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CONGRATULATIONS !!!
To the following PGCAR members for their recent awards. Bravo!
| MAR Lifetime Achievement Award: |
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J. Nicholas D'Ambrosia, Coldwell Banker Residential Brokerage |
| MAR President's Award: |
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David Maclin, Coldwell Banker Residential Brokerage |
| PGCAR REALTOR® of the Year: |
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David Maclin, Coldwell Banker Residential Brokerage |
| PGCAR Distinguished Service Award: |
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Linda Simpson, Weichert, REALTORS® |
| PGCAR Affiliate of the Year: |
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Beltway Title |
THANK YOU !!!
To the following sponsors of the association's Annual Meeting & Installation Banquet held September 11
at the Tantallon Country Club.
| Grand Sponsor: |
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Wayne Wyvill, RE/MAX 100 |
| Event Sponsors: |
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Alexander and Cleaver; Jane Williams - SunTrust Mortgage; and
David Hahn, Esquire - Village Settlements |
| Door Prize Contributors: |
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Alease Bowles; Leo Bruso - Land and Commercial;
Ann D'Ambrosia; John Lesniewski; Casey Lewis; Maximum Title;
Old Line Bank; Willie Rhone; Tantallon Country Club;
Village Settlements; and Women's Council of REALTORS® |
 
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Classes include: Legislative Update, New Agent Survival, Creating Leverage for Your Buyer, MAR Contract Highlights, MD Ethics, Home Inspections and Environmental Issues, and Real Estate Tax Issues. CLICK HERE TO REGISTER NOW. |
| CONTRACT OF SALE UPDATE |  |  |
The Maryland Association of REALTORS® will be updating the MAR Residential Contract of Sale. ZipForm is scheduled to be updated on October 1. To view the revised form, go to www.mdrealtor.org.
| LICENSE REQUIREMENTS INCREASE |  |  |
CONTINUING EDUCATION REQUIREMENTS INCREASE FOR THOSE LICENSED 10 YEARS AND MORE
As of October 2, 2006—NEXT MONDAY—residential and commercial real estate sales agents who have been licensed 10 years or more in Maryland will be required to have earned 9 hours of CEU. Click now for more details on licensing requirements. Meet 6 of your required hours by attending the October 19 Education Day.
FED HOLDS INTEREST RATES STEADY
Leaves target for federal funds rate at 5.25%. The reasons: Inflation slows due to lower energy costs and a slower housing market. Read more >>
DC PRESERVATION LEAGUE PRESENTS HISTORIC HOUSE TOURS
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Code of Ethics Case Study
Case #1-10: Obligations Under Exclusive Listing
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At the time Client A signed an exclusive listing agreement with REALTOR® B, they discussed market conditions and prevailing prices, and agreed on listing at $156,900. After six weeks with no apparent interest in the house, Client A called REALTOR® B to learn why his property was receiving scant attention from prospective buyers. REALTOR® B said, "It's not hard to diagnose the trouble. Your property is overpriced. That was clear to me by the time we had it listed for ten days. In this market, it would take a really interested buyer to go as high as $149,000 for it. That's why it hasn't been possible for us to push it." "When you reached that conclusion why didn't you tell me?" asked Client A. "Because," said REALTOR® B, "it wouldn't have done any good. I know from experience that sellers can't be convinced that they are overpricing their property until they get tired of waiting for an offer that will never come. Now that the market has taught you something that you would not take as advice, let's reduce the price to $148,000 and push it."
Client A complained about REALTOR® B to the Board of REALTORS®, detailing these circumstances, strongly insisting that REALTOR® B had fully agreed with him on the price at which the property was originally listed.
Client A reiterated this point strongly at the hearing of his complaint, which was held before a Hearing Panel of the Board's Professional Standards Committee. REALTOR® B did not contest this, taking the position that at the time of the listing it was his judgment that a price of $156,900 was fair and obtainable in the market. He stated that a strong immediate sales effort had convinced him that the listed price was excessive, and he defended his resulting actions by stating that many years of experience as a broker had convinced him that once a seller decides on a definite price for his property, no argument or analysis will shake his insistence on getting that price; that only inaction in the market is convincing to the sellers.
The Hearing Panel concluded that REALTOR® B's conduct had violated Article 1 of the Code of Ethics, which requires REALTORS® to protect and promote their clients' interests. The panel also found that since REALTOR® B honestly felt the original listing price of $156,900 was the fair market value at the time he listed it, REALTOR® B had not violated the Code of Ethics by suggesting that the price be lowered. However, since REALTOR® B later concluded the property was overpriced, he should have immediately notified Client A of his conclusion and not waited for Client A to call him six weeks later.
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| ARE YOU REGISTERED TO VOTE? |  |  |
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To vote in general elections in the state of Maryland you must be registered by October 17. If you're not already registered to vote in Maryland, please click here. |
| DUES BILLING | | |
Membership renewals have been mailed and may be paid online with a credit card. Dues must be received no later than November 30, 2006 in order to prevent a late charge.
Click here and log in to view, print, and pay your dues renewal online! Pay online and enjoy the convenience of receiving an itemized receipt within a few minutes via e-mail.
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SPOTLIGHT HALF-PRICE SPECIAL
BUY AN AD, GET IT PUT ON WWW.GAZETTE.NET FOR 1/2 PRICE!! RESERVE BY OCT. 6!
The Official Homes Section of The Prince George's County Association of REALTORS® brought to you by The Gazette. This is a special pullout FULL COLOR supplement reaching over 127,000 homes and businesses in Prince George's County.
| Article Deadline |
Tuesday,
October 10 |
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Space Reservation
& Ad Copy Deadline |
Tuesday,
October 10 |
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Publication
Date |
Thursday,
October 26 |
If you are interested in writing an article or placing an ad, please contact
Heidi Lamere at 301-731-2134, 240-888-7509 or hlamere@gazette.net.
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