAAR ad 1/10.indd 1
1/18/10 8:43 AM
6
2010Q3
NAR Director’s Report
continued from page 4
E-PRO: Gives you a unique competitive advantage.
Come and celebrate the MAR REALTOR® OF THE YEAR! I was
selected as the 2009 MAR REALTOR® OF THE YEAR. It was a
great celebration; memories that I will never forget. Join in the
celebration! Come and meet the 2011 MAR Executive Officers at
their installation!
CIPS/TRC: The Certified International Property Specialist (CIPS)
is the international designation. The Transnational Referral
Certification (TRC) is the international certification.
NAR ANNUAL CONFERENCE
The 2010 NAR Annual Conference will take place in New Orleans
from November 3-8. Very exciting programs are planned. The
tradeshow will include new technology and resources to assist us
to be better professionals. Designation courses are offered. Awards
are presented. The REALTORS® OF THE YEAR from the whole
nation are recognized, a memory that I treasured from my 2009
presentation as the MAR REALTOR® OF THE YEAR !
Several of the designation courses are accepted as electives for
other designations. Go to www.realtor.org to find a complete list
and details about these educational programs. NAR offers many
resources that compliment those available at GCAAR and MAR.
This is a great opportunity to expand your referral network. You
will meet REALTORS® from each corner of our nation and the
world. REALTORS® from at least 79 countries attended the 2009
conference. More are expected this year.
SEPTEMBER MAR CONFERENCE
Don’t miss the MAR Conference in Ocean City on September 12-15.
Go to www.mdrealtor.org to register. The website lists the classes
and other conference activities.
Go to www.realtor.org to register and obtain detailed program
information.
WCR’S PMN: The Women’s Council of REALTORS® (WCR) offers
the PERFORMANCE MANAGEMENT NETWORK (PMN)
designation which combines professional skills with the power of
the WCR’s national referral network.
You will be able to take the educational credits required by the
Maryland Real Estate Commission. Visit the tradeshow. Join the
Rookie Society and the Women’s Council activities.
GCAAR Member
Cara Pearlman
Makes REALTOR®
Magazine’s 30 Under
30 List for 2010
It’s In Her Blood
After witnessing her father’s 20-hour days and
lost weekends, Cara Pearlman wondered if
maybe real estate wasn’t for her. But not long
after graduating from the University of Miami
with a marketing degree, she found herself
It is such a great honor to represent you as one of your NAR
Directors as well as your Treasurer at GCAAR. Please contact me
anytime that you have a concern or a question at silviarodriguez@
mris.com. I thank you for your trust and support! See you at MAR
in September. Hope to see you in New Orleans, too!!!
following in the footsteps of her grandmother,
father, aunt, uncle, and brother. Licensed in
Maryland, Virginia, and Washington, D.C.,
Pearlman is part of the top-performing Rozansky Realty Group.
For Love, Not Money
“I really love what I do,” she says. “I don’t
think about how much money I’m going to
make on a transaction. Whether the property
is $60,000 or $3 million, I want my clients to
receive a consistently high level of service. I
also think you can learn a lot from the clients
who test you.” One couple took four years to
Meet Your GCAAR Education & Events Staff
Charmaine Flanagan
Director of Programs
Charmaine Flanagan is Director of Programs
for the Greater Capital Area Association of
REALTORS® (GCAAR), Washington DC
Association of REALTORS® (WDCAR),
and the Greater Washington Commercial
Association of REALTORS® (GWCAR).
As Director of Programs, she oversees all events and professional
development programs. She currently acts as the staff liaison for
GCAAR and GWCAR Education Committees and oversees all event–
specific committees.
Charmaine came to GCAAR with a marketing and event
planning background. In the time that she has been at GCAAR, she
has implemented fresh and new ideas in the meetings and events
department. She continues to develop strategies to effectively make
each event a success.
Charmaine received her Bachelor’s of Science degree in
Marketing from University of Maryland University College and is
currently working towards her Master’s degree.
buy. “At the closing, they gave me a huge hug
and thanked me for my patience.”
Fulfill Clients’ Needs
Pearlman’s success comes down to constantly
reminding herself what her clients want. “It
sounds trite and simple,” she says, “but I believe in always going back to the basics.”
www.carapearlman.com
Reprinted by permission from the National Association of REALTORS®
Heidi S. Bogdansky
Meetings & Events Manager
As the Meetings & Events Manager, Heidi
serves as GCAAR’s frontline manager in
the Events & Meetings department. She
works directly with Charmaine Flanagan,
the Director of Programs, to ensure that all
GCAAR meetings and events run smoothly
and are enjoyable!
Since Heidi has arrived at
GCAAR, she has worked with the residential,
as well as the commercial association (GWCAR), planning and
organizing events, including the GCAAR Rockville office grand
opening, Rookie Society events, GWCAR’s RealTOUR, Golf Outing,
Summit, and Awards ceremony, as well as managing GWCAR,
GCAAR, and WDCAR’s annual meeting and installations.
Heidi comes to GCAAR with 17 years of meeting, conference
and events experience. In her most recent role as a Meeting Planner,
she handled multi-city roadshows, meetings with up to 11 breakout
sessions, as well as social events. She has an extensive background in
registration, food and beverage catering, and customer service.
BOARD BRIEFING
The GCAAR Board of Directors met in April and
June 2010, at the Association’s Silver Spring office.
2010Q3
and the Council for use in the 2011 operating budget. The Associations’ suit was amended to reflect this.
>> Updated 2010-2012 Strategic Plan
The Board approved the updated 2010-2012 Strategic Plan for the
Association. You can view the plan on the website at www.gcaar.com.
Carlton Boujai, candidate for the position of Secretary of the
Maryland Association of REALTORS® (MAR) visited at the June
meeting to present his qualifications.
>> Education
The Board endorsed the following candidates for positions
with MAR:
• Pat Terrill, Coastal Association of REALTORS®- President Elect
• Carlton Boujai, Frederick County Association of REALTORS®- Secretary
• Dennis Melby, Greater Capital Area Association of REALTORS®District V.P.
• Barbara Miles, Greater Capital Area Association of REALTORS®At-Large Director
>> Community Service
>> REALTORS® Political Action Committee (RPAC)
RPAC Committee chair Bonnie Casper reported that GCAAR
members have already contributed over $114,000 toward our RPAC
goals for 2010, and we have surpassed our fair share goal in the
District of Columbia.
The Board contributed a $5,000 “Golden R” contribution to the
fund for 2010. A reminder that 2010 is an election year in both
Montgomery County and the District of Columbia and we need
your support!
Thank you to all of our members for their support, and please
consider making your 2010 RPAC investment today!
GCAAR has recently been approved to provide online classes in the
District of Columbia! Stayed tuned for details in this issue!
GCAAR CARES has established “Change for Haiti” – a relief fund
for victims of the recent earthquake in Haiti. GCAAR CARES will
match member contributions dollar-for-dollar up to $25,000.
There is still much work to be done in Haiti, so please consider
making a contribution to this worthwhile cause. Collection points
have been set up in Broker, affiliate, and GCAAR offices.
More than 60 GCAAR members participated in the Rebuilding
Together projects that were held on April 24, 2010. Thanks to all of
you who participated in the events!
>> Contract and Clause
The Board reviewed and authorized the release of several forms
updated by the Contract and Clause Committee including the
DC Jurisdictional Addenda, the Buyer’s Estimated Closing Sheet,
the Buyer Agency Agreement, the DC Pre-Settlement Occupancy
Agreement, the Listing Agreement and the New Home Addendum.
In addition, the Association released a new form, the Authorization
and Agreement to Negotiate Contact and Conduct Transaction
Electronically.
>> Government Affairs
The Montgomery County Public Policy Committee has been busy
interviewing the candidates for election to the Montgomery County
Council and the County Executive.
In addition, the Association has been working closely with the
County Council on a variety of legislation and the budget for the
coming fiscal year.
President Shelly Murray testified on behalf of the membership against
legislation that proposed reallocating the use of funds collected
from Recordation and Transfer taxes for the next two fiscal years.
Although the legislation ultimately passed, the reallocation was
limited to the coming fiscal year only. President Murray encouraged
the Council to consider more broad based sources of revenue, rather
than relying on taxes and fees provided by real estate.
In DC, members of the Public Policy Committee testified against the
proposed Vacant Property tax and we were successful in promoting
an exemption from the registration fee for one year, for properties
which are for sale or for rent.
The Washington DC and Greater Washington Commercial Association of REALTORS® have joined with GCAAR in filing a lawsuit
against the DC government for transferring the funds dedicated to
the DC Guaranty and Education Fund to the city’s operating budget. The suit was filed on May 19, 2009. Hearings on motions filed
by the parties to the suit were held on December 11, 2009. A ruling
from the Judge was expected in early March, but was postponed
until May, again until early July, 2010, and finally to September. The
money in the Guarantee Fund was again appropriated by the Mayor
Now Hiring Agents with:
Expertise
Record of Success
Ethics & Professionalism
Positive Team Spirit and
Desire to Grow
Prime McLean Location
Supportive Environment
Broker Pre-Licensing,
CE & PL Classes
Full Broker Support
100% Commission
Call now!
703-749-0004
Donna Paton
Principal Broker
Licensed in DC, MD, & VA.
www.patonrealestate.com
1401 Chain Bridge Road
McLean, VA 22101
7
8
2010Q3
Montgomery County Market Report
By Fred Flick, Ph.D., Consultant/Housing Economist
Fred Flick
The Maryland Big Picture
The figures for Maryland, through May,
show a significantly improving sales
market, but prices are still slightly below
a year ago. Maryland home sales statistics
for the first five months totaled 20,681
units, up 31% from the same time in 2009.
However, the average price of $281,891 was
down by 5.6% from a year before; and the
median of $241,740 was off about 5.2%.
Earlier in the year, prices declined 6% to
7% from a year before; so, there is definite
slowing in the rate of price slippage.
For the state as a whole, there is mixed news on the supply side. The
spring levels of inventory could put more downward pressure on
prices in some over supplied markets. May active inventory totaled
45,207 properties, down only 1.5% from a year before. Earlier in the
year inventory was around 39,000 units statewide; but it was down
12 percent from the prior year. At the May sales pace, there was an
8-month supply of properties. Of course, the big rebound in sales has
been due to the affordable pricing.
Single-Family Homes
For Montgomery County, the year-to-date single-family stats show
a healing housing market, but the sales rate is slowing likely due
to the end of the homebuyer tax credit. For unit sales in the first
6 months, there was a 21% jump in settlements (4,222); however,
contracts (5,056) on single-family homes were up only about 2%
from the same period a year ago. Nevertheless, sales are up and
the rate of price decline looks to have bottomed. June settlements
(969) were strong -- up 13% from last June -- but contracts in June
were down 24% from a year ago, portending a slower mid-summer
season.
There is good news on the inventory front. In June, total actives
(2,739) were only 2.8% above the level of June 2009; so much of
the inventory overhang has been sold off. And, the monthly new
listings (1,173) are only 4.5% above the pace of last year. Looking
at the total inventory compared to the June contracts pace there
is only a 3-month supply available. Nevertheless, the tightening
of inventory has helped slow the fall in prices, and there could be
some appreciation in the future if the contracts pace ramps up.
Data also show that the pace of sales price declines is leveling off.
For single-family homes in June, the year-to-date average price of
$474,845 was down only 1% from the average for 2009. And, the
median price of $385,000 equaled the figure for 2009. Earlier in
the year, annual price declines were averaging 11% to 13%. This
shows that we have hit bottom. But, the slowing contract pace in
June is alarming and we will have to see how firm demand is.
Condominiums and Cooperatives
Relatively speaking, condominium and cooperative sales delivered
a more impressive first half than did single-family homes. Through
June, settlements (1,187) jumped by almost 50% and contracts
(1,464) rose 37% above the first half of 2009. And, even for the
month of June settlements (247) were 37% above the levels of a
year ago while June contracts (260) moved up by 15%. With all
of the sales activity it is not surprising that the condo/coop listing
inventory has slipped a bit from a year ago. Total actives (982)
declined 2.4%, although new inventory (382) jumped 19% over
the pace of last June. At the contracts rate, total actives equated
to a 3.8 months supply, considerably under the “normal” 6-month
benchmark.
Similar to the single-family market, price declines have definitely
flattened out. So far this year, a condo/coop unit in Montgomery
County averages $250,474, with the median cost at $210,000. These
price measures were down only 1% from levels in 2009. From 2008
to 2009, condo/coop average and median prices dropped 19% and
18%, respectively. As with single-family homes, we probably are in
the vicinity of the price bottom. Single-family prices are clearly at
bottom, but there are some concerns that demand could be slipping
further. Clearly, the Senate needs to pass the extension of the closing
period for the homebuyer program to September.
The Economy Is Only Slowly Improving
The general recession is over, but the economy is growing at slow
pace. However, it also appears that the possibility of a double-dip
recession is very low. In 2009, the overall economy shrunk (in
price adjusted terms) by 2.4% from 2008. Nevertheless, the 2009
fourth quarter real GDP grew at an astonishing 5.6% rate, and
significantly above the third quarter figure of 2.2%. However, most
of that increase was devoted to replenishing inventories. We now
have a final estimate for the first quarter of 2010 and the number is
disappointing. The revised figure is 2.7%, a significant slow-down
from growth at the end of 2009. Now, most analysts think the U.S.
will grow about 2% to 2.5% in 2010, considerably slower than we
did coming out of previous recessions.
The worst news is that, with the national unemployment rate
staying in the 9.5% range, we still feel like we are in a recession.
Although June added 83,000 private sector jobs, it is far too few; so
far, we essentially have a jobless recovery. Furthermore, the monthby-month data are still ambiguous as to whether consumers will
be able to carry the economy. Spending and income are up but
consumers’ saving rates are up as well. Recent consumer confidence
and attitudes have been more positive, but a lot of consumers are
finding that their credit is being taken away. Small businesses are
having a hard time getting loans. Many banks are just taking the
easy road and borrowing from the Fed at less than half of a percent,
and the lending to the Treasury at about 3.5%. Clearly, the Obama
government will be trying some more expansive policies after the
fall election.
Big corporations are sitting on almost $2 trillion in cash, but they
are waiting to figure out what the “next big thing” is. Is it advanced
technology, alternative energy, or what? Will we get increased
investment to help provide jobs and drive the economy? Some
additional stimulus to push small businesses to hire is needed. Small
and mid-size companies generate most new jobs. Big companies
have out-sourced to Asia and/or substituted technology for many
jobs. And, most of those jobs will never return.
Local Jobs and Unemployment
Overall, the Montgomery County economy is doing much better
than the state and better than the rest of the country. In May, the most
recent period for which data is available, the Montgomery County
unemployment rate was 5.3%, similar to its level in May 2009. This
figure compares favorably with the 7.2% rate for Maryland overall
and 10.4% in the District of Columbia. For the same period, the
national rate was 9.5% and it was over 10% at the end of 2009.
Across the Potomac in Virginia, Fairfax County logged 5.0%, with
Loudoun at 4.9%, and Arlington at 4.3%. Virginia registered a
7.1% rate overall.
continued on page 10
DC Market Report
By Fred Kendrick
Fred Kendrick
The DC Big Picture
A strong spring market fueled by the
expiration of the Federal Homebuyer
Tax Credit boosted combined yearto-date sales of single-family homes,
condominiums and cooperatives to a
36% increase over 2009 at the end of the
second quarter. Sales fell sharply in May,
as buyers interested only in the tax credit
left the market, but recovered in June as
inventories fell and buyers cautiously
reentered the process.
While the up-and-down nature of the
second quarter is cause for concern, there are reasons for optimism
in the summer and fall markets. The inventory of available homes
and units began its typical seasonal decline, falling 3% from May
to June and is now 7% below June of last year. After Labor Day
inventories can start to build rapidly, and it is important to end
the summer at a low enough level that the September increase
is manageable in the fall market. Currently, with 3.9 months of
combined inventory we are outperforming the most recent national
number of 8.3 months, and are statistically closer to a buyer’s
market than to market equilibrium or a seller’s market.
Prices are down slightly for single-family homes and up slightly for
condos and co-ops. This actually is the opposite of what is happening
in the market, with home sales and effective inventories in better
shape for homes than for condos/co-ops. The slowdown in May
probably delayed an expected increase in prices perhaps to 2011, but
some neighborhoods are already starting to see prices move up a bit
– certainly not to 2005 levels – but up from 2009 prices.
2010Q3
Single-Family HOMES
Sales of single-family homes rebounded slightly in June from a slower
than expected May. Pending sales in June were up 4% from May, and
while the totals were only slightly ahead of June of last year (less than
1%) this was still the best June for single-family sales in five years.
For the month, the best performing price ranges compared to June
of 2009 were homes between $500,000 and $600,000 (up 48%) and
homes between $1.25 million and $1.5 million.
At the end of the second quarter of 2010, sales of single-family
homes were 38% ahead last year with the highest second quarter
total since 2005. Year-to-date settlements were up 61% for homes
priced under $300,000. Sales of homes priced between $400,000
and $500,000 were up by 50% and homes over $1.25 million were
up 44%. All price categories showed gains over 2009.
The inventory of available homes fell 2% from May to June, even
while the number of new listings increased by 16% over June of
last year. This is the first time the end-of-month inventory fell
since February, and it usually drops further in July and August,
as fewer homeowners brave what is thought to be (sometimes
incorrectly) a slower summer market. With low inventories in
certain neighborhoods, sellers sometimes miss more attractive
opportunities in summer months by waiting to list in a more
competitive fall market.
With a decline in inventory and increase in sales, the effective
inventory fell slightly to 3.31 months, an indication of the strength
of the single-family market in the District. Homes between $600,000
and $900,000 have an even lower number of 1.92 months, with
buyers in this price range often competing for well-priced properties.
At the end of the second quarter, average single-family home prices
were down 2%. Median prices were down by 4%. With a 38%
REALTOR® Fest 2010, continued from page 1
Sign up at www.gcaar.com to take advantage of the early bird registration
discounts!
Back by popular demand - a tradeshow featuring the latest products and
services from exhibitors designed to give you the essential tools you need.
This year’s location – the Bethesda North Marriott and Conference Center is easily accessible by public transportation with free parking compliments of
Counselors Title.
Want to know why you should be there?
Here’s what past attendees have said:
“GCAAR’s Summit has something new every year. With more classes and
tradeshow vendors, I’m looking forward to this year’s REALTOR® Fest!”
- Steve Bennetts, GCAAR Board Member
“I’ve been an affiliate member of WDCAR/GCAAR for more than two
decades and have never missed the (old) REALTOR® Fair, a/k/a GCAAR
Summit. One thing that never changes is the fabulous opportunity we all have
to network with other real estate professionals in our area, to develop new
contacts, and to attend many new and different educational seminars. This is
a fabulous opportunity to leave your stressful daily routine behind and come
out for a day full of CE credits, learning, networking, and socializing!”
- Sara Demb, Capitol Title, GCAAR Affiliate
This is an event you don’t want to miss! See you on October 4!
Thanks to our exhibitors!
(as of August 3)
Underwriters
Embrace Home Loans, MRIS
Green Bag
Embrace Home Loans, Stewart Title Group
General Plus
Wells Fargo Home Mortgage
General
Acer Title & Escrow LLC, Capitol Title, RGS Title
Edible
Federal Title & Escrow Company
The Lee Smith Lending Group
Parking
Counselors Title, LLC
9
10
2010Q3
Montgomery County Market Report,
national debt are trivial, compared to the economic loss of jobs and
productivity.
Consumer Prices and Energy Costs
In general, inflation is low and it is not likely to force monetary policy
to change in the near term. The May Consumer Price Index (all
urban consumers) was up only 2% from the year before and declined
0.2% from its April level, following a 0.1% decline from the March
figure. So, we have only modest annualized inflation and the index
has been dropping the last couple of months. Furthermore, when
we exclude food and energy, prices were up only 0.9% (just under
1%) over the last year. Among the various components: food prices
decreased 0.7%; housing shelter declined 0.7%; and apparel prices
declined 0.6%. However, energy commodities rose 27% with energy
services rising 1.1%, electricity up 0.7%, and natural gas up 2.3%.
Medical care services rose 3.7% with medical care commodities up
3.5% from a year ago.
There is very little risk of inflation, indeed price indexes have been
the range of 1% to 2% inflation for the past year, and some months
have shown actual deflation. With financial trouble in Europe and
low prices on Asian imports, the major forces in the economy are on
the side of low inflation or deflation. Indeed, investors are buying up
U.S. bonds and mortgage securities; if they are so afraid of inflation,
they should be dumping dollar-denominated securities.
The Fed and Mortgage Rates
The Fed continues to signal that it will keep short-term interest rates
near zero for the foreseeable future. But it is winding down its mortgage
security purchase programs. Over the past year, low mortgage rates
have been generated by these purchases. However, economic growth
is expected to be slow (about 2% to 2.5%) and national housing
demand will still be weak. The Fed could conceivably continue some
mortgage security purchases, possibly for new issue MBSs.
Freddie Mac’s most recent survey of national mortgage lending
showed rates on traditional fixed rate loans have dropped significantly
below the 5% mark. They are hitting all-time lows. The 30-year rate
was 4.57%, down from 5.2% in April. And, they are down on other
mortgage types as well. For 1-year adjustable mortgages (ARMs),
the rates averaged 3.75%, down from 4.05% in early April. Now,
fifteen-year loans are averaging around 4.07% and 5/1-yr. ARMs are
extremely affordable at 3.75%.
The Fed will keep interest rates low through the rest of the year to
avoid a double-dip and to assist the manufacturing and housing
sectors. Although it has been cutting back on purchases of mortgagebacked securities, private market investors have jumped in to get
higher yields and out of fear of the volatility in the stock market.
Furthermore, with financial difficulties in the Eurozone, especially
with Greece, Spain, Portugal, there has been an international flight to
the safety of U.S. bonds. This is keeping Treasury yields and mortgage
rates lower. As far as the stock market is concerned, the last bull-run
is over and the stock market will be jittery for the rest of the year.
Also, this year has seen a record number of bankruptcies so far. Many
smaller, local banks are the primary lenders for local commercial real
estate and the recession has really hurt retail.
The good news is that the original recipients of the Troubled Asset
Relief Fund (TARP) are paying back the taxpayers’ money with
interest. Nevertheless, we are just barely out of this recession and it
still will be a while before the economy is showing strong balanced
growth -- possibly, as long as two to three years.
The Bottom Line
Although our local housing market is improving, the national housing
market is still weak, with some metropolitan areas experiencing doubledips in prices. Nationally, prices seem to have flattened, but they could
still fall again if the economic situation and foreclosures worsen. The
overall economy is still fragile, although it is out of the recession and
the odds are still that there will not be a double-dip. The government
should consider another stimulus package as well as pass an extension of
unemployment support. The long-term additions to the deficit and
The County’s unit sales have been rising and prices seem to have
bottomed out. However, June saw a slowing of the contracts pace.
Hopefully, it is a brief respite or early summer lull. It will take a while
before the housing market shows strong growth. And, it will take a few
more years to get rid of the foreclosed residential real estate inventory,
so there will be continued pressure on prices in most markets. With
residential foreclosures continuing -- many as strategic economic
decisions -- there will be many future buyers with impaired credit. It
will be a while before we see strong upward moves in housing sales,
starts, or prices. The next big housing boom is a long ways away.
DC Market Report,
year-to-date increase in sales over 2009, it might be surprising to see
prices fail to keep up with the market’s recovery, but the last market
rebound that occurred in the mid-1990s also saw price increases trail
a bump in sales by more than a year.
Condominiums and Cooperatives
The condo/co-op market has been on a roller coaster ride since April
sales, fueled by the expiration of the Federal Tax Credit, reached a
three-year high. After a 54% tumble in May as buyers reassessed their
position, June rebounded with a 41% increase in pending sales. Even
with this surge in sales, June failed to reach last year’s totals, falling
short by 21%. Compared to June of 2009, the $600,000 to $800,000
price range saw an increase of 58% and units under $150,000 a jump
of 125%. All other price categories under $900,000 saw a drop in
pending sales.
Despite lower sales over the last two months, the end of the second
quarter still found sales 11% ahead of the same point last year. Units
under $150,000 were up by 78%, units between $900,000 and $1
million up by 40%, and units between $1.25 million and $1.5 million
up 50%.
The number of available units fell 3% from May and was essentially
even with the end of the second quarter in 2009. This was the first
decline in condo/co-op inventory since December. The number of
new listings did increase by 13% over June of last year; but with units
coming off the market for the summer, there were still enough sales to
bring the inventory down slightly.
At the end of June, there was 4.77 months of condo/co-op inventory.
With the swing in sales totals over the last three months, the effective
inventory has also varied widely as well -- from the low for the year
of 3.13 months in April to the high of 6.96 months reached the next
month in May. June’s 4.77 months is higher than the 3.77 months of
a year ago, but lower than the 2009 year-end number of 6.26 months.
Units between $400,000 and $600,000 have an effective inventory of
just over 3 months, while units over $1 million are at 8.67 months.
Average condominium and cooperative prices are up by 1% over
2009 year-end, while median prices are up 3%. The flux in the condo
market since April is a cause of concern, but with prices holding firm
and inventories falling, the prospects for a good summer market are
bright.
2010Q3
T e c h n o lo g y
Keep Your Connections Working with the TechHelpline
By Prabhjit Singh, GRI, SRES, SFR, GREEN, ABR
At Home with Diversity from Real Estate Empower, Inc.
Is your computer working slowly? Not sure what is wrong with it?
Don’t worry, the technology helpline is here to help! Have a cell phone that you aren’t quite
sure how it is supposed to work? Don’t worry, the technology helpline is here to help! Are
you trying to print labels for farming an area, but it won’t print right for you? Don’t worry,
the technology helpline is here to help! Are you trying to install a new printer, but it won’t
print? Don’t worry, the technology helpline is here to help! The technology helpline is open seven days a week! The DC helpline number is
1.866.829.1436 and the MD helpline number is 1.866.638.4411.
You must be wondering how much this very beneficial service will cost you. It will cost you nothing! You already paid for the helpline
with your annual dues; you just DID NOT KNOW you did! The technology help line is AMAZING! Yes AMAZING!! They will sit on the
phone until your issue is FIXED! They will even, with your permission, take over your computer through the internet and FIX your issue
themselves! You just sit back and watch them do their magic!!! So what are you waiting for? Save the number in your cell phone and call
them when you need them!
DC helpline: 1.866.829.1436
•
MD helpline: 1.866.638.4411
Online Education Now
Approved in DC and Maryland
GCAAR is now offering online education courses in both DC and
Maryland! Classes can be found at www.gcaar.com > Classes/
Events, then choose Online Education MD/DC from the drop down
list. Once on the page, you will find the online links. Before clicking
on the links, it is important to read the Online Course Policy which
includes:
•
•
•
•
•
•
•
Course Time Limits
Exams
Student Affidavit Information
Certificate of Completion
Refunds
Instruction Contact Information
System Requirements
Maryland REALTORS® will be able to get all 15 required and elective
hours needed to fulfill their license renewal. REALTORS® in the District of Columbia will be able to get up to 6 hours of elective credits
only towards their license renewal.
The courses are offered through Dearborn, a primary online education provider. The site is easy to use and technical support is readily
available. GCAAR staff and online instructors are also available to
answer any questions you may have. Our online courses are just one
more example of how GCAAR is finding ways to better serve our
members. For more information, contact the GCAAR Education
Department at: [email protected].
Capital Area Realtors
Need a car loan?
Federal Credit Union
“Look what
our competition
is doing”
5 year
Fees New Car Rate
Capital Area Realtors FCU -0Wachovia Bank
Sun Trust Bank
BB&T Bank
4 year
Used Car Rate
3.99%
4.30%
4.60%
5.40%
$50 8.49%
10.24%
9.24%-13.74%
$50
- 11.99% 9.74%
- 13.99%
$50
4.49%-15.34%
5.21%-10.56%
$50 4.85% - 15.85% 5.35% - 11.05%
8.49%
9.49%
$$50
0
5.99%
7.64%
All rates
All
rates good
good as
asof
of7/21/10
1-8-10 on
on bankrate.com
bankrate.com
NOW!
l
l
a
C
[email protected]
Phone: 240-314-0734
CAPITAL AREA REALTORS
FEDERAL CREDIT UNION
105-A W. Edmonston Drive • Rockville, Maryland 20852
11
12
2010Q3
GCAAR’s Green Task Force
Realtors® Are Going “Green”
Over the past few months, GCAAR has
been transforming itself to better incorporate environmentally
friendly practices into not only real estate, but into business
as well. As a result, GCAAR’s Green Task Force has been
resurrected and is ready to paint the town green! You can
check out the new online home of GCAAR’s Green Task Force
at www.gcaar.com > Resources > Green Tools & Resources.
There, you will be able to find resources and guides about
environmentally conscious practices for your business, clients,
and community as a whole. The website will follow the activities
of the Green Task Force in your communities and keep you up
to speed on the latest green news and legislation.
Be sure to keep a lookout for valuable tools, such as our revised
green glossary and eco-friendly websites on the page as well.
Realtors® are in one of the best positions to help maintain
our environment and educate our neighbors. With the help of
the Green Taskforce, we can all learn how going green will lead
to a more vibrant future.
Leadership in Energy and Environmental Design.
Currently the most definitive certification granted
by the United States Green Building Council. LEED
Certification is based on several categories such as site
sustainability, energy, materials, and indoor air quality.
Buildings are divided into four certifications, basic, silver,
gold and platinum.
“Leed”ers in Our Community
Feature in Silver Spring, MD (Information contributed by
Catalina Schrader [email protected] and
Kim Godley [email protected])
©Dan Cunningham, Arlington, VA
Green Task Force Gets a Lesson in “Rainscaping”
On Wednesday, May 26, GCAAR’s office received a visit from
two speakers to discuss the harmful effects of stormwater and
how homeowners can protect their homes. Ryan Zerbe of the
Montgomery County Department of Environmental Protection
and Jenny Guillaume of DC’s Department of the Environment
shared with the Taskforce smart and innovative solutions, such
as rainbarrels and rainscapes, that all reduce the harmful effects
of stormwater in your own backyard.
LEED (definition contributed by MJ Milton, Associate Broker, EcoBroker©)
7981 Eastern Avenue, Silver Spring, Maryland
Every day, buildings in the Greater Capital Area are taking steps
towards going green. As a new feature in our Green section
of Capital Area Realtor®, GCAAR’s Green Task Force will
feature a “LEED”er in our community—a building that has
achieved commendable LEED certifications. This month’s
feature is 7981 Eastern Avenue in Silver Spring, Maryland.
Courtesy of DC Department of the Environment
A typical rainscape conserves water and can help beautify your yard.
In Washington, DC, for example, Riversmart Homes is a
District-wide program that incentivizes private property owners
interested in reducing stormwater runoff from their homes.
Homeowners can apply for grants of up to $1,200 for landscape
enhancements such as rain barrels, shade trees and bayscaping.
Not only are the enhancements beautiful, but they save
thousands of dollars in costs such as utilities and maintenance.
For more information, you can access the DC Department of
Environment’s website at http://ddoe.dc.gov/ddoe or access the
RiverSmart Homes presentation at http://gcaar.com/Resources.
7981 Eastern Avenue serves as a perfect example of integrated
green living for more than 100 residents. This building, at the
‘gateway’ between DC and its close-in suburb to the north,
Silver Spring, combined enough requirements established by
LEED in five categories to qualify for a Silver Certification:
Sustainable Sites, Water Efficiency, Energy & Atmosphere,
Materials & Resources, and Indoor Environmental Quality.
Once an office building, 7981 Eastern Avenue became obsolete
and sat vacant for more than a decade before being rescued by
green forces in 2003. Endowed with an ideal location, it now
allows residents to forego their cars and use the Metro, bus
routes, or bicycle paths to do everything a daily life requires.
This enviable list of green attributes in a residential building is
of course not a chance occurrence, but the result of integrating
long range holistic green design, from planning stage to
execution. It serves as proof positive that residential applications
and ‘green’ technologies can be married and achieve practical
and mutually beneficial lives together.
2010Q3
GCAAR Member and Vet Serves as
Catalyst for Walter Reed Society
What does a retired Army veteran do with his
spare time? Fish? Golf? Sell homes?
How about collect over $3 million from donations to help military
personnel and families at the Walter Reed Army Medical Center
(“WRAMC”) in Washington, DC. Fred Brand of Premiere Properties
in Germantown, Maryland is Vice President for Development of
the Walter Reed Society, Inc. (“WRS”) Brand was one of six retired
veterans who served tours at WRAMC and founded WRS in 1996. Their
purpose: Find out how they could devise a way to help support the
treatment, research, and teaching mission of WRAMC and support the
command and its people.
The Walter Reed Society is located in the Pershing Suite at WRAMC.
WRS started out with a modest budget of $25-30,000. Approximately
one third of all donations come from membership dues; the remaining
donations come from contributions and sales of memorabilia. For the
first eight years, WRS provided assistance to soldiers on this smaller
scale, until it received the largest donation in its history. In 2004,
General Dynamics (a defense industry contractor) gave a whopping
$100,000 donation to WRS, designating the funds to Wounded Warriors
and family members. Wow!
According to COL Brand, this large donation spearheaded the
formation of the WRS Operation Iraqi Freedom/Operation Enduring
Freedom (OIF/OEF) Family Support Fund, which assists Wounded
Warriors and their families with unexpected financial needs or
equipment and services relative to their care. To date, the OIF/OEF
Family Support Fund has provided more than $1.6 million of assistance
to Wounded Warriors and their family members.
“Support the Soldier.”
WRS also networks with other
organizations, such as local
American Legion and Veterans
of Foreign Wars Posts, to provide
services to the military personnel.
For example, if one decides to
host a fishing trip, WRS will help
fund the trip. Or, in one case, a
restaurant owner decided he wanted
to provide a free steak dinner to
wounded warriors and spouses.
COL Fred Brand
Families wanted to attend, but had
Premiere Properties, Germantown, MD
no transportation to get there. WRS
rents a bus to transport the families
to and from the restaurant weekly. This is what WRS does – help build a
quality of life for American soldiers.
One can sit with COL Brand for hours, as he shares amazing stories
about how people have been blessed by the generous giving of
contributions to WRS. He not only enjoys what he does, he loves what
he does. COL Brand is 100% committed to serving others and realizing
the dreams of American soldiers and their families. GCAAR Cares is
honored to have as one of its own members, a veteran, so devoted to
the care of others in and around
the community. Thank you,
COL Brand, for being a fine
example for our military and our
REALTORS®.
Grants have been used for rent/mortgage payments, car repairs, funeral
expenses for family members, childcare, and morale-related activities
at WRAMC. WRS does more than support a soldier who needs to
get settled in a new city or who may fall on hard times. WRS believes
in offering a quality of life to those whom they serve. Their mantra?
To learn more about the Walter
Reed Society, Inc. or to donate,
please go to walterreedsociety.org.
Membership is open to all.
GCAAR Attends Fundraising Breakfast for Homeless Nonprofit
Community Council for the Homeless at Friendship Place (“Friendship Place”) drew
a crowd of over 400 people at their May 20 fundraising breakfast at the Washington
Hebrew Congregation in DC. This is the second event hosted by Friendship Place in
2010 where GCAAR was named a Champion Business Sponsor. Friendship Place is the
recipient of a 2009 GCAAR Cares grant that was used to purchase furniture for housing
provided for formerly homeless men and women. Thank you GCAAR Cares for caring
about the homeless in our community.
Bright Beginnings Receives Rubber Wood Chips for
Playground
2009 grant recipient Bright Beginnings helps homeless families address
personal crises, secure employment, and find stable/permanent housing.
Their program also provides free full-time, year-round childcare for preschool-aged children for families in need.
The 2009 GCAAR Cares grant was used to purchase rubber wood for the playground at the facility in Washington,
DC. Bright Beginnings thanks GCAAR Cares for your generous support.
13
14
2010Q3
E d u c a t io n & E v e n t S c h e d u l e
Unless otherwise noted, all classes listed will be held at the GCAAR Conference Center, 8757 Georgia Ave., Suite 600, Silver Spring, MD
August 11, 2010
August 25, 2010
*GCAAR Rockville Location*
Lunch and Learn – FREE Contract Class (Bring your own lunch)
Seminar: 1:00 p.m. - 2:00 p.m.
CEUs: No CE
Instructor: Jill Pogach-Michaels Esq.
203K
CEUs: 3 hours DC and MD elective
Instructor: Everett Sands
Time: 1:30 p.m. – 4:30 p.m.
Contract Basics
CEUs: 3 hours MD elective and DC (elective)
Instructor: Greg Flynn Esq.
Time: 1:30 p.m. - 4:30 p.m.
August 13, 2010
MD Legal Update - Agency Disclosure and Maryland Residential
Property Disclosure/Disclaimer Act
CEUs: 3 hours MD required and DC elective
Instructor: Al Monshower, Esq.
Time: 9:30 a.m. - 12:30.p.m.
MD Fair Housing Update - Requirement
CEUs: 1.5 hours MD required and DC elective
Time: 1:30 p.m. - 3:00 p.m.
MD Legal Update - Material and Confidential Facts
CEUs: 1.5 hours MD and DC elective
Time: 3:15 p.m. - 4:45 p.m.
August 18, 2010
Maryland Codes of Ethics and Predatory Lending - 3 hours and
New Member Orientation
CEUs: 3 hours MD required, 3 hours DC elective
Time: 9:30 a.m. - 12:30 p.m.
NMO – 1:30 p.m. – 3:00 p.m. (mandatory for new members)
Lunch and Learn – FREE Contract Class
Seminar: 1:00 p.m. - 2:00 p.m.
CEUs: No CE
August 19, 2010
Environmental Issues
CEUs: 3 hours DC, MD
Instructor: Vimal Kapoor
Time: 9:30 a.m. – 12:30 p.m.
Short Sales
CEUs: 3 hours DC, MD and VA elective
Time: 5:00 p.m. – 8:00 p.m.
August 26, 2010
DC Legislative Update and Landlord/Tenant Rights
CEUs: 3 hours DC required
Instructor: Prabhjit Singh
Time: 9:30 a.m. - 12:30 p.m.
Financing Issues Update
Time: 1:30 p.m. – 4:30 p.m.
September 1, 2010
*GCCAR Rockville Location*
Seminar: 1:00 p.m. - 2:00 p.m.
CEUs: No CE
Working with Buyers
CEUs: 3 hours DC, MD and Pending in VA
Speaker: Thom Brockett
Time: 9:30 a.m. - 12:30 p.m.
Time Management
CEUs: 1.5 hours DC and Pending in VA
Speaker: Thom Brockett
Time: 1:30 p.m. - 4:30 p.m.
September 2, 2010
CRS 111 Short Sales and Foreclosures – Protecting Your Clients’
Interests
Seminar: 8:30 a.m. - 3:30 p.m.
CEUs: Pending – DC, MD, VA
Instructor: Gee Dunsten
September 13, 2010
Instructor: Jim Semeyn
Time: 1:30 p.m. – 4:30 p.m.
Going Green
Time: 1:30 p.m. – 4:30 p.m.
Going Green
Time: 9:30 a.m. – 12:30 p.m.
August 20, 2010
September 15, 2010
Foreclosures
Time: 1:30 p.m. – 4:30 p.m.
Maryland Codes of Ethics and Predatory Lending - New Member
Orientation
CEUs: 3 hours MD required and 3 hours DC elective
Instructor: Thomas Lynch
Time: 9:30 a.m. - 12:30 p.m.
NMO –1:30 p.m. – 3:00 p.m. (mandatory for new members)
Credit Scoring
CEUs: 3 hours MD and DC and 1 hour VA elective
Time: 5:00 p.m. - 8:00 p.m.
Seminar: 1:00 p.m. - 2:00 p.m.
CEUs: No CE
September 16, 2010
October 7, 2010
Contract Basics
Time: 9:30 a.m. - 12:30 p.m.
Montgomery County Legislative Update
CEUs: This class will also satisfy the 3 hours MD required
Legislative course and DC elective
Instructor: Meredith Weisel, Esq.
Time: 9:30.a.m. - 12:30 p.m.
September 20, 2010
Credit Scoring
Time: 1:30 p.m. - 4:30 p.m.
Foreclosures
Time: 5:00 p.m. - 8:00 p.m.
Short Sales
CEUs: 3 elective hours in MD, DC and VA
Speaker: Jill Pogach-Michaels Esq.
Seminar: 9:00 a.m. - 12:00 p.m.
September 22, 2010
Seminar: 1:00 p.m. - 2:00 p.m.
CEUs: No CE
September 23, 2010
Montgomery County Legislative Update
CEUs: This class will also satisfy the 3 hour MD required
Legislative course and DC elective
Instructor: Meredith Weisel, Esq.
Time: 9:30.a.m. - 12:30 p.m.
September 24
Time: 9:30 a.m. - 12:30.p.m.
MD Fair Housing Update - Requirement Fair Housing Advertising
Time: 1:30 p.m. - 3:00 p.m.
Time: 3:15 p.m. - 4:45 p.m.
September 27, 2010
DC Fair Housing and Predatory Lending
Time: 9:30 a.m. - 12:30 p.m.
DC Legislative Update and Landlord/Tenant Rights
Time: 1:30 p.m. - 4:30 p.m.
September 28-30, 2010
Green Designation Course
(Visit www.gcaar.com for more information)
October 4, 2010
REALTOR® Fest
*North Bethesda Marriott Hotel and Conference Center*
CEUs: 9 hours of CE Education for DC and MD required and
electives
Instructor: Various instructors
Location: 5701 Marinelli Rd, Rockville, MD 20852
Time: 8:30 a.m. - 10:00 p.m.
2010Q3
Contract Basics
Time: 1:30 p.m. - 4:30 p.m.
October 18, 2010
Contract Basics
Time: 9:30 a.m. - 12:30 p.m.
October 20, 2010
Maryland Codes of Ethics and Predatory Lending and
New Member Orientation
CEUs: 3 hours MD required and 3 hours DC elective
Time: 9:30 a.m. - 12:30 p.m.
NMO – 1:30 p.m. – 3:00 p.m. (mandatory for new members)
October 21, 2010
Environmental Issues
CEUs: 3 hours DC, MD elective
Time: 9:30 a.m. – 12:30 p.m.
E-Pro
1 p.m. – 2:30 p.m.
203K
CEUs: 3 hours DC and MD elective
Time: 3:30 p.m. – 6:30 p.m.
October 22, 2010
Time: 9:30 a.m. - 12:30.p.m.
MD Fair Housing Update - Requirement Fair Housing Advertising
Time: 1:30 p.m. - 3:00 p.m.
Time: 3:15 p.m. - 4:45 p.m.
October 27, 2010
Instructor: Jim Semeyn
Time: 9:30 a.m. - 12:30 p.m.
DC Fair Housing and Predatory Lending
Time: 1:30 p.m. - 4:30 p.m.
15
16
2010Q3
P u b l ic P o l ic y
Maryland Public Policy
Update
County Executive’s office. On June 28, 2010, GCAAR announced its
endorsements for those races. Please read the press release for more
details:
http://mygcaar.com/images/uploads/GCAAR/2010/
PressRelease2010MontgomeryCoEndorsements.pdf
Maryland Real Estate
Commission Legislation Takes
Effect October 1
Francoise Carrier Named New Chair of Montgomery
County Planning Board
The Maryland General Assembly passed two proposals sponsored
by the Maryland Real Estate Commission that will go into effect on
October 1, 2010.
Teams and Groups
The Teams and Groups legislation may require some teams and groups
to modify signs, business cards or other advertising materials. The
new law mandates that real estate teams use names connected to their
affiliated brokerage that must not suggest the team is a free standing
brokerage. Advertisements for the team must include the name of
the brokerage, the name of at least one licensed team member and a
telephone number of the broker or branch office manager.
For more detailed information visit www.gcaar.com.
Agency & Broker Supervision Added to CE Requirements
Additionally, legislation was passed requiring all real estate licensees
to take a three-hour continuing education course in agency principles
and disclosures under category A of the fifteen hours of education
required for license renewal. The requirement will be effective with
licenses renewed starting January 2012.
Brokers, branch office managers and team leaders must also complete
a three-hour course on the requirements of broker supervision.
Both the agency and broker supervision course requirements must
be fulfilled before license renewal in 2012 or 2013, and then once
every four years thereafter. The Commission plans to design standard
agency and broker supervision courses that will meet the new
requirement.
The Commission has appointed a workgroup to design the two
classes. Courses will be available a least six months prior to the
January 2012 implementation date.
2010 Maryland Legislative Session
The 2010 Maryland General Assembly session began on Wednesday,
January 13 and ended on Monday, April 12. MAR’s legislative
committee reviewed bills on a weekly basis. For the most up to date
information on what bills have been signed and will be signed, please
visit www.mdrealtor.org and click on government affairs.
http://www.mdrealtor.org/GovernmentAffairs/
GovernmentAffairsNews/tabid/239/articleType/ArticleView/
articleId/308/Default.aspx
MC Public Policy Update
2010 Elections
Throughout the months of April, May and June, the GCAAR
public policy committee, RPAC committee and board members
interviewed candidates for the Montgomery County Council and
On May 18, 2010, the Montgomery County Council voted
unanimously to name Francoise Carrier of Rockville to a four-year
term as the new chair of the Montgomery County Planning Board.
She will fill the seat of Royce Hanson, whose term will expire on June
14. Dr. Hanson did not apply for reappointment.
http://www.montgomerycountymd.gov/Apps/Council/PressRelease/
PR_details.asp?PrID=6608
Montgomery County Council Approves $4.3 Billion Total
Operating Budget for FY11
2010 On May 27, 2010, the Montgomery County Council approved
a $4.3 billion total County operating budget for Fiscal Year 2011,
which begins July 1. The budget is 4.5 percent less than the approved
budget for FY10, marking the first decrease in a total budget since the
adoption of the current County Charter in 1968.
Montgomery County Council Approves ‘Great Seneca
Science Corridor’ Master Plan
On May 4, 2010, the Montgomery County Council voted
unanimously to approve the “Great Seneca Science Corridor” Master
Plan. The long-term plan—formerly known as the Gaithersburg
West Master Plan—will allow the area near Shady Grove Road and
Darnestown Road to develop into one of the nation’s premier areas
for scientific research and development.
Expedited Bill 14-10, Recordation Tax -Allocation of Revenue
Expedited Bill 14-10, Recordation Tax -Allocation of Revenue,
sponsored by the Council President at the request of the County
Executive, was introduced on March 23, 2010. A public hearing was
held on May 4 at 1:30 p.m. Bill 14-10 would suspend for the next 2
fiscal years the current requirement that portions of the recordation
tax be allocated to the cost of County Government capital projects
and rental assistance programs for low and moderate income
households. Days prior to the hearing an amendment was introduced
to also take the funds from the portion that is dedicated for MCPS
capital improvements and Montgomery College educational
technology as well.
http://www.montgomerycountymd.gov/content/council/pdf/agenda/
col/2010/100504/20100504_16.pdf
GCAAR President Shelly Murray testified before the county council
in opposition to the legislation and expressed concerns about what
would happen to any of the projects the money was intended to go
towards. She once again urged the council and county executive
to look for more broad based taxes and fees instead of relying on
real estate taxes. The council ultimately approved the legislation
unanimously but amended it so that the diversion of funds only goes
through 2011 not 2012.
DC Update
Class 1 Residential $0.85 per $100 of assessed value (currently)
District Budget Debate
Class 2 Commercial $1.85 per $100 of assessed value (currently)
Vacant Property
EXEMPTIONS for Sale, Rent, and
Development & New $5 Vacant
Property Tax Class
The Mayor’s proposed graduated fee system for vacant property with no
exemptions was amended. What has taken its place is a proposal created
by Councilmember Muriel Bowser and Councilmember Jack Evans.
Under the Bowser-Evans proposal, a property owner would still be
required to register their vacant building, (“Vacant building”, is being
redefined at D.C. Official Code § 42-3131.05(5)), but would allow for
a number of exemptions from the vacant property registration fee of
$250.
The exemptions, among others, include: a one-year exemption if
you are actively listing a property for sale or for rent (two years for
commercial properties); property undergoing active construction
or undergoing active rehabilitation, renovation, or repair; property
subject to pending application for a necessary approval for
development before the various DC Boards and agencies; property
subject to probate proceedings.
However, if the property does not qualify for an exemption, the
property will have to pay the $250 registration fee AND be subject
to a newly created – VACANT PROPERTY TAX RATE of $5/$100 of
assessed value.
This proposal will create 4 property tax class rates in the District:
2010Q3
Class 3 VACANT
$5.00 per $100 of assessed value (PROPOSED for this October 1,
2010)
Class 4 Blighted $10.00 per $100 of assessed value (currently)
Over $2.5 million dollars is expected to be generated from this
new VACANT PROPERTY RATE. Unfortunately, this money will
fund other programs not related to improving nuisance or blighted
properties.
Your association fought this issue throughout the budget process.
Besides the many phone calls and emails in response to the Calls to
Action, numerous members from all parts of the District testified
before four different council committees and still more members
attended office meetings with Councilmembers and the Council
Chairman.
We strongly advocated for five particular points:
1)Blighted properties cause the most damage to the community.
Blighted properties should be the District’s focus.
2)Code Violations, and more specifically repeated code violations,
lead to Blight (not vacant properties.)
3)We strongly oppose a VACANT PROPERTY TAX CLASS.
4)We strongly oppose a FOURTH PROPERTY TAX CLASS.
5)We strongly oppose the registration of merely vacant property.
GCAAR will continue to stay on top of this issue. On July 14
Councilmember Muriel Bowser is holding a Public Oversight
Roundtable on the Efficient Administration of the Vacant Property
Program, which GCAAR plans to participate in.
DC Real Estate Guarantee Fund Raided Again
Letters were sent to Council Members opposing Mayor Fenty’s
proposal to take more Real Estate Guarantee Fund income in fiscal
year 2010 and 2011. Unfortunately, no Councilmembers stepped up
to find money for stop this Mayoral budget proposal.
As soon as the Mayor’s budget was proposed, our attorneys filed a
motion to further comment on our legal position using this year’s
proposed budget to illustrate the District’s pattern of raiding this fund
appears to be on-going. The Court has again postponed their decision
until late summer.
HPAP (Home Purchase Assistance Program) Cut, but Only
Slightly
The Mayor’s proposed budget included a drop of $4 million in nonearmarked HPAP funding for fiscal year 2011.
A New Decade = New Opportunities!
A $2 million earmarked federal Neighborhood Stabilization Program
Grant and an additional $2 million dollar included in the Committee
on Housing and Workforce Development Committee report should
bring the final fiscal year 2011 HPAP budget closer to the fiscal year
2010 numbers. Thanks to the Council for finding additional money
for HPAP.
17
18
2010Q3
DC Update
Potential Taxes or “Revenue Enhancements” on the Horizon
We are already scanning the horizon in anticipation of the next budget
battle. Many “revenue enhancement” (read-tax) ideas were floated
during the budget debate. Some of the ideas floated were:
• Proposed millionaire’s tax (Councilmember Barry even suggested
raising taxes on individuals with incomes of $100,000)
• Proposed sales tax on services i.e. dog groomers, gym memberships.
We Have Not Yet Seen Or Heard Any Proposals, But Are Keeping A Close Eye On Any Potential Sales
Taxes On Real Estate Services, In Particular Taxes On Commissions
• Tax on sodas and other sugar drinks.
• Proposed tax on sports tickets
• Employee Furloughs
• Proposed commuter tax on District employees.
District Legislation
As of June 29, 2010, more than 880 bills and 1000 proposed resolutions
have been introduced since the beginning of Council Period which
began in January 2009. Below are other potentially relevant pieces of
legislation. If you have any question or interest in a particular piece of
legislation, please do not hesitate to contact Ed Krauze, Vice-President
of Public Policy – [email protected].
Legislation Passed or Soon to be Moving
B18-69, “Anti-Graffiti Act of 2009”
To establish a new process for graffiti abatement by property owners
and the Mayor, to provide that certain actions by a property owner will
be deemed to provide consent to permit the Mayor to abate graffiti,
and much more.
B18-179, “Tenant Opportunity to Purchase Preservation Clarification
Act of 2009”
Legislation to clarify that hand delivery or sending of first class mail
a tenant’s letter of interest preserves the tenant’s or tenant’s group
opportunity to purchase rights under the act, and that actual receipt
of the letter by the housing provider or the Mayor within the relevant
timeframe is not required.
B18-191, “Sidewalk Assurance Act of 2009”
To require the installation of sidewalks to ensure a safe and accessible
environment for pedestrians and persons with disabilities.
B18-250 “Senior Housing Modernization Grant Fund Act of 2009”.
To establish a Senior Citizens Housing Modernization Grant Fund
(“Fund”) and to authorize the Deputy Mayor for Economic Development to make grants from the Fund to qualified senior citizens who
reside in an area affected by a planned unit development (“PUD”) for
repairs and improvements to their single family dwellings.
B15-518, “Home Improvement and Age-In-Place Incentive Program”
Renamed – “Renovation Penalty Abatement Act of 2010”
To exclude Class 1 Property from the special assessment procedures
related to home improvement. The legislation is intended to allow
seniors, in particular, and homeowners, in general, to receive owneroccupant tax benefits, even after they have conducted significant home
improvements that may change their property assessment values.
B18-545, “Keep DC Working Act of 2009”
To establish partial unemployment compensation to reduce unemployment and stabilize the work force by allowing certain employees to
collect unemployment compensation benefits if the employees share
the work remaining after a reduction in the total number of hours of
work and a corresponding reduction in wages.
B18-598, “Tenant Organization Petition Standing Amendment Act of
2009”
To permit a tenant organization to have standing in any petition under
the act, or under the DC Housing Code, whether initiated by or against
the housing provider, where a member of the tenant organization has
provided the tenant organization with authorization for it to represent
that member in the proceeding governing said petition.
B18-723, “Withholding Tax Compliance Reform Act of 2010”.
To provide authority to override a taxpayer exemption certificate in
order to collect taxes in situations where there is a history of nonpayment of taxes through excessive withholding tax exemptions
B18-790, “Unified Economic Development and Budget Transparency
and Accountability Act”
To promote greater public disclosure and transparency regarding the
cost of District government use of economic development incentives;
to require the CFO to compile, print, and publish a Unified Economic
Development Budget Report every year, to require the Mayor to establish performance measures and goals to measure success of economic
development incentives; and to require the Mayor to draft an annual
strategic plan for the economic development activities of the Government of the District.
Movement on Legislation - Hearings Held or Scheduled
Bill 18-500, “District of Columbia Official Code Title 29 (Business Organizations) Enactment Act”
The legislation represents a comprehensive re-write and re-statement
of those DC Code Provisions regulating all forms of business organization through which for-profit and non-profit entities operate. The
expressed goal of the legislation is to help create a “Delaware on the
Potomac” that would attract more industries to incorporate and set up
their businesses in the District. There has already been great debate
if this model legislation has to be incorporated in full or in part. The
committee has been meeting with small groups of businesses to get
feedback on the proposed legislation.
B18-650, “District Resident Employment and Trade Stimulus Amendment Act of 2010”.
To amend the First Source Employment Act to stimulate employment
and trade education of District residents by requiring that District
government-assisted construction projects over $200,000 have in place
increased residency standards by skill level and trade, and that labor
agreements are in place to ensure that the project will be completed
and operated with full labor peace.
B18-691, “Saving D.C. Homes from Foreclosure Act of 2010”.
To require mortgage lenders and homeowners to engage in mediation
prior to foreclosure; to require mortgage lenders that proceed with
foreclosure to offer the house as a rental to the former homeowner at
a market rental rate subject to certain conditions; and to provide both
further administrative oversight of mortgage lenders, brokers and
agents and administrative assistance to homeowners facing foreclosure
as may be required.
B18-796, “Protecting Victims of Crime Amendment Act of 2010”
To amend the District of Columbia Human Rights Act of 1977 to
protect victims and family members of victims of domestic violence,
sexual abuse, and stalking against discrimination by employers. The
DC Chamber of Commerce has come out strongly against this bill, because of the potential liability and burden it could place on employers.
2010Q3
Thank You 2010 RPAC Contributors!
Golden “R” - $5000 or more
Capital Club - ($250 to $999)
GCAAR
Mary Antoun
Joseph Himali
Carole Maclure
Dale Ross
Sterling “R” - $1,000-$4,999
Waribo Adasi-Efuya
Ivan Brown
Douglas Carter
Bonnie Casper
Judy Cranford
Brian Donnellan
Carlos Garcia
Elizabeth Gray
William Highsmith
Linda Hughes
Harold Huggins
Adrian Hunnings
Fred Kendrick
Charles Llewellyn
Michael McGreevy
Obiora Menkiti
Mark Meyerdirk
Jill Pogach Michaels
Barbara Miles
Michael Moran
Shelly Murray
Audrey Primozic
Joy Siegel
Elyse Wander
Meredith Weisel
Holly Worthington
GCAAR records as of July 19, 2010.
Wendy Banner
Thomas Bennetts
John Bragale
Damian Buckley
Nathan Carnes
Anita Centofanti
James Coley, Jr.
Lori Connor
HR Crawford
Christopher Darby
Suzanne Des Marais
Anthony DeVol
Margaret Finn
Gregory Ford
Jeffrey Ganz
Ricki Gerger
Eleanore Gerstenfeld
Lee Goldstein
Gazexer Green
Aaron Hargrove
Mynor Herrera
Ellen Katz
Roberta Kimball
Eleanor Kott
Ed Krauze
Julia Kriss
Judith Levin
Santhy Mallios
Ann McClure
Dennis B Melby
Vittorio Muzzatti
Joel Nelson
Dean Noah
Robert Ramoy
Ned Rich
Brenda Small
Frank Snodgrass
Mo Snowden
Anslie Stokes
Patrick Weed
Philip Wineman
RPAC contributions are voluntary and are used for political purposes. 70% of each contribution is used by Maryland RPAC or Washington, DC RPAC or Virginia RPAC to support state and local candidates. The 30%
balance is allocated to National RPAC to support federal candidates and is charged against your limits under 2 U.S.C 441 (a). Contributions are not deductible as charitable contributions for federal income tax purposes.
This solicitation is intended for members of the Greater Capital Area Association of REALTORS® only. Nothing herein contained shall be construed as a solicitation of contributions from non-members.
RPAC Helps Protect Your Real Estate Interests
RPAC strengthens the REALTORS® political advocacy program through grassroots activities, and federal, state and local lobbying efforts.
There’s only one way to protect your investment in real estate - and that’s by investing in RPAC!
The House that RPAC Built brochure shows the strong foundation of your REALTOR® Political Action Committee contributions,
supporting legislators who value private property rights.
Visit www.gcaar.com to make your investment in RPAC and watch The House that RPAC Built develop!
Come Advertise with GCAAR
Take advantage of this great opportunity to advertise in GCAAR’s Capital Area REALTOR® newsletter,
as well as Newsline and www.gcaar.com! This is a unique opportunity
to send your message to more than 8,700 members.
If you have questions about advertising with GCAAR, please contact our new
Ad Sales Representative, Arlene Braithwaite: 410-772-0820 or [email protected]
19
20
2010Q3
Legal Hotline Call Summary
By Chris Darby, Tom Muldoon and John Nalls of Counselors Title, LLC, and Pardo & Drazin, LLC, General Counsel
Disclaimer: Below are some questions answered on the GCAAR and WDCAR Legal Hotlines. The answers provided here are the opinions of the
authors, are for informational purposes, and are only for GCAAR members. Neither Counselors Title, LLC, nor Pardo & Drazin, LLC is providing legal
advice, but rather providing a general statement of law. No lawyer/client relationship is - or will be - established as a result of the material which follows.
Readers are encouraged to retain their own counsel for their specific questions. Answers may have been edited for formatting purposes.
Question: As a REALTOR® in Maryland, when creating a business card,
is there a rule/law that requires the company address be on the card?
This would not affect the ability to list the property, but you would
have to do so subject to any TOPA rights he may have.
Answer: There is no requirement in Maryland that a company address
be listed on a business card, but Maryland law does require that
the name of the brokerage and a phone number which rings in the
physical office of the brokerage be “meaningfully and conspicuously
displayed” on the card. Maryland Code, Business and Occupations
Article, Section 17-527.1 et. seq. as further clarified in Code of
Maryland Regulations (COMAR) Section 09.11.01.09 requires that,
for any “advertisement” (defined as “any oral, written or printed
media advertisement INCLUDING “any correspondence, mailing,
newsletter, brochure, business card, for sale or for lease sign and sign
rider, promotional item, automobile signage, telephone directory
listing, television announcement, radio announcement, telephone
solicitation, and World Wide Web and Internet voice-overs”), the
name of the Real Estate Brokerage must be meaningfully and
conspicuously included and must be the full name of the business
(NOT a logo) and must include the broker or branch manager’s
number which rings directly in the office location listed on the
licensee’s real estate license.
Question: I am an agent/licensee and have a house in the District of
Columbia listed for sale. An unrepresented buyer has approached me
and is interested in writing an offer on the property. May I represent
both the seller and the buyer in the transaction?
Question: A friend asked me to list her father’s house on the market.
Her father is in a nursing home and they are running out of money.
She has power of attorney and the father is alive but not in a good
mental state. The extra point on this situation is that her brother lives
in the home and has been there for about 40 years. Can I still list this
home? How do I handle the disclosures?
Answer: Assuming that the power of attorney is durable (contains a
specific provision indicating that it will remain in effect even if the
maker becomes incompetent) and specifically provides authority to
sell real property, your friend would have the legal authority to list
and sell the property. Section 42-1301(b)(4) of the DC Code provides
that Transfers by a non-occupant fiduciary in the course of the
administration of a decedent’s estate, guardianship, conservatorship,
or trust are exempt from disclosure requirements, so she would not
be required to provide a Property Condition Disclosure Statement
(GCAAR Form #919). Although more facts are needed, the brother
living in the property would probably be considered a “tenant” for
purposes of the Rental Housing Conversion and Sale Act of 1980
(commonly referred to as the Tenant Opportunity to Purchase Act, or
“TOPA”) and thus would be entitled to TOPA notices under the Act.
International Buyers Want U.S. Properties
The strength of the dollar, the value of USA real estate, and the emerging economic recovery are bringing back the foreign homebuyers to
our land. The Washington Metropolitan area is the hub of all embassies, international organizations, and many international corporations.
And, the international homebuyer is here.
According to the National Association of REALTORS® (NAR) survey
covering the period between April 1, 2009 to March 31, 2010, foreign
Answer: Yes, but it is not generally a good idea. With the written
consent of both parties to the transaction (which is memorialized in
GCAAR Form 1000 “Washington, DC Disclosure/Confirmation of
Dual Representation and/or Designated Representation”), District
of Columbia law does allow an agent to represent both parties as a
Dual Agent in a transaction. However, such an arrangement places
the agent in a very difficult position to be able to provide independent
representation to both sides. For this reason, many brokers do
not permit agents to act as Dual Representatives even though it is
technically permitted. Another alternative would be to ask the parties to
consent to Designated Representation, in which the broker represents
both parties and appoints a separate Designated Representative for each
party. Maryland law does not permit Dual Representation by an agent
at all but also does allow a broker to represent both parties and appoint
an Intra-Company Agent for each side.
Question: I have a listing which is under contract in which my
brokerage is holding an Earnest Money Deposit of $10,000.00. The
contract provides that Time is of the Essence and the buyer was
unable to settle on the date agreed and never requested an extension.
Can I release the deposit to the Seller?
Answer: Although the Buyer is technically in breach at this time by
missing the settlement date and failing to request an extension, I would
caution not to release the deposit unless and until the parties mutually
execute a Release Agreement (GCAAR Form #1317) acknowledging
that the contract is null and void and agreeing to a disposition of the
deposit. Paragraph 4B of the Regional Contract (GCAAR Form #
1301) provides, in pertinent part: The Deposit will be held in escrow
until: (i) Credited toward the Sales Price at Settlement; (ii) All parties
have agreed in writing as to its disposition; (iii) A court of competent
jurisdiction orders disbursement and all appeal periods have expired;
or, (iv) Disposed of in any other manner authorized by the laws and
regulations of the appropriate jurisdiction. Absent a written release,
the deposit would have to be disposed of by the Court in a proceeding
commonly known as an Interpleader action.
buyers understand the value of owning a home in this country. It is
estimated that during the survey period, $66 billion of USA residential
property or 7% of the residential market was purchased by recent immigrants, temporary visa holders, as well as foreigners with residency
outside the USA. Wouldn’t you like to learn more about international
real estate? NAR offers the Certified International Property Specialist
Designation (CIPS). You can also join the GCAAR International Committee and participate in upcoming activities.
For additional information go to: www.realtor.org or visit the International Committee page at: www.gcaar.com >Get Involved> International Committee.
Come Together
A CCIM works to open doors for minorities
in the industry.
By Stephanie Bell
Byron A. Smith, CCIM, CRB
Owner
Metropolitan Realty Group
LOCATION:
Vienna, VA
ACCOMPLISHMENT:
Helped create CCIM Institute’s
Cultural Diversity Education
Program
QUOTE:
“If minorities come to the
real estate employment table
with what is recognized as the
best commercial real estate
education within the industry,
they will significantly enhance
their employment prospects.
Byron A. Smith, CCIM, CRB, president of Metropolitan
Realty Group in Vienna, Va., teamed up with several
CCIM leaders and staff members to create the CCIM
Institute’s Cultural Diversity Education Program in 2002.
The impetus was to work toward increasing the number
of minority professionals in the commercial real estate
industry. “Quality commercial real estate education is
an effective equalizer, and it can provide an essential
competitive advantage for minorities who enter the
commercial real estate arena,” Smith says. Smith and his
colleagues knew that a diversity program was needed to
help open the doors to the commercial real estate industry for minorities. The program is one of the few industry efforts directed toward this goal.
2010Q3
become designees and be employed by large national
companies. Diversity program participant Karen Drake,
CCIM, became a real estate manager with Wal-Mart
Stores in Decatur, Ga., while one of Smith’s first Houston
CDEP students, Edward Nwokedi, CCIM, went on to
head the apartment division of Cushman & Wakefield in
Houston. Smith notes that Nwokedi credits the institute
and CDEP for providing him with the confidence and
resources to pursue this career path.
Aside from students moving into positions with large
companies, Smith really saw how well the program was
working about two years ago on a flight from Chicago.
While reading a Florida business publication, he realized
that the subject of the article was one of his former students. The student had gone on to become the vice president of economic development for the Greater Tampa
Chamber of Commerce. Because of this article, Smith
contacted the student and generated an ongoing friendship that has helped to make Smith’s recent transition
into investing in the Tampa market go more smoothly.
Smith initially helped start this program to make
changes and provide opportunities to minorities, but he
soon realized he also wanted to give something back to
the institute. He finds it satisfying to see CDEP students
achieve such a high point of education, he says. It also is
rewarding because these individuals have advanced their
careers, adding themselves to the large networking pool
Once students complete this course, they can take the re- of commercial real estate professionals.
This program
given minorities
more opportunities
maining core CCIM courses
at their
own pace
until–they
Jerry
Teplitz
Event
Increasing
Your has
Selling
Power Highlights
in
commercial
real
estate
while
also
providing a web
complete the designation course requirements, Smith June 30, 2010
of contacts and potential business relationships. The
explains. “If minorities
come to the real estate employ program keeps attracting new members and has begun
ment table with what is recognized as the best comto change the underrepresentation of minorities in the
mercial real estate education within the industry, they
commercial real estate industry. “The program is a work
will significantly enhance their employment prospects,”
in progress and there is still much more work to be
he says. To date, more than 550 minority members have
done,” Smith says.
participated in the program and many have gone on to
With institute funding, Smith was able to offer the CI Intro course free of charge to minority participants.
In accordance with the National Association of Realtors®’ guidelines, the program is open to men and
women who are African-American, Asian-American,
Hispanic, and Native American real estate professionals.
Jerry Teplitz
Event – IncreasingYour
Your Selling
Power Highlights
Jerry Teplitz Event
– Increasing
Selling
Power Highlights - June 30, 2010 - Photo Journal
June 30, 2010
Attendees review Dr. Teplitz’s
array of books and videos.
GCAAR members
sign in for event
GCAAR members sign in for event Attendees review Dr. Teplitz’s array of books and videos. GCAAR members sign in for event Attendees review Dr. Teplitz’s array of books and videos. GCAAR President Shelly Murray
and Janice Burton
Shelly Murray and Janice Burton Frank DeLuca, GCAAR President Shelly Murray, and Jim Chester Frank DeLuca, Shelly Murray, and Jim Chester
Shelly Muray and Dr. Jerry Teplitz
21
22
2010Q3
Q u iz
Image and Etiquette
When you work in real estate, you’re constantly in the public eye. It’s important to keep up
a professional image and use proper business etiquette.
1. You’re getting ready for a meeting at the home of potential
sellers. What should you wear?
A. A jogging suit for optimal comfort
B. Jeans and a fun logoed shirt that will show customers you’re
down to earth
C. A shirt or sweater, a jacket, and slacks with sensible shoes
D. Depends on where you’re going after the meeting
2. You told clients that you’d stop by with an update on their
listing, but you got sidetracked at the office and forgot about the
meeting. What should you do?
A. Call immediately to apologize and reschedule
B. Send an apology note on your company letterhead
C. Call and say: “I thought we scheduled the meeting for
a different time”
D. Send an e-mail or text message, whichever is quicker
3. You’re taking clients to one of your favorite restaurants and
the server asks for your orders. You should:
A. Order first so the server knows you’re in charge
B. Order your favorite dishes for the table to share
C. Give clients a price range to help them choose their entree
D. Let clients order first, but recommend some of your
favorite dishes
4. At a real estate convention, you meet fellow practitioners of
the opposite sex. You enjoy networking but you’re married and
want to make sure they don’t get the impression that you’re single
or interested. What do you do?
A. Ask what their favorite movie is
B. Quickly change the topic if the conversation veers away
from anything not directly related to real estate
C. In your conversations, casually bring up your spouse
and family
5. You attend a panel discussion during a convention and have
a question for the participants. When it’s your turn to ask, you
should:
A. Speak as quickly as possible so you don’t waste
anyone’s time
B. State your name, company, and where you’re from. Then ask
your question
C. Let your question flow as a stream of consciousness.
The speaker will appreciate your openness
6. You’ve just edged out your company’s longtime star
performer as top producer. What’s the best way to promote this
accomplishment?
A. Perform a victory dance in your office, and then send out an
e-mail to all of your colleagues to let them know that you’re
the new top producer
B.
C.
D.
Include an announcement in your client newsletter saying that
you’ve just edged out a longtime top performer at your
brokerage
Highlight your accomplishment as the top producer on your
social networking profile, with no mention of the person you
edged out
No need to promote this achievement — you should
be modest
7. The photo that appears on your social networking profiles
should be:
A. A photo headshot less than three years old
B. A photo of you cropped from a group photo
C. A photo of your dog or your adorable niece
D. A photo that you recently scanned of you as a toddler
8. After signing in at a networking event, you’re given a name
badge. How do you wear it?
A. On the left side of your jacket
B. On the right side of your jacket
C. Somewhere unexpected, such on your sleeve, to show that
you’re a funny person
D. Don’t wear it at all; when you meet people just hand them
your business card
9. Your client leaves you a voicemail asking if there will be a
showing this afternoon. How do you respond?
A. If your response requires less than about 10 words, a text
message will do
B. Send an e-mail as soon as you get back to your computer
C. Return the phone call as soon possible
D. A response is not necessary unless there is a showing
10. It’s hot outside and you have a busy day of customer
appointments. What do you wear?
A. For a man, shorts and a t-shirt; for a woman, capris or a
sun dress
B. Nice pants with a tank top and sandals
C. A short-sleeved shirt with lightweight slacks or, for women, a
professional skirt
D. Your usual attire, but with flip-flops instead of closed
toe shoes
11.
A.
B.
C.
D.
What’s the rule on wearing cologne or perfume?
Only when it’s used to cover the smell of body odor or
cigarette smoke
Just two or three squirts—you don’t want to overdo it
Depends on the time of day; it’s only OK for an evening event
It’s never recommended when you’re meeting with clients
and colleagues
Answers on following page.
2010Q3
Your Best Move in DC, VA & MD
• DC Living® is a Premier Boutique Real Estate Brokerage
• Agents Enjoy Increased Profitability by Working In Their Own Offices
• Executive Conference/Meeting Space Available
• Opportunity for Select Skilled, Experienced, and Professional Agents
For a Confidential Inquiry Contact: P.L. Skip Singleton, Jr., Esq., Principal Broker
DC Living Real Estate, LLC, Office by Appointment: 4933 MacArthur Blvd NW, WDC, 20007
[email protected] • phone: 202.271.8965 • www.DCLiving.com
QUIZ RESULTS: Image and Etiquette
1. You’re getting ready for a meeting at the home of potential sellers. What should you wear?
Correct Answer: A shirt or sweater, a jacket, and slacks with sensible shoes
Always dress appropriately, but not intimidatingly, for the market and clientele that you’re
serving. Athletic gear, too-casual shoes, short skirts, and even excessively long skirts that
don’t let you move around aren’t appropriate. Also, don’t wear jackets or suits that date you.
Customers might slap a doesn’t-think-out-of-the-box label on you.
2. You told clients that you’d stop by with an update on their listing, but you got sidetracked at
the office and forgot about the meeting. What should you do?
Correct Answer: Call immediately to apologize and reschedule
Own up to your error and make amends as soon as you can. An immediate phone call is best;
a note or a text message just won’t cut it. And don’t act as if the foul-up is the client’s fault.
3. You’re taking clients to one of your favorite restaurants and the server asks for your orders.
You should:
Correct Answer: Let clients order first, but recommend some of your favorite dishes
A client meeting is not the best time to try a new restaurant. Go someplace you know and like.
But before choosing a restaurant, ask if your clients have any food allergies. Remember that
clients should always order first, and you should order on the basis of what they’ve ordered. If
they order an appetizer, order something as well—even if it’s just coffee—so that you’re eating
at the same time as they are. And remember, if you have to excuse yourself during a meal,
leave your napkin on your chair. It should be left on the table only when you’re ready to leave
the restaurant.
4. At a real estate convention, you meet fellow practitioners of the opposite sex. You enjoy
networking but you’re married and want to make sure they don’t get the impression that
you’re single or interested. What do you do?
Correct Answer: In your conversations, casually bring up your spouse and family
When you talk about your family, you inform others of your status and provide an opening
for them to mention their own family, if they have one. Asking about their favorite movie is
fine after you’ve established that you’re just networking. But changing the topic whenever the
conversation veers away from business would be not only awkward, but boring.
5. You attend a panel discussion during a convention and have a question for the participants.
When it’s your turn to ask, you should:
Correct Answer: State your name, company, and where you’re from. Then ask your question
In a public forum, speak slowly and loudly. Write the question down before you raise your
hand so that you can consult your notes if you get rattled. Tip: If you’re asked to speak to a
group for ‘just’ 10 minutes, don’t do it unless you’re prepared. Ten minutes is longer than you
think if you don’t have a plan.
6. You’ve just edged out your company’s longtime star performer as top producer. What’s the
best way to promote this accomplishment?
Correct Answer: Highlight your accomplishment as the top producer on your social
networking profile, with no mention of the person you edged out
You can be proud of yourself and let your network know about your accomplishment, but
do it in a genial way. As a salesperson, you’re part of a team. Your colleagues are your support
system. Don’t be anything but gracious, especially to the person you’ve bested.
7. The photo that appears on your social networking profiles should be:
Correct Answer: A photo headshot less than three years old
It’s important to have a recent photo on your social networking profiles. You want to come
across as personable, yet professional. On sites like Facebook, it’s OK to occasionally share
photos of babies, puppies, and friends. But when it comes to the profile image that people see
when you post updates or search your name, stick with a recent color headshot.
8. After signing in at a networking event, you’re given a name badge. How do you wear it?
Correct Answer: On the right side of your jacket
It’s best to wear a name badge on the right side so that people shaking hands with you can
glance easily at your name while looking at you. It might sound like a good idea to hand out
a business card to everyone you meet, but proper business etiquette calls for you to provide a
business card only when asked.
9. Your client leaves you a voicemail asking if there will be a showing this afternoon. How do
you respond?
Correct Answer: Return the phone call as soon possible
If someone calls you, you should respond with a phone call—unless he or she indicates that
it’s fine for you to reply with text or an e-mail. Even if customers leave a message that seems
to require a simple and direct answer, they might have follow-up questions or want to ask you
about other things that weren’t mentioned in their message.
10. It’s hot outside and you have a busy day of customer appointments. What do you wear?
Correct Answer: A short-sleeved shirt with lightweight slacks or, for women, a professional skirt
Even when it’s hot, you have to look professional. Reserve your shorts and tank tops for
non-work activities. Same goes for women’s capris and sun dresses. Sandals also are generally
not accepted business attire, and can even be dangerous if you’re walking around new
construction or showing homes.
11. What’s the rule on wearing cologne or perfume?
Correct Answer: It’s never recommended when you’re meeting with clients and colleagues
Cologne or perfume—even if it’s a scent you like—can be offensive to people around
you. And if you’ve become accustomed to the scent, it can be easy to overdo it. Also, many
people are allergic to certain colognes or perfumes. That’s why it’s best to avoid it altogether,
especially if you’ll be with customers in a confined space, such as a car or small office.
Copyright National Association of REALTORS®, used with permission.
23
24
2010Q3
Dream made possible by MRIS
We help real estate professionals turn dreams into homes.
Visit us at MRIS.com | Real Estate in Real Time
TM

Third Quarter 2010 - Greater Capital Area Association of REALTORS

Transcription

Similar documents

Royal LePage Dynamic Real Estate Brochure

April 2015 Newsletter.pub

Important Websites - Greater Gateway Association of Realtors

“Commit To Engage” 2013 - Greater Antelope Valley Association of

PDF Template - A Door Properties

Call Ashley to reserve your ad space! 304-348-4878

North Florida Forecaster - Lake City Board of REALTORS

View - Christian PhoneBook

CITRUS VALLEY ASSOCIATION OF REALTORS ®

Welcome New R-BAR Members - Reading