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Capital Area Realtor

®

The official newsletter of the Greater Capital Area Association of REALTORS®

September - October 2011

Inside This Issue Association News....................................... page 3 2012 BOD Slate................................page 3 GCAAR in the News.................................... page 3 2012 Annual Dues............................page 4 NAR Director’s Report.......................page 5 Broker/Manager Forum....................page 5 Board Briefing..................................page 7 Meet Your GCAAR Staff........................page 7 Rookie and YPN Events......................page 8 2011 REALTORS® Expo....................page 8 Credit Unions..................................page 10 Technology.....................................page 11 Education Schedule............................... page 12 Public Policy...............................................page 16 MC Market Report..........................page 18 RPAC Update................................. page 20 Case for Homeownership................page 21 Sign Ordinances............................ page 22 BPOR Designation......................... page 23 Committee Spotlight...................... page 23 Green Resources.............................page 24 Do You Know the Code?..................page 24

USPS: 017-467

Volume 17, Number 5

www.gcaar.com

GCAAR Wins Awards at MAR Annual Conference GCAAR member Hildegard “Hildy” Pollard and the GCAAR Cares Community Service Committee won awards at the 2011 Maryland Association of REALTORS® (MAR) Annual Conference held September 11 – 14 in Ocean City.

enthusiasm, and commitment to MAR programs,” said Cathy Werner, 2011 MAR President. GCAAR Cares Community Service won the Special Project Award. The committee submitted a detailed photo history of its long-standing commitment to Rebuilding Together® in Montgomery County and Washington, DC, which it has supported since 2004.

Hildy, President of the Women’s Council of REALTORS® Greater Capital Area Chapter, took home the Shining Star Award, which is “We are honored to win given to members who have demonstrated this award,” said GCAAR outstanding commitment Michael Cerrito, MAR Community Service Chair, GCAAR Community Cares Committee Chair Cuvator”Q” Armstrong, to MAR’s programs and Service Committee Chair Cuvator “Q” Armstrong, who accepted the award activities. Hildy was a GCAAR President-Elect Bonnie Casper on behalf of GCAAR. first-year member and Vice Chair of the Equal Opportunity and Cultural “GCAAR members are some of the hardest working people I have ever known, and this award is a Diversity Committees and a 2011 MAR Leadership Academy graduate. “She brought her talent, testament to their hard work on behalf of others.”

GCAAR Book Club...........................page 24

Home Ownership Matters Bus Tour Stops at Rockville Office

Quiz................................................................ page 25

Excerpts taken from the Rockville Patch, September 8, 2011

Greater Capital Area Association of REALTORS® 8757 Georgia Avenue, Suite 600 Silver Spring, MD 20910

The Home Ownership Matters Bus Tour rolled into GCAAR’s Rockville office on Wednesday, September 7 with the message that the dream of home ownership could grow more distant for some Americans, if Congress chooses to do away with real estate tax deductions and reduce housing loan limits. GCAAR President Adrian Hunnings welcomed the attendees who braced the remnants of Tropical Storm Lea to show their support for home ownership. Guests included NAR Treasurer Bill Armstrong, Maryland Association of REALTORS®’ CEO Mary Antoun, Ann Humphrey, who represented U.S. Rep. Christopher Van Hollen, County Councilmembers Philip Andrews and Nancy Floreen, and Shondell

Foster, who represented Montgomery County Council President Valerie Ervin. “If Congress is serious about generating an economic recovery, this is not the time to make radical changes that risk further undermining of the real estate industry,” Bonnie Casper said. “In fact, Congress should be looking to the real estate industry as the basis of the economic recovery.” Bill Armstrong captured the sentiments of the audience by saying, “somebody needs to take charge and say ‘no, not now. This is just not the time to be looking at things like this. Housing has brought us out of so many of these down markets, these recessions, and it will do it again. But we have to leave housing alone. Back off.” NAR Treasurer Bill Armstrong, Montgomery County Councilmember Phil Andrews, GCAAR President-Elect Bonnie Casper, Montgomery County Councilmember Nancy Floreen, and GCAAR President Adrian Hunnings

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2011 September - October

Serving the Business Needs of OUR Professionals

Capital Area REALTOR®

Capital Area Realtor®

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2011 September - October

A ssociation N ews 2011 Board of Directors

Pamela Wye Gets Rookie of the Year Honors GCAAR is pleased to announce Pamela Wye as its 2011 Rookie of the Year. Pam is the third member of The Donovan-Seaton Team at TTR Sotheby’s International Realty, which, prior to joining Sotheby’s, was the top producing team at W.C. & A.N. Miller REALTORS® (A Long & Foster Company) in 2010. Pam has been a REALTOR® since 2010 and is licensed in DC, MD, and VA.

President

Adrian Hunnings

President-Elect Bonnie R. Casper

Secretary

Silvia Rodriguez

Treasurer

William H. Highsmith Jr. , JD, GRI

Immediate Past President Shelly Murray

Chief Executive Officer Michael Moran

Directors

Cuvator “Q” Armstrong Edward Downs Greg Ford Mynor Herrera Ellen Katz Fred Kendrick Eleanor “Elley” Kott Michael McGreevy Obiora “Bo” Menkiti Gerard “Gerry” Occhiuzzo Prabhjit Singh

Editor

Bobette Banks

Advertising Representative Arlene Braithwaite

Capital Area REALTOR® (USPS 017-467) is published six times a year 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© 2011 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 bbanks@gcaar.com. 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.

An active member of the real estate community, she was selected to serve on GCAAR’s Grievance Committee, which reviews ethics complaints that have been filed by both members of the industry and the public. In June 2011, Pam was recognized by REALTOR® Magazine as one of the top “30 Agents Under 30” for 2011. She also was voted one of this year’s best real estate agents by the Washington City Paper. “Pam has the wonderful ability to connect with her buyer and seller clients; this is because she is patient, understanding, and she knows how to listen. Pam also has an eye for details – she is extremely attentive to all of the minutiae that make up the real estate transaction – I am never surprised when her clients write to me to exclaim about how great Pam is,” says her former broker, Nathan Carnes, Vice President and Associate Broker at W. C. & A. N. Miller.

2012 Board of Directors Slate Officers

President Bonnie Casper President-Elect Silvia Rodriguez Immediate Past President Adrian Hunnings Secretary Greg Ford Treasurer William “Bill” Highsmith, Jr.

Returning Directors Eleanor “Elley” Kott Michael McGreevy Obiora “Bo” Menkiti Gerard “Gerry” Occhiuzzo Prabhjit Singh

New Directors (2-year term; seven to be elected)

Cuvator “Q” Armstrong Suzanne Des Marais Carter Ferrington Mynor Herrera Ellen Katz Emiliana Victoria “Vicky” Lobos-Kirker Margaret “Peggy” Mancuso

Voting will be held online no later than November 20, 2011. Go to www.gcaar.com to cast your vote!

GCAAR in the News REALTORS®: Mortgage Reform Could Hurt Housing Rockville Patch, September 8, 2011 “Doing away with the mortgage interest deduction could make the “backend arithmetic” of mortgage financing tougher on many middleclass and first-time homeowners.” -Bonnie Casper, GCAAR President-Elect What’s Your Sign? REALTOR® Magazine, September 8, 2011 “While I was at the offices of the Greater Capital Area Association of REALTORS® in Rockville, Md., for the Homeownership Matters Bus Tour, I was taken aback when I saw all of these signs available for real estate practitioners to

purchase… mostly because they’re a bit of a twist on the usual “For Sale,” billboard.” - Katherine Tarbox, Senior Editor, REALTOR® Magazine Agents Embrace Social Media The Washington Examiner, September 15, 2011 “Some agents use it properly and effectively; many do not.” -Brenda Small, GCAAR Member, Immediate Past President, WDCAR “I have not found my clients demanding it, and until I do begin to get requests to communicate in this way, I will probably focus on business coming via multiple avenues of communication with past clients.” -Valerie Blake, GCAAR Member

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Capital Area REALTOR®

2012 Annual Dues Payment Due November 30 GCAAR 2012 annual dues billing invoice has been posted online at www.gcaar.com. The deadline is Wednesday, November 30. If you wish to receive a hard copy invoice, please contact us at membershiprecords@gcaar.com. Please specify whether you would like your invoice faxed or e-mailed to you. Unlike MRIS, GCAAR does not keep credit card account information on file; all payment account details must be submitted each time payment is made. GCAAR accepts MasterCard, Visa, Discover Card, and American Express, as well as personal/corporate checks and money orders. GCAAR does not accept cash for dues. GCAAR does not take payment over the phone. If payment is not received in GCAAR’s offices by close of business Wednesday, November 30th, 2011, one’s account will incur a $25.00 late fee. If payment is not received by December 31, a $150.00

reinstatement fee will be placed on outstanding accounts. At that time, membership privileges, including SentriLock card services, will be suspended until full payment is received. To confirm that GCAAR has receipt of your payment, please e-mail membershiprecords@gcaar.com. Please include how you submitted payment (i.e. online, fax, mail, etc.), date of payment, and payment type. With this information provided, you will receive a response within 24 business hours. Without providing information, it could take up to 5 business days for confirmation. If you have a question regarding your invoice, please either e-mail membershiprecords@gcaar.com or call our Accounting Department at 301.590.8781. GCAAR thanks YOU for your continued support.

Payment options include: - Paying online at www.gcaar.com, (the quickest and easiest way) where your invoice may be viewed, printed, and paid using our secure online payment system. In addition to VISA and MasterCard, GCAAR now accepts American Express and Discover. - Faxing a credit card payment directly to our Accounting Department at 301.296.2188 - Mailing payment to our Silver Spring location (Please note: Payments postmarked on or before November 30, 2011, and received after this date, will not be considered timely.) - Paying in person at one of our three office locations (Rockville, Silver Spring, or Washington, DC). Please consult our website for hours of operation.

Capital Area Realtor®

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NAR Director’s Report Adrian Hunnings 2011 GCAAR President & NAR Director Below is a response from GCAAR President Adrian Hunnings to a New York Times editorial that was published on August 17, 2011. Who owns the house behind the white picket fence? In the article, “White Picket Fence? Not So Fast,” the authors state that the U.S. spends more than $100 billion annually subsidizing home owners. But are homeowner tax deductions really a subsidy? Interestingly, they don’t suggest that landlords, itemizing the same tax deductions, are being subsidized. Why? Landlords, like any other businesses, should not be taxed on gross revenue, but rather on net revenue after expenses. This makes sense. But aren’t homeowners landlords too? Imagine two new identical homes side by side. One home is bought by an individual as her primary residence. The second home is bought by the traditional investor (landlord) who rents the house to a tenant. As a business, the landlord is rightfully allowed to deduct expenses such as interest paid on the mortgage, local property taxes, and depreciation.

2011 September - October

happen to rent rates in the U.S. if the government increased taxes on landlords by eliminating their deductions? From the very beginning in 1913, the U.S. income tax code has recognized home ownership as a business investment. By creating a level playing field, the tax code was created specifically not to favor one form of ownership over the other. The individual homeowner has been treated on equal footing with the investor. The authors question why we are using tax codes to encourage home ownership. I think it would be more appropriate to ask why we should change the tax code to discourage home ownership. The editorial is really advocating a $700 billion land grab from American homeowners. Not because they have shown it to be inequitable, but because it is vulnerable to the political whims of those currently in Congress. The authors suggest that as government struggles to come up with spending cuts and revenue sources, homeowner tax deductions are an obvious place to look. If our government is unable to cut spending within current income levels, why should it jump to the conclusion that the tax increase should be targeted at America’s homeowners? If Congress is going to raise taxes to balance the budget, it should raise everybody’s taxes, not just on one group of investors – the American homeowner.

Aren’t both of these home buyers investors? Aren’t both landlords? It’s just that in the first case, the home owner is her own client, renting the home from herself. Should both be taxed similarly? Of course, otherwise the tax code would be distorting the economy by subsidizing one form of ownership over the other. The editorial suggests “renters get no breaks”. What do they think would

Broker/Manager Forum Talks Compliance Chuck Kasky from the Maryland Association of REALTORS® and Michelle Yam from MRIS tackled the important and complex issue of keeping agents in compliance at the Broker/Manager Forum on September 21 at the Rockville office.

2011 GCAAR Broker/Manager Forums Save the ! Date

Mark your calendars now for the last Broker/ Manager Forum in 2011. These monthly events provide a wealth of information to help brokers in all aspects of the business - from running a more efficient office to the latest updates in the real estate industry.

November 9

“All You Need To Know about Procuring Cause” Speakers: Jason A. Pardo and Russell S. Drazin, Esqs. Time: 12 p.m. Location: GCAAR Silver Spring Office 8757 Georgia Ave, Suite 600, Silver Spring, MD

L-R, Chuck Kasky, Michelle Yam, and GCAAR President Adrian Hunnings

Broker/Manager Forums are free events. Lunch will be served for registered attendees. Register online at www.gcaar.com

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Capital Area REALTOR®

Martin Luther King, Jr. National Memorial

Dr. King’s message of equality must continue to enlighten future generations, and the Washington, DC Martin Luther King, Jr. National Memorial will see that it does.

The NATIONAL ASSOCIATION OF REALTORS® is proud to be involved with this important memorial, dedicated August 28, 2011.

To learn more visit www.DEDICATETHEDREAM.org

Proud Supporter of the Washington, D.C. Martin Luther King, Jr. National Memorial Project Foundation, Inc

Capital Area Realtor®

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BOARD BRIEFING The GCAAR Board of Directors met on July 22, 2011 in our Rockville, Maryland office and on September 9, 2011 at the Association’s Silver Spring, Maryland office.

FORMS

The Contract and Clause Committee updated, and the Board approved the release of the revised Maryland and DC Jurisdictional Addenda. In addition, the Board approved the release of a new “Walk-Through Inspection” form. The Property Management Committee completed and the Board approved a new “Internet Advertising Addendum” to be used with the listing of rental properties. Committee Chair Greg Ford and 2011 GCAAR President Adrian Hunnings have been working on revisions to the Regional Contract with a group of leadership and staff from several area REALTOR® Associations. The recommended revisions will be presented to the Contracts committee for approval and referred to the Board of Directors. It is anticipated that the newly-revised Regional Contract will be ready for a January 2012 release.

REALTOR® Political Action Committee

The REALTOR® Political Action Committee reported that

Meet Your GCAAR Staff - Education Charmaine Flanagan – Director of Programs

Charmaine Flanagan is the Director of Programs for GCAAR, the Washington DC Association of REALTORS® (WDCAR) and the Greater Washington Commercial Association of REALTORS® (GWCAR). In this capacity she oversees the daily operations for the education and events departments, and works with senior management, the Boards’ leadership and instructors/speakers to develop and implement professional development programs for all three associations. She is responsible for the education and events master calendar, online education management, manages both departments’ budgets, and works with the communications department on marketing strategies and initiatives for the professional development programs.

Gail Holcombe – Education Coordinator

Gail is an Education Coordinator for GCAAR, GWCAR, and WDCAR. In her position she works with the continuing education (CE) classes and assists with the REALTOR® designation courses. She is also responsible for reporting all of the CE classes for DC and VA, and helps with special GCAAR events when needed. Prior to joining GCAAR permanently in 2005, Gail worked on special assignment with the Education Department in 2004, assisting with the NAR quadrennial which requires REALTORS® to satisfy their Ethics requirement every four years. Gail comes to Maryland from her native city in Cambridge, Massachu-

2011 September - October

GCAAR members have already invested more than $164,000 in the REALTOR® Party in 2011. The Board expresses its thanks to the thousands of REALTORS® who have made this important investment in the future of their business. Please support the REALTOR® Party and make your 2012 investment today! Invest online at www.gcaar.com.

COMMUNITY SERVICE

The Board congratulates our Community Service Committee and our membership for being awarded the first annual Maryland Association of REALTORS® ‘Special Projects Award’ for work with their long-standing commitment to Rebuilding Together since 2004! The Association was recognized at the MAR Annual Conference in Ocean City in September.

PROFESSIONAL STANDARDS

The Professional Standards Committee has held a total of 15 Arbitration or Ethics Hearings through September 2011.

PUBLIC POLICY

The Public Policy Committee welcomed Montgomery County Councilmember Marc Elrich to its meeting on September 21, 2011. The Councilmember gave the Committee and other attendees an update and some insight on several County zoning and land-use issues.

setts where she worked in administration with the Harvard University Health Services Law School medical team.

Valerie D. Day – Program Administrator

Valerie is the part-time Program Administrator for the Education Department supporting GCAAR, GWCAR, and WDCAR. In this capacity, she is responsible for the preparation of all course materials/documents, coordination and proctoring of continuing education courses, particularly those in the Rockville and Washington, DC locations. She ensures all continuing education credits are reported to DC, MD, and VA in a timely and efficient procedural manner. Valerie is working on completing her Bachelor’s of Science in Management at Potomac College (she is 18 credit hours from completing her degree). She is excited to celebrate her first year’s anniversary with GCAAR this coming December.

Renada Johnson – Education Coordinator

Renada is the newest addition to GCAAR’s Education Department. As an Education Coordinator for GCAAR, GWCAR and WDCAR, Renada handles course approvals, maintains the online education schedule, student affidavits, prepares course materials, and analyzes evaluation forms. In addition to helping members with general education inquiries, Renada prepares correspondence for the department and the list of upcoming GCAAR activities used in classes. Prior to joining GCAAR, Renada was a front desk operator at Jones Day, and is currently pursuing her degree in Information Systems.

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Top Producers Showcase Rookie and YPN Events Mastering the Basics/Follow Through Is Essential to Success Top producing REALTORS® were the focus of events held by GCAAR’s Rookie Committee and the Young Professionals Network (YPN). The Rookie Committee welcomed top producer Marc Fleisher of Long & Foster at its event on September 14 at the Rockville office. Marc, a real estate veteran with over 30 years of experience, shared his insights and thoughts on how to be successful in the real estate business.

Capital Area REALTOR®

The YPN event at the Georgetown Library on September 22 featured a panel of industry heavyweights - Jane Fairweather of Coldwell Banker, Bo Menkiti of Keller Williams Capital Properties, and Creig Northrop, from Long & Foster. The panel shared different perspectives on how they work their real estate business, and while their tactics may have been different in some instances, the underlying theme was the same - hard work, follow-up, and customer service are essential to success, and anyone can be a potential client. “Many of the leads we get are from customers that you let fall through the cracks,” the panel said. Some tips for success: • Master the basics: marketing, sales pitch, communication skills (written & verbal) • Follow through/return phone calls! • Set a routine • Do something consistently for 30 days - it becomes a habit • Get a coach or mentor - find someone from another industry who can share their expertise with you who is not a direct competitor

L-R, Marc Fleisher, Rookie Committee Chair Jacque Grenning, and Bill Rozek from Embrace Home Loans (Sponsor) L-R, Bo Menkiti, Jane Fairweather, YPN Chair Mia Orantes, and Creig Northrop

“Seize the Day” at the 2011 REALTORS® Conference & Expo

2011 REALTORS® Conference & Expo • November 11-14, 2011, Anaheim, CA More than 18,000 members and guests are expected to descend on Anaheim, CA for the 2011 REALTORS® Conference & Expo November 11-14. This year’s theme is Seize the Day, and the 2011 Conference & Expo will help you make the most of the current market and gain a competitive edge over the competition. With 400 industry vendors, the Expo will again be the center of activity and information. The Conference & Expo will provide networking and referral-building opportunities and more than 100 education sessions, featuring nationally-recognized speakers, trainers, and industry experts, who will discuss timely topics and critical issues of value to REALTORS®. Some topics include: • • •

Cracking the Credit Code: Key to Buyer Recovery Appraisals: What You Absolutely Need to Know: A Joint Regulatory Real Estate Services Forum He Posted What? A Fresh Look at Social Media Risk Management and License Law Forum

For the latest info and conference updates, visit www.REALTOR.org/Conference.

Capital Area Realtor®

Serving the Business Needs of OUR Professionals

2011 September - October

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2011 September - October

Capital Area REALTOR®

From Your REALTORS® Federal Credit Union… Annual Dues Savings

Your annual dues – they come every year at the same time but somehow manage to sneak up when you’re least expecting them. An Annual Dues Savings Account is a great place for you to stash some extra cash when you have it – and forget about it. Consider this account “untouchable” until dues time comes around. Dedicate an elected percentage of each commission check and deposit it immediately. Setting aside an average of just $60 a month will cover most of your local, state and national dues for the year.

Tip for Improving Your Credit Rating

If your credit rating has been damaged as a result of the downturn in the housing market, there is an easy and fairly painless way to begin the process of rehabilitating your credit standing. REALTORS® FCU recommends that members deposit some money in a savings account with the credit union and then take a share secured loan using the deposited funds as collateral. No credit check is required and the loan rate is just 2.0% above the rate you receive on the savings account. The credit union recommends that members make at least four, and preferably six, timely payments before paying off the loan. The more loans that members repay in a timely manner, the more positive the impact will be on their credit score. Call our Contact Center at 1-866-295-6038 for more information.

Help Fight Breast Cancer While Saving Money

REALTOR Benefits® Program Partner, Liberty Mutual, in collaboration with the Susan G. Komen Foundation, will contribute $5 to the fight against breast cancer for every auto, home, and renter’s insurance quote completed by 11/30/11. Visit www.libertymutual.com/qfh-nar or call 1-888-437-2147.

For more information, visit the REALTORS® Federal Credit Union at www.realtorsfcu.org or scan the code to the right.

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Adams Morgan, Adams Morgan

$290,000

1-800-000-0000

-5PM

AM

N 11

A Smart Investment for the Savvy Buyer. www.FloridianDC.com

929 FLORIDA AVENUE, NW – 202-299-9223

Brightwood Adams Morgan

$262,000

$499,990

semi-detached home near Tenleytown and Van Ness metros. Three bedrooms and 2.25 baths with four levels of which three levels are finished. This lovely home is aggressively priced and is in need of some updating. The main entry has a foyer and front porch. 3703 Windom Pl NW, DC 20016.

Townhome. 4 br, 3½ ba. NEW PRICE! Beautiful Square Front Victorian Townhouse on treelined block in West Dupont Circle. Four renovated flrs of elegant entertaining principal rms, comfortable Living Spaces, updated Gourmet Kit w/ Island, hardwood floors & high ceilings thru out & 5 period fireplaces. Located only 1 block from Starbucks. 2031 O St NW, DC 20036. Wlliam F.X. Moody 202-243-1620

Dupont Circle

$199,900

Mary Jane Molik 202-000-0000

CONDO. 2 br, 2 ba. Grand Dame of Washington “Best Addresses” Very light and airy renovated 2BR, 2BA with loads of windows. Gourmet kitchen with upgraded cabinetry, granite and tablespace. Plenty of built-ins. 1661 Crescent Pl NW #304, DC 20009. Sheila Hansen

Mobile/Manufactured. 3 br, 2 ba, 3br, 2fb, 1 den, 2 kitchens, lower level has its own kitchen, full bath, den and outside entrance. hardwood floors on main and upper level, carpet and tile lower level. 6415 8th St NW, DC 20012 George Saab SAAB, Realtors 703-288-4877 Brightwood

Adams Morgan

Among those who attended or plan to attend homefor-sale open houses, 82% are Washington Post or washingtonpost.com users.

$248,000

$699,900

CONDO. 2 br, 2 ½ ba, 1,550 sqft. Spectacular open 2 level condo with great views, GARAGE parking and extra storage! Floor to ceiling windows, 2 masters bdrooms, 2 zone audiosystm thruout, 42’ flatpanel, bay window in living room and 2nd master bedrooms, custom plantation shutters, granite kit high-in appliance, wine cooler, marble bathrooms and full size separate washer and dryer. 2200 17th St NW #220, DC 20009 Dwight Mortensen 202-361-4400

Single-Family Home. 4 br, 2 ba. Presented by the REO Division of Brandon Green. Completely rehabilitated property sitting on a quiet street in the NW. Fully renovated from the ground up. New windows and hardwood floors. 710 Roxboro Pl NW, DC 20011. Brandon Green 202-111-2222

$879,000

Single-Family Home. 4 br, 2 ½ ba. Antique brk 4 bedroom, 3 level, 2.5 attractively renov Bath Cape Cod. Gorgeous true t/s + breakfast bar, granite, SS, sitting room w/ Fr doors to wonderful priv patio & lovely garden! Large LR, handsome extra-wide fireplace, sitting room w/French doors, formal DR, foyer. 4605 47th St NW, DC 20016 Susan Jaquet 301-320-8346

American Univ.

$829,000

Single-Family Home. 4 br,3 ba. Fresh new listing in the heart of AU Park. Move in cond. 4 finished levels of living space incl 2 full baths up! & 3 br + 4th/study on upper lvl 2. Welcoming wide front porch, level fenced playball yard, garage/storage. 4626 47th St NW, DC 20016 Susan Jaquet 301-320-8346

CONDO. 2 br, 1 ba. Shows like a dream! Redone from top to bottom! Fabulous Top-of-theline Chef's Kitchen! Renovated Bath! Hdwd Flrs, Decorative FP! New Windows! Pets allowed! Front Desk, Close to (Metro Red Line). 4700 Connecticut Ave NW #404, DC 20008. Eric Hernandez 202-000-0000

Columbia Heights

Brightwood

$324,000

$149,000

CONDO. 1 br, 1 ba, 510 sqft. Welcome Home! The Concord is a wonderful new condo project with upgraded finishes and great location! This is a very cool Art Deco building with hardwood floors, granite countertops, stainless steel appliances, and designer cabinetry. 5611 5th St NW #24, DC 20011. Jeremy Aldridge 202-111-2222 $435,000

CONDO. Bright open 1 Bedroom + Den, 4th floor with new kitchen, new bath, new heat pump, hardwood, stainless refrigerator with icemkr, ss stove, dishwasher, microwaveRH, full size washer/ dryer. Quiet one way street in Col. Hts. Converted co-op, long time residents. 1447 Chapin St. NW #401. Margaret Virostek 202-000-0000 Weichert, Realtors Columbia Hghts $315,000 CONDO. 2 br, 1 ba, 1,058 sqft. LOCATION... see this opportunity to invest in a beautiful Columbia Hghts area. 1519 Park Rd NW #303, DC 20010. Ken Johnson DCRealestate.com Columbia Hghts

Single-Family Home. 3 br, 2½ ba.Fabulous Art Deco Tudor w New Pella Windows(cost $35.0) Dramatic flr plan w sunken livingroom/fireplace, spacious diningroom w glass doors open to large deck(Cost $14.0) w custom wrought iron/architectual motif.. 6105 14th St NW, DC 20011. Dianne Bailey 202-000-0000

Cleveland Park Cleveland Park

American Univ.

$479,000

Columbia Hghts

Brightwood

American University American Univ.

Cleveland Park

$249,000

$599,000

Townhome. 4 br, 3½ ba. Wow! this row twnhse w/ basement rental apt is smartly renov. & remod.. House has tenant planning to move out in jan 2010. apt is vacant. house incl off st pkng, deck, wood flrs, ss appliances & maple kit cabinets, gas fireplace, high ceilings & open floor plan. 2719 11th St NW, DC 20001. Helen Dodson 202-000-0000

Dupont Circle

Townhome. 1 ba FANTASTIC PRICE REDUCTION! Penthouse Studio at Northumberland. Charming and bright Penthouse Studio with Murphy bed unit- which conveys. Red and white oak floors with mohagany inlays. 9’+ ceilings. Kitchen with breakfast bar. Old world charm, formal,elegant residence. Conveniently located steps from 16th and U Streets. 2039 New Hampshire Ave NW #707, DC 20009. Jim Bell 202-607-400 Dupont Circle $269,900 CONDO. Great location at 16th and U st!!! 1 bed/ 1 bath with wall-to-wall carpeting in a pet friendly building. 2000 16th St NW #2, DC 20009. Erich Cabe 202-320-6469 Dupont Circle $269,900 Townhome. 1 ba FANTASTIC PRICE REDUCTION! Penthouse Studio at Northumberland. Charming and bright Penthouse Studio with Murphy bed unit- which conveys. Red and white oak floors with mohagany inlays. 9’+ ceilings. Kitchen with breakfast bar. Old world charm, formal,elegant residence. Conveniently located steps from 16th and U Streets. 2039 New Hampshire Ave NW #707, DC 20009. Jim Bell 202-607-400

Dupont Circle

Single-Family Home. 4 br, 3½ ba, 999 sqft. Premier AUP 4BR, 3BA col. Huge DR! Huge lower lev with fab stone fp, BR, BA, bonus rm, sep entr! Gorgeous large lot! As is. SS/ granite kit just renov. 4615 Van Ness St. NW, DC 20016. Tracy Carol 202-111-2222 American Univ. $699,000 Single-Family Home. 3 br,1½ ba. Solid red brick colonial on level lot located 1 block from Turtle Park and close to Spring Valley shopping. Bright cheery sun room. 4513 Warren St NW, DC 20016. Margaret Virostek 202-000-0000

$1,299,000

Cleveland Park $1,395,000

Multi-Family Home. Great investment opportunity! Three 2 BR,2BA units w/2 pkg spaces all metered separately w/reliable rent history. Upper two units have hwd floors; lower rear unit has ceramic tile flooring and is all electric. 1748 Willard St NW, DC 20009. Steward Coleman 202-841-2836

n

WASHINGTON DC

$399,000

COOP. 1 br, 1½ ba, 1,295 sqft. Spacious and bright one bedroom, 1 & 1/2 bath on high floor with cityscape view. As large as many 2 bedrooms! Note: coop fee INCLUDES property tax and utilities. Great Watergate location with many amenities. 2700 Virginia Ave. #1204, DC 20037. Gigi Winston 202-000-0000 Winston Real Estate $859,000

$370,000

COOP.1 br, 1 ba, 904 sqft. Spacious Watergate 1 bedroom overlooking in a quiet garden/courtyard setting. Floor to ceiling windows and balcony. Over 900 square feet. Parking and extra storage is included. Coop fee INCLUDES taxes, all utilities, maintenance of HVAC, basic cable. Convenient location -Near metro, Georgetown waterfront, shopping on site and more! Gigi Winston 202-000-0000 Winston Real Estate Foggy Bottom $370,000 COOP. Large, spacious 2 bedroom at the Watergate. Bright and sunny with balcony across entire apartment. Gigi Winston 202-000-0000 Winston Real Estate Foggy Bottom $998,000 COOP. 2 br, 2½ ba, 1,880 sq. ft. Bright direct river view 2 bedroom. Watch river and sunsets from every room. Almost 1900 sq. ft. Judith Lewis 202-000-0000 Foggy Bottom

Brookland

$751,000

Single-Family Home. 3 br, 2 ba. Brick colonial with 3BR 2BA upstairs!Fin lower lev: laundry, quarter BA, very high ceil rec rm w/ 2nd FP & outside entrance! 4425 River Rd NE, DC 20016. Susan Jaquet 703-000-0000

NW NE SW SE

All Homes Now on Sale! Priced from the Low $300’s*

CLOSE OUT SALE!

Madrigal Lofts, DC’s Most Popular Condominium. Come see why

Logan Circle

AT COLUMBIA HEIGHTS METRO

Brookland $789,900 CONDO. Great location at 16th and U St!!! 1 bed/ 1 bath with wall-to-wall carpeting in a pet friendly building. Wood floors, classic window. 4301 Military Rd. NE #102, DC 20009. Neil Bacchus 202-320-6469

202.408.0007 MadrigalLoftsCondo.com nice view from balcony. Features include NEW W&D, garage parking included, this building has 24 hour front desk, Outdoor pool. 2111 Wisconsin Ave., NE, DC 20007. Patrick Kelly 202-000-0000

Foggy Bottom

$370,000

Apt/Condo/Twnhm. PRICE DROP! OPEN HOUSE SUN 11/29 1-4 Over 1000 sq ft 1br + huge den w/closet/2ba chic pad in famous Whitman incl pkng, balcony, 50k of cstm decor, wired 4 sound, mrble grnte Braz Cherry hdwd, stnlss, glass, never-used kitchen, lndry rm, glss shwr, lux tub. Wendy Wood 202-000-0000

$699,000

CONDO. 2BR 2BA. Gourmet Kitchen with Wood Floors, Granite Counters & Backsplash & Stainless Steel Appliances Stackable washer & dryer in unit - Luxury building with exercise/fitness room. 4301 Military Rd. #606, DC 20015.

202.640.1023 l OnlyatCV.com

Brookland $699,900 CONDO. Great location at 16th and U St!!! 1 bed/ 1 bath with wall-to-wall carpeting. 4301 Military Rd. NE #606, DC 20009. Wendy Banner 202-000-0000 Brookland $760,900 Townhome. Great location at 16th and u st!!! 1 bed/ 1 bath with wall-to-wall carpeting in a pet friendly building. 5337 42nd St. NE, DC 20015. Michael P. Rose 202-000-0000

Deanwood Deanwood

$1,035,000

Townhome. 3 br, 1½ ba. Sun-filled and renovated 3BR/1.5BA, conveniently located near shops and restaurants of Georgetown, hardwood floors throughout, separate Dining Room, wonderful table-space Kitchen w/ granite counters and stainless steel appliances, opens to rear private patio. 1215 33rd St NE, DC 20007. Nancy Bubes 301-000-0000

Deanwood

$1,950,000

Single-Family Home. 5 br, 4 ba. Totally renovated turn of the century Victorian townhome in Georgetown! Live across from Dumbarton Oaks and enyoy the gardens;Four exceptional levels as well as a private deck and garden ; 5+ bedrooms, 4 full baths; beautiful kitchen with granite;new appliances,four fireplaces. 3102 R St NE, DC 20007. Susan Berger 202-255-5006

Deanwood $849,000 2 br | 1 ba | Single-Family Home Located on a quiet one-way street in the East Village, this beautiful semi-detached 2 bed, 1 bath Federal boasts exquisite details throughout. 2806 Dumbarton St NE, DC 20007. John Washington 202-000-0000

Fort Totten Fort Totten

property environmental energy education

$369,000

CONDO. Spacious, bright condo on upper floor with

$399,000 Townhome. 2 br, 2 ba, 3 Level 2 Unit building in near metro & shopping. Updated homes but you can do your own touch ups. It is Ready to be Move in. It has Hardwood flooring and many other updates.2 BR second floor and one bath room. The basement is separate unit and can use as additional rental income or else. 1517 6th St SW, DC 20001. Payam Bakhaje 202-345-2778 Bellevue

Anacostia Anacostia

Single-Family Home. 4 br, 2 ba. Classic Victorian in Popular Brookland Community. Three levels plus walk-up attic with space for rooms. Formal entry with sitting area, huge dining room with pocket doors, living room with fireplace. 2837 12th St SE, DC 20017.

Payam Bakhaje 202-345-2778 Bellevue

$920,000

$318,000

CONDO. 1 br, 1 ba, 750 sqft. Spacious one bedroom with bird’s eye views. Integrated Kitchen, Living/Dining room. Wood parquet floors throughout, 3 big closets. Front Desk, roof deck and pool, and laundry room on each floor. Desirable urban location where it’s. 1440 N St SW #906, DC 20005. Jo Ricks 202-234-1784 City Houses, LLC

CONDO. 2 br, 2½ ba, 1,744 sqft. New state-of-the-art building - 27 units. Duplex. Every unit has own wash/ dryer, super high-end fins, ss apps, granite, bamboo flrs & cer tile BA. NO CLOSING COST OPTIONS. 450 Church St SW #602, DC 20005. Todd Wood 301-347-4720 RE/MAX Realty

Bradley Wisley 301-000-0000 Anacostia

Bellevue

Single-Family Home. 4 br, 3 ba, Calling all visionaries! This is it in Brookland. Renovated less than 8 years ago this stone beauty is begging for your personal touch. Three full baths, master suite with full bath, large kitchen, 2nd floor washer dryer hook up. 3100 13th St SE, DC 20017. Tanya Slade 301-000-0000

Bellevue $699,900 CONDO. Great location at 16th and U St!!! 1 bed/ 1 bath with wall-to-wall carpeting. 4301 Military Rd. NE #606, DC 20009. Wendy Banner 202-000-0000

Capitol Hill Capitol Hill

4 Home inspections for new and existing homes

$285,000

$318,000

CONDO. 1 br, 1 ba, 750 sqft. Spacious one bedroom with bird’s eye views. Integrated Kitchen, Living/Dining room. Wood parquet floors throughout, 3 big closets. Front Desk, roof deck and pool, and laundry room on each floor. Desirable urban location where it’s easy to walk to Metro and Logan commercial offerings from your front door. 1440 N St SW #906, DC 20005. Jo Ricks 202-234-1784 City Houses, LLC

a full sPeCTruM of serviCes

$499,900

$449,000

CONDO. 1 br, 2 ba. PRICE DROP! OPEN HOUSE SUN 11/29 1-4 Over 1000 sq ft 1br + huge den w/closet/2ba chic pad in famous Whitman incl pkng, balcony, 50k of cstm decor, wired 4 sound, marble grnte Braz Cherry hardwood, stainless, glass, never-used kitchen, lndry room, glass shower, luxury tub. POOL, EXCSE RM, 24-hr Concrge CLOSE TO EVERYTHING: Metro, grocery, pharmacy. 910 M St SW #429, DC 20001. Martin Hosking 240-605-7590

Bellevue

$399,000 Townhome. 2 br, 2 ba, 3 Level 2 Unit building in near metro & shopping. Updated homes but you can do your own touch ups. It is Ready to be Move in. It has Hardwood flooring and many other updates.2 BR second floor and one bath room. The basement is separate unit and can use as additional rental income or else. 1517 6th St SW, DC 20001.

$199,900

Single-Family Home. 3 br, Single-Family Home , 4 br, 21½ ba. Home sweet Home! Cozy, inviting, georgeous ALL BRICK 4 BR single family DETACHED home. Hardwood floors on main level, freshly painted, new kitchen floor. Enjoy backyard family picnics cool breezes on front porch in DC. 910 48th Pl SE, DC 20019 Luis Vivas 202-000-0000

4 Environmental testing for lead-based paint, mold, radon, water and septic systems 4 Home energy audits for increased energy efficiency

Wendy Banner 301-365-9090 Brentwood

$825,000

CONDO. 2 br, 2½ ba, 1,700 sqft. MODEL 1348 TALBERT *FHA APPROVED* O 2Br, 2.5 Ba, gated, patio overlooking the entire city, Balcony off Gourmet kitchen, breakfast bar, granite, Stainless steel appliances, tons windows , tons of light, Central A/C & Heat with Humidifier & elec. air filter, tranquil. 1384 Talbert Ct, DC 20020.

1-800-000-0000 Brentwood

$824,900

Unparalled LOCATION. Unsurpassed LUXURY. Unfortunately, not an unlimited supply.

Ask how your energy assessment can be free.

$839,000

CONDO. 2 br, 2½ ba, 2,106 sqft. Bright & spacious 2 bedroom, 2 1/2 bath at the Plaza. Over 2000 square foot open floor plan- dining/den area w/ balcony access, large open updated chef’s kitchen w/ granite counter-tops. 800 25th St NW #703, DC 20037. Gigi Winston 202-000-0000 Winston Real Estate Foggy Bottom $595,000 COOP. The spacious feel of a house in convenient one level river view Watergate. 700 Hampshire Ave NW #421, DC 20037. Gigi Winston 202-000-0000 Foggy Bottom $355,000 CONDO. The spacious feel of a house in convenient one level river view Watergate. 700 Hampshire Ave NW #421, DC 20037. Kim Kimmy 202-000-0000

CONDO. 2 br, 2 ba, 1,114 sqft. NEW LISTING! *Second bedroom currently used as a den.* Experience the ultimate in comfort, convenience, and service is this charming 2 Bedroom, 2 Bath Residence at the Ritz Carlton condo. 1111 23rd St NE #3G, DC 20037. Patrick Chauvin 202-243-1620

Brookland Brookland

$895,000

With NEW LOW PRICES and customized incentives, Bethesda’s last new LUXURY CONDOMINIUM. is going fast. Where else can you find 4 live theatres and 2 cinemas – along with 200 restaurants and a dozen art galleries – all within strolling distance? Welcome to Lionsgate, one block from the Metro, in the heart of downtown Bethesda. It’s Park Avenue style living from the$800’sto$1.7million.Forthebestviews,floorplansandincentives,makeyour appointmentnowandjointhemorethan130residentsalreadylivingatLionsgate.

Open House Directory Single-Family Home. 3 br, 2¼ ba. North Cleveland Park

202.332.6477

Bellevue

Brentwood Brentwood

KENYONSQUARE.COM

Bellevue

Bellevue

Brand new condos in the center of it all, 1 BR/Den from the $400s

Wendy Wood 202-000-0000

NEW LUXURY CONDOS STARTING IN THE $400’S

• Modern Loft Style Design • 10’ Ceilings • FHA Financing Available • Steps To Penn Quarter, Chinatown, Verizon Center

Bellevue

Logan Circle $269,900 Townhome. 3 Level 2 Unit building in near metro & shopping. Updated homes but you can do your own touch ups. It is Ready to be Move in. It has Hardwood flooring and many other updates.2 BR second floor and one bath room. The basement is separate unit and can use as additional rental income or else. One block a way from new development of O ST Market

property environmental energy education

811 4th Street, NW.

Single-Family Home. 2 br, 1½ ba. Super charming townhouse on a quiet side street in convenient Foggy Bottom. 5-minute walk to Metro,Georgetown, West End. 2524 I St, DC 20037. Judith Lewis 202-000-0000

Foggy Bottom Foggy Bottom

$995,000

CONDO. 1 br, 1 ba. If you’ve been looking for a lrg affordable apt in GREAT shape, w/ good light & privacy that’s an EZ walk to Metro-this is it. Wonderful HWF, beautiful renv’ted Kitchen. 4600 Connecticut Ave NW #113, DC 20008. Mary Lowry Smith 202-000-0000

Foggy Bottom

Foggy Bottom

-5PM

OPE

FLORIDIAN

Brightwood

$1,385,000

AM

$269,000

CONDO. Welcome Saxony. This is a stunning and renovated 1BR 1BA unit that is is within walking distance to the red line Metro, restaurants, shops and grocery stores. 1801 Clydesdale Pl, NW #206. Nathan Guggenheim

Dupont Circle

N 11

Adams Morgan

2351 Champlain St., NW. Amazing location! 2 bedrooms and 2.5 baths w/ private outdoor patio. 22 ft ceilings. Top of the line finishes includ SubZero/Wolf/Bosch appl, Bamboo cabinets, Travertine baths w/ Hans Grohe fixturs.

John Plank 703-528-5646

OPE

CONDO. 2 br, 1 ba, 822 sqft. Rarely available, adorable 2 BR! Tons of character, huge windows, completely renovated! Granite and stainless kitchen w/hardwood floors! Beautiful bath w/full size tub! Immaculate and available immediately! Condo fee includes water & heat! 1831 Belmont Rd NW #204, DC 20009 George Saab (703) 288-4877

Brand New Ultra highend loft in the heart of Adams Morgan.

• 2 BRs • 2 full baths • 1 half baths • Built in 2009 • 1690 sq. ft.

Dupont Circle $1,699.900 Townhome. 3 br, 3½ ba, This grand, contemporary home offers truly breathtaking dimensions, light &; function rarely found in such an urban location. contemporary home offers truly breathtaking dimensions, light &; function rarely found, designed by a renowned architect to showcase art, it has display spaces, premium lighting, interesting built-ins, angles.. 2022 R St NW, DC 20009.

J/K

wednesday, december 11, 2009

open houses

REAL ESTATE

The Open House prospects you want are reading The Washington Post

Source: 2009 Classified Marketplaces

J/K

wednesday, december 11, 2009

real estate open houses

CONDO. 2 br, 2 ba. Gourmet Kitchen with Wood Floors, Granite Counters & Backsplash & Stainless Stl Appl. Marsha Schuman 301-299-9598

LionsgateBethesda.com • 301/986/0066

Developed by Duball Woodmont, LLC

7710 WOODMONTAVENUE, BETHESDA, MD 20814 Sales by The Mayhood Company

The convenient Open House Directory is designed for readers to clip and carry on their open house rounds.

Easy to clip & carry.

For more information, contact your Washington Post Account Manager, or the Classified Real Estate Department at 202-334-5800, REclass@washpost.com.

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

your Total Home Consultant 800.822.7200 • 301.662.6565

www.albaninspect.com

Capital Area Realtor®

Serving the Business Needs of OUR Professionals

2011 September - October

T echnology Browsing Made Easy for Tablet Toters By Amy Chorew, TheTechByte

Flipboard

One of the richest experiences I have had with my iPad is browsing news sites, articles, blogs and of course social media sites. There are now some really great apps to help you make sense of all the information you like to browse. Here are some of my favorites along with some specific browsing apps you may find useful.

Zite Personalized Magazine

www.flipboard.com Flipboard is also a social digital magazine. It is pretty sexy with its pages that turn. You can input your Facebook and Twitter so all of your content is in one place. Named Apple’s 2010 iPad App of the Year (www.apple.com), it is a unique way to read new articles, view photos, and other media.

www.zite.com

Pulse

Their tagline is “the personalized iPad magazine that gets smarter as you use it.” You can download Zite for free. Choose from hundreds of topics you’re interested in or start with the plain-vanilla version of the magazine. You can even pull in your Twitter or Google Feed. You rate every story with thumbs up and down and you can request more of the same. This helps Zite do something pretty amazing. Zite learns from what you read everyday. It watches what kind of stories, how long you stay on them and how detailed the articles are. It then suggests more of the same. Brilliant.

Capital Area Realtors

Need a car loan? ? n a o l ar Federal Credit Union

VISA CREDIT CARD Your Rate will be either 7.25% or 8.75% ors ealt ea R Union r A ital l Credit a Cap

Capital Area Realtors

c a d e e N Need a car loan? der

Fe

www.pulse.me For Android, check out Pulse. This app takes your favorite websites and transforms them into a colorful and interactive mosaic. Sharing a story via Facebook, Twitter and email is as easy as two taps (Also available for iPad).

News360

www.androidtapp.com/news360-for-tablets/ Also check out News360. A news aggregate, News360 for Android aggregates more than 1500 different news sources around the web to bring you news stories in a concise and useful stream. There is also background information and dossiers about all the companies, people and locations that make the news, and you can create feeds based on your specific interests.

Need to Read it Later?

Federal Credit Union

Instapaper

www.instapaper.com One of my favorites. Simply use the bookmark tool and you can save articles and web page to read later either on your iPad, smartphone and other devices.

Capital Area Realtors

Need a car loan? Federal Credit Union

0000 0000 0000 0000 Your Name Here!

Evernote

www.evernote.com Pretty popular bookmarking site allows you to save . . . anything and tag it so you can find it later. Also free!

credit

.net

izon verapply! 0to Call today 2 3 -0734 0 tony 0-314 @

: 24 hone

P OW! Phone: 240-314-0734 N S @verizon.net Rtony0320 Email: ! A Rtony0320@verizon.net ll EALTO tony0320@verizon.net NOW E 2 240-314-0734 N 5 R 8 Ca Call O IO 0 Phone: A ! 2 N W AL L CRwww.carfcu.org EDIT Uville, Maryland ll N CAPITEWeb: Phone: 240-314-0734 RA a Rock

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CAPITAL AREA REALTORS

FEDERAL CREDIT UNION CAPITAL AREA REALTORS

105-A W. Edmonston Drive • Rockville, Maryland 20852

tony0320@verizon.net

CREDIT UNION W! NOFEDERAL ll W. Phone: 240-314-0734 Ca105-A Edmonston Drive • Rockville, Maryland 20852

Storify

www.storify.com What is it? According to the website: “Storify is a way to tell stories using social media such as Tweets, photos and videos. You search multiple social networks from one place, and then drag individual elements into your story. You can re-order the elements and also add text to give context to your readers.”

11

12

2011 September - October

Serving the Business Needs of OUR Professionals

Capital Area REALTOR®

2011 November - December Education Schedule Unless otherwise noted, all classes listed will be held at the GCAAR Conference Center, 8757 Georgia Ave., Suite 600, Silver Spring, MD. Please check our website at www.gcaar.com for more updates and additions.

Lunch and Learn Contract Sessions: Rockville Every Wednesday except the last - Jill Michaels 1:00 p.m. – 2:00 p.m. 9707 Key West Avenue, Suite 120 Washington, DC Every Thursday except the last - Counselors Title 1:00 p.m. – 2:00 p.m. 500 New Jersey Avenue, Suite 310 November 2, 2011 GRI 301: Environmental Issues & Contracts, Settlement Procedures & Disclosure CEU: 6.0 elective hours of DC credit Time: 9:00 a.m. – 4:00 p.m. Instructor: Vimal Kapoor & Greg Flynn, Esq. November 3, 2011 Advanced FHA Financing CEU: 3.0 elective hours of MD & DC credit Time: 9:30 a.m. – 12:30 p.m. Instructor: Jim Semeyn *DC Location* DC Fair Housing CEU: 3.0 required hours of DC credit Time: 9:30 a.m. – 12:30 p.m. Instructor: John Nalls, Esq. & Tom Muldoon *DC Location* DC Legislative Update and Landlord/Tenant Rights CEU: 3.0 required hours of DC credit Time: 1:30 p.m. – 4:30 p.m. Instructor: Chris Darby, Esq. & John Nalls, Esq. November 7, 2011 GRI 302: Taxes CEU: 6.0 elective hours of DC credit Time: 9:00 a.m. – 4:00 p.m. Instructor: Linda de Marlor November 10, 2011 GRI 303: Professional Standards, Mediation, Arbitration and Procuring Cause CEU: 6.0 elective hours of DC credit Time: 9:00 a.m. – 4:00 p.m. Instructor: Al Monshower, Esq.

November 14, 2011 GRI 304: Legal and Legislative Update & Land Use, Planning and Development CEU: 6.0 elective hours of DC credit Time: 9:00 a.m. – 4:00 p.m. Instructor: Tom Lynch November 14, 2011 (con’t) *Rockville Location* MREC Agency-Residential CEU: 3.0 elective hours of DC & MD Time: 9:30 a.m. – 12:30 p.m. Instructor: Al Monshower, Esq. *Rockville Location* Property Conditions Disclosure CEU: 3.0 hours of MD required & DC elective Time: 1:30 p.m. – 4:30 p.m. Instructor: Al Monshower, Esq. November 16, 2011 Regional Sales Contract Update CEU: 3.0 elective hours of DC, MD, & VA Time: 9:30 a.m. – 12:30 p.m. Instructor: Jill Pogach Michaels, Esq. Creative Financing CEU: 3.0 elective hours of MD & DC credit Time: 1:30 p.m. -4:30 p.m. Instructor: Jim Semeyn November 17, 2011 GRI 305: Current Trends in Technology & Business CEU: 6.0 elective hours of DC credit Time: 9:00 a.m. – 4:00 p.m. Instructor: Valasie August November 18, 2011 Maryland Code of Ethics & Predatory Lending and New Member Orientation CEU: 3.0 hours of MD required & DC elective Instructor: Thom Brockett Time: 9:30 a.m. - 12:30 p.m. (MD Code of Ethics) NMO – 1:30 p.m. – 3:00 p.m. (mandatory for new members)

Capital Area Realtor®

Serving the Business Needs of OUR Professionals

Maryland Fair Housing CEU: 1.5 of MD required & DC elective Time: 3:30 p.m. – 5:00 p.m. Instructor: Greg Flynn, Esq. November 30, 2011 Book Club Meeting “Blink” by Malcolm Gladwell Time: 12:30 p.m. – 2 p.m. December 1, 2011 GRI 401: Commercial Property CEU: 7.0 elective hours of DC credit Time: 9:00 a.m. – 5:00 p.m. Instructor: Rick Brown December 2, 2011 Maryland Codes of Ethics & Predatory Lending and New Member Orientation (NMO) CEU: 3.0 hours of MD required & DC elective Instructor: Greg Flynn, Esq. Time: 9:30 a.m. - 12:30 p.m. (MD Code of Ethics) NMO – 1:30 p.m. – 3:00 p.m. (mandatory for new members) December 5, 2011 GRI 402: Advanced Real Estate Office Management CEU: 7.0 elective hours of DC credit Time: 9:00 a.m. – 5:00 p.m. Instructor: Valasie August *DC Location* DC Fair Housing CEU: 3.0 required hours of DC credit Time: 9:30 a.m. – 12:30 p.m. Instructor: Tom Muldoon Finance Issues Update CEU: 3.0 required hours of DC credit Time: 1:30 a.m. – 4:30 p.m. Instructor: Jim Semeyn December 7, 2011 Property Conditions Disclosure CEU: 3.0 hours of MD required & DC elective Time: 9:30 a.m. – 12:30 p.m. Instructor: Al Monshower, Esq. MREC Broker Supervision CEU: 3.0 elective hours of DC & MD credit Time: 1:30 p.m. – 4:30 p.m. Instructor: Al Monshower, Esq.

2011 September - October

December 8, 2011 GRI 403: New Homes Sales & Marketing and Property Manager CEU: 7.0 elective hours of DC credit Time: 9:00 a.m. – 5:00 p.m. Instructor: Tom Lynch December 9, 2011 Reverse Mortgage CEU: 1.5 elective hours of DC & MD Time: 11:30 a.m. – 1:00 p.m. Instructor: Eric Rittmeyer Mortgage Basics CEU: 3.0 elective hours of DC & MD Time: 2:00 p.m. – 5:00 p.m. Instructor: Brian Martucci *Rockville Location* Free! Lunch & Learn Seminar “An Intro to Negotiation” For Real Estate Professionals Time: 11 a.m. – 12 p.m. Instructor: Randy Kutz, CNE, CSSN, SFR, MBA December 12, 2011 GRI 404: Cultural Diversity & DC Legislative Update, Ethics & Agency CEU: 7.0 elective hours of DC credit Time: 9:00 a.m. – 5:00 p.m. Instructor: Tom Lynch/Valasie August December 14, 2011 GRI 405: DC Law & Common Violations of the Licensure Act of 1982/MD License Law-Title 17 CEU: 7.0 elective hours of DC credit Time: 9:00 a.m. – 5:00 p.m. Instructor: Tom Lynch December 15, 2011 Creative Financing CEU: 3.0 elective hours of MD & DC credit Time: 9:30 a.m. – 12:30 p.m. Instructor: Jim Semeyn Non-Conforming Financing CEU: 3.0 elective hours of MD,DC & VA credit Time: 1:30 p.m.-4:30 p.m. Instructor: Jim Semeyn

13

14

Serving the Business Needs of OUR Professionals

2011 September - October

Capital Area REALTOR®

Don’t be Fooled

Plans for Success Compensation Plans ®

Long & Foster 17.8%

18%

20%

30%

Percent of Homes Bought & Sold

Mid-Atlantic Region

12%

#1 in the

®

28.7%

10%

8%

6%

5.7% 4%

Washington Metro Area

15%

10%

5%

5.4%

Weichert REALTORS®

Re/Max Allegiance

10%

10.2% 8.6% 7.2% 4.4%

2.4%

1.8% Coldwell Banker Residential/NRT

15%

5%

3.7%

2.5%

Long & Foster

Mid-Atlantic Region Luxury Market

20%

4.6%

3.7% 2%

#1 in the

25%

Percent of Homes Bought & Sold

#1 in the

®

14%

0%

®

18.4%

16%

Percent of Homes Bought & Sold

Percent of Homes Bought & Sold

The REAL #1 is

0%

Century 21 New Millennium

1

Long & Foster

Weichert REALTORS®

Coldwell Banker Residential/NRT

Re/Max Allegiance

Fairfax Realty

0%

Long & Foster

Washington Fine Properties

Coldwell Banker Residential/NRT

Re/Max

Sotheby’s International Realty

Source: Information included in this report is based on data supplied by MRIS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. January 1, 2010 – December 31, 2010. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate, Inc. ©2011 All Rights Reserved.

#

Long & Foster

Coldwell Banker Residential/NRT Weichert REALTORS®

Re/Max Allegiance Century 21 New Millennium

independent real estate company in the nation in the Mid-Atlantic in the Washington Metro Area seller of luxury homes in the Mid-Atlantic largest independent exclusive Christie’s affiliation* in agent support home of top producers

in integrity

11029-MKTG Integrity GCAR ad-5.indd 1-2

Capital Area Realtor®

Serving the Business Needs of OUR Professionals

2011 September - October

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8/15/11 4:40 PM

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P ublic P olicy Maryland Public Policy Update For additional information please contact Meredith Weisel, Esq. at meredith@wgrelations.com or Katalin Peter, Esq. at kpeter@gcaar.com.

Maryland General Assembly

The legislative session ended on Monday, April 11 at midnight. The General Assembly held a special session during the week of October 17th to address, among other issues, redistricting. For more information, including a detailed summary of pertinent 2011 real estate legislation, visit the Government Affairs news section at www.mdrealtor.org.

Possible Tax Increases in Maryland

Governor Martin O’Malley has suggested in speeches around the State that tax increases could be on the table during next year’s legislative session. He has also, however, said that it is unlikely that taxes would come up in the General Assembly’s special session this October, as it would depend on Congress’ federal budgetary actions. This year’s state budget includes $9.3 billion in federal money. Congress’ deficit-reduction committee will make its recommendations, which could include cuts to transportation funding and Medicaid, by early December.

Montgomery County Issues Charter Review Commission

The Montgomery County Charter Review Commission is seeking suggestions from County residents on how County government operates and what Charter revisions could make it work more effectively. A copy of the Charter may be obtained by contacting the Council Office at 240-777-7900. Suggestions should be submitted to the Charter Review Commission in writing by October 31 to Charter Review Commission, Montgomery County Council, 100 Maryland Avenue, 5th Floor, Rockville, MD 20850 or can be e-mailed to the Commission at CharterReview.Commission@montgomerycountymd.gov. Any recommendations would be considered by County voters in November 2012.

Smoking Ban Extension

A Board of Health regulation that will prohibit smoking in certain common areas of multiple-family residential dwellings and certain playgrounds relating to those dwellings went into effect on August 12. An amendment added to the bill will ban smoking within 25 feet of playground areas on privately owned property that has a primary purpose to serve the residents of more than one dwelling. This includes playground areas of townhouse communities and subdivisions communities of single-family homes that have common playground areas.

County Legislation

The new Council Session began on September 13, 2011. Council Committees began meeting on September 12, 2011. For the most upto-date information, visit www.montgomerycountymd.gov/council Expedited Bill 28-11, Property Tax Credit - Renewable Energy – Amendments Bill 28-11 seeks to address the 6-year backlog of applications for the renewable energy tax credit and also clarifies that a property owner must own a solar or geothermal energy device or energy conservation device to be eligible to receive a certain property tax credit (i.e., leased devices would not be eligible for the credit). Legislation adopted. Bill 21-11, Taxes - Transportation - Impact Tax Amendment Bill 21-11 would implement a number of recommendations submitted by the Clarksburg Infrastructure Working Group. All recommendations apply to the credits allowable to developers under the transportation impact tax and most of the recommendations would apply only to the Clarksburg impact tax district. Expedited Bill 25-11, Offenses - Curfew – Established Bill 25-11 would establish a curfew for minors, prohibit certain activities during the curfew, allow certain defenses, and specify enforcement procedures and penalties. The Executive noted that Bill 25-11 is similar to current laws in Prince George’s County and the District of Columbia. Bill 26-11, Taxation - Development Impact Taxes – Payment Bill 26-11 would require transportation and school development impact taxes, and the associated transportation mitigation and school facilities payments, to be paid before a use and occupancy permit is issued, rather than before a building permit is issued as current law. ZTA 11-01, Commercial/Residential (CR) Zones ZTA 11-01 amends provisions of the County’s C/R Zones. It will greatly influence development near Metrorail stations and add increased incentives for affordable housing.

District Public Policy Update For additional information please contact Ed Krauze, Esq. at ekrauze@ gcaar.com or Katalin Peter, Esq. at kpeter@gcaar.com.

WDCAR Speaker Series WDCAR President Suzanne Des Marais with Ron Collins On September 15, Director of the Office of Boards and Commissions (OBC) Ron Collins discussed how to

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apply to potential openings on various DC Boards and Commissions. To view video footage of Ron Collins briefing, visit: (please include link to video) The following three DC Boards and Commissions are of particular importance to the real estate community: • Tax Revision Commission – makes recommendations for changes to District taxes and other revenues. • Comprehensive Housing Strategy Task Force - The Task Force will be charged with developing a report and recommendations on District housing policy. Per the Office of the Deputy Mayor, they are particularly open to considering Realtors® to serve on the Task Force. • Real Property Tax Appeals Commission - Reviews, holds hearings, and has decision-making authority on property value assessments of DC residents. REALTOR® members and others involved in the real estate community are highly encouraged to apply to any board or commission of interest. If you have interest in applying for the positions mentioned above or any board or commission please feel to contact the DC Public Policy staff: Ed Krauze, Esq. at ekrauze@gcaar.com or Katalin Peter, Esq. at kpeter@gcaar.com. Visit OBC’s website for current vacancies and the application: http://obc.dc.gov/obc/site/default.asp. Be on the lookout for future WDCAR Speaker Series events!

District Issues

2011 September - October

issued proposed rulemaking on July 22, 2011 and is currently in the process of reviewing public comment on the proposed regulations. They will issue final lead regulations after considering all comments received. Then, the DDOE will issue a schedule of fines after final lead Regulations are promulgated. The proposed Rules and Regulations can be accessed at: http://library.constantcontact.com/download/get/ file/1011365883012-399/13788-Lead+Hazard+Prevention+++Elimi nation+Act.pdf Green Building Act Work Group Councilmember Mary Cheh assembled a working group of industry representatives and environmental advocates to recommend amendments to the Green Building Act of 2006 (GBA), which becomes effective on January 1, 2012 for commercial properties larger than 50,000 square feet. The working group has addressed a number of implementation challenges including the performance bond requirements, LEED project certifications, as well as Energy Star benchmarking requirements as they relate to project certifications. The final recommendations of the working group are expected to be finalized for Council action in the next couple of months. Staff is monitoring the issue to the degree at which it could affect residential properties.

Federal Legislative Update Stay up to date on NAR’s political activity and access all Calls for Action through the NAR’s REALTOR® Action Center at http://www.realtoractioncenter.com/

NAR Homeownership Matters Bus Visits Montgomery County

Continuing Budget Debate—Income Tax Increase Passes Council On September 20, in a contentious 7 to 6 vote, the Council agreed to raise the rate from 8.5 percent to 8.95 percent on District residents who earn more than $350,000 in annual taxable income. The Council also agreed the new top tax bracket will sunset in four years. Mayor Gray is expected to allow the increase to become law. The income tax increase allows the Council to delay the imposition of a new tax on out-of-state municipal bonds until early next year. The new bond tax will now only be assessed on out-of-state municipal bonds purchased after December 31, 2011. One City • One Hire Mayor Gray held a press conference on September 8 highlighting his new One City • One Hire initiative: a public/private partnership effort between the District government (facilitated by DC Department of Employment Services) and the DC area business community (led by the DC Chamber of Commerce). The District Office of Employment Services (DOES) will offer employers an incentive if they commit to hiring at least one unemployed District resident this year. Several partners have committed to the program already -- including the Chamber, the Federal City Council, and the Washington Board of Trade. Lead-Based Paint Law Regulations The Lead Hazard Prevention and Elimination Amendment Act of 2010 were passed by the Council at the end of 2010 and became effective March 31, 2011. The District Department of the Environment (DDOE)

On September 7, NAR’s Home Ownership Matters Bus came to Montgomery County. NAR launched the Home Ownership Matters campaign last year to provide lawmakers and the media with valuable information to address the concerns you hear from clients in your community. As Montgomery County’s own Congressman Chris Van Hollen was one of 12 federal legislators appointed to the special Joint Select Committee on Deficit Reduction (also known as the “Supercommittee”) that is tasked to come up with solutions to our federal deficit crisis, NAR chose to highlight our area and bring the campaign to GCAAR’s Rockville office. Future bus stops will continued on page 21

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Capital Area REALTORÂŽ

Montgomery County Market Report By Fred Flick, Ph.D., Consultant/Housing Economist Single-Family Market Continuing a trend for this year, the results for the August single-family home market were mixed. Sales contracts (688) were down 9.8% from a year ago; however, the average and median prices through the eight months have clearly been trending up. Striking a positive note for member’s commissions, Fred Flick settlements (682) in August were up about 1% from a year ago. Nevertheless, sales for the first eight months of the year have been a mixed bag. Year-todate contracts were down 9% and settlements were 10% below the comparable 2010 levels.

Prices in the market have been another matter. They hit bottom in summer 2009 and have been trending up since then. Year-to-date, through the first eight months, the average and median prices were $526,052 and $419,900, respectively. The trend continues up from the 2010 annual figures of $495,736 and $400,000. In fact, recent appreciation rates are out pacing general inflation. Since 2010, the average single-family home price in Montgomery County has risen by 6.1%; and, the median is up almost 5%. Believe me, there are a lot of counties nationwide that would like to have those numbers.

August inventory hit 2,580-units, up from about 2,000 in January. However, the August new listing rate of 766 properties slipped 21% from a year ago, so the end of summer lull seems to be in full swing.

The August sales contract pace equated to about a 4-month absorption rate. Nevertheless, this is still a pretty good rate given what other areas are seeing. The market is transacting and we are seeing some serious price appreciation.

Condominiums and Cooperatives By the end of the summer, the condo/coop market remained soft in unit sales and prices. August sales contracts (195) slipped 18% compared to August 2010. However, the monthly settlements (164) were down only 1%. This drop in the contracts number suggests September closings may be below their 2010 pace. Indeed, for the first eight months of the year, settlements (1,483) declined 5% and contracts (1,668) dropped almost 8% compared to the same period a year before. Again, the condo/coop market is continuing to seek a bottom in both sales and prices.

Paralleling the trend for unit contracts and settlements, average and median prices were still trending down at the end of the summer. In 2010, a condo/coop unit in Montgomery County averaged $247,274, with the median-priced unit costing about $207,000. Through August, the (year-to-date) average price was $238,952 -- down 3.4% from 2010. Similarly, the year-to-date median ($190,000) was down 8.2% the 2010 figure. Mortgage interest rates are likely to stay low for quite a while; but, the high levels of debt consumers, especially firsttime buyers, are carrying and expectations of a slack housing market have to be factors holding condo/coop prices down.

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2011 September - October

The Fed has taken in all of this information, so no big jumps in interest rates are expected anytime soon. With the financial troubles in the Eurozone -- dollar denominated assets are still in demand – and domestic inflation is still at reasonable levels. However, many economists think the long-term bond yields need to be lower to increase investment and growth. With all of the Fed Funds rate adjustments, the 30-year Treasury bond rate has not moved down nearly as much as short- and intermediate-term security yields.

However, the best news is the listing inventory has dropped on both a year-to-date and monthly basis. No doubt, declining sales rates and lower prices have had something to do with that. In January, there were 880 actives. The market trended down through April to 794 properties; then, jumped to about 810 actives in May and has been down since then. By the end of August, the inventory (712) was down about 31% from a year ago; and new listings in August (221) were down 32% from a year ago. At the August contracts pace, total actives equated to a 3.6-months absorption rate. This is better than some past figures but still is not comforting for price stability. The 3-month figure is a “normal” benchmark and hopefully market prices will stabilize this year.

This has caused the Fed to consider implementing a strategy of selling short-term U.S. securities and then, with that revenue, buying long-term U.S. bonds. The effect would be to raise short-term rates and lower long-term rates, with the latter hopefully spurring business borrowing and therefore job growth. It would not expand the Fed’s balance sheet and, therefore, would not be monetarily inflationary. However, it would increase the average maturity (duration) of the Fed’s security portfolio. This tactic was last used in the 1960s and was then termed “Operation Twist”, as it graphically raises the yield curve’s short end and lowers the long-end. It could help push down 15- and 30-year mortgage rates, but would likely push up one-year ARM rates. It is not quite a done deal, but is likely to be implemented in the last quarter of the year. The Fed has to do something, and this would help. Nevertheless, more direct fiscal spending by the Treasury is needed to create jobs in the short-run. Obama’s jobs proposals will be considered in this session of Congress, but the prognosis is not good. The Republicans seem lukewarm to most of them and his “tax the rich” approach is not making many friends. Indeed, all the stimulus we may have left is the Fed. Mortgage Interest Rates Freddie Mac’s mid-September survey showed rates on loans continue to be down upwards of 50 to 75 basis points from earlier in the year. In this survey, the 30-year rate came in at 4.09%. One-year adjustable mortgage (ARMs) rates averaged only 2.81%, down from about 3.25% earlier this year. Fifteen-year loans came in at 3.30% and 5/1-yr. ARMs were very affordable at 2.99%.

Economic Policy and Interest Rates The pace of the economic recovery continues to disappoint. The Federal Reserve’s Beige Book, a summary of economic activity by the various reserve bank districts, found that the Dallas, Kansas City, Minneapolis, San Francisco and St. Louis districts continued to expand at a modest pace. However, Atlanta, Boston, Chicago, Cleveland, New York and Philadelphia districts were lackluster at best. Maryland is in the Richmond Fed’s district, which was basically flat to only slowly expanding. Similarly, employment growth has also been discouraging, with zero jobs added in August and fewer than 160,000 new jobs created since May. These figures are far below what is needed to bring unemployment down from the 9% level. Residential construction employment has been the hardest hit, with almost 1.5 million jobs lost since the peak in 2006. Other measures show mixed results for housing. Private residential construction spending fell in July, but the cost of construction decreased.

While experts do not expect much change in consumer interest rates, the Fed policy could marginally affect mortgage rates. For example, ARMs could push up to around 3% and 30-year fixed financing could move closer to 4%. Those rates would rival VA lending rates at the end of World War II. Consumer Prices and Energy Costs The August Consumer Price Index (CPI-urban) rose 0.4% (seasonally adjusted) from July, due almost entirely to energy costs. If we extrapolate forward this monthly rate for the next 11 months it would imply a 4.8% annual average price rise. However, when the index is compared back to August 2010, the rise has been only 3.8% over the last year. So, inflation is about 1% point higher than a couple of years ago. But, when we exclude food (rising at a 4.6% rate in August) and energy (rising at a 18% rate) this “core” inflation works out to be only 2%. While this is above previous “core” readings of just over 1%, it allows the Fed to keep interest rates low for quite a while longer. Examining several key components of the August 2010 to August 2011 measure: food prices rose 4.6%; housing shelter costs (mostly rents) rose 1.6%; and, apparel prices moved up 4.2%. Medical care services rose 3.3%, and medical care commodities were up 3.0% from a year ago. Unfortunately, energy commodities jumped 32.1% -- gasoline up continued on page 23

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Thank You 2011 RPAC Investors! Major Investors: Golden “R” - $5000 or more Mary Antoun Bonnie Casper Jane Fairweather Carole Maclure Dale Ross GCAAR

Crystal “R” - $2500 Jill Pogach Michaels

Large Investors: Capital Club - ($250 to $999) Andrea Alderdice Wendy Banner David Bediz Elizabeth Blakeslee John Bragale Jan Brito Nathan Carnes Anita Centofanti Kimberly Cestari J. Knight Champion Melissa Chen Judith Colwell Lori Connor Joe Detrick James Downing Page Eisinger Anne Emmett Andrea Evers Dottie Crago Faust

Sterling “R” - $1000 Koki Waribo Adasi Liz Brent Jamie Coley Catherine Czuba Chris Darby Gary Ditto Edward Downs Melinda Estridge Marc Fleisher Carlos Garcia John Gill, Jr. Allyson Hackney Harold Huggins Adrian Hunnings Fred Kendrick Timothy Knobloch Ed Krauze Dana Landry Alana Lasover Judith Levin Suzanne Des Marais Brian Maury Marie McCormack Bo Menkiti Barbara Miles Michael Moran Shelly Murray Frank Pietranton Jr. Leigh Reed Randy Rothstein P. Joy Siegel Frank Snodgrass Christopher Suranna Paolo Verrone Meredith Weisel Holly Worthington

Meg Finn Gregory Ford Gregory Flynn Jeffrey Ganz Carl Gewirz Martin Green Sally Hamidi Derick Hammond Susan Hand Ellen Hatoum Zelda Heller Mynor Herrera Dorothy Heymann Angela Jones Ellen C. Katz Diana Keeling Elley Kott Tamara Kucik Kymber Lovett-Menkiti Donald Maclure Katie Maclure Charles Matthews Kevin McDuffie Dennis Melby Amy R. Musher Sharon Owens Betty Pair Arelis Perez Leyla Phelan Robert Ramoy Amy Ritsko-Warren Bonnie Roberts-Burke Silvia Rodriquez Joseph Rubin Raymond Ruppert Nancy Schwiesow Martin Signore Brenda Small Mo Snowden Glen Sutcliffe Rachel Valentino Patrick Weed Jearline Williams

GCAAR records as of October 14, 2011.

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!

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RPAC Chair Makes Case for Home Ownership Below are remarks made by Bonnie Casper, President-Elect and 2011 RPAC Chair, at the Home Ownership Matters Bus Tour on September 7, 2011. Throughout most of its history, the US has encouraged home ownership because it contributes to stable communities, supports our nation’s economy, and helps build wealth – and for many families, owning a home means gaining a foothold in the middle class. That may be changing, as some policymakers have suggested reducing, and even eliminating the mortgage interest deduction (MID). It’s ridiculous to say that the MID is suddenly part of the deficit problem – the MID has been part of the federal tax code for generations.

FEDERAL LEGISLATIVE UPDATE, continued from page 17 most likely be targeted to other “Supercommittee” members of Congress.

2011 September - October

That’s generations of benefits to middle-class Americans; 65 percent of those who claim the MID are middle-income earners. Maryland actually has the highest share of tax returns claiming the MID of all the states in the country. More than 72 percent of homeowners in Maryland claim the MID. That number becomes even more significant when you realize that nearly 23 percent of homeowners in Maryland don’t have a mortgage – they own their homes free and clear. Last year, Maryland homeowners who benefited from the MID took an average of approximately $14,000 in mortgage interest deductions. The real estate market is in a precarious condition. And the real estate industry is a major part of our national economy – 20 percent of our GNP. If we are serious, if Congress is serious, about generating an economic recovery, this is NOT the time to make radical changes that risk further undermining the real estate industry. In fact, Congress should look to the real estate industry as the basis for economic recovery. NAR is working on your behalf in Washington along with MAR, WDCAR, and GCAAR in your local area to encourage public policies that promote responsible, sustainable home ownership. We need to keep housing FIRST on the nation’s public policy agenda because housing and home ownership affect all Americans.

has published a guide (available at the REALTOR® Action Center) to determine the new loan limits for homeowners. NAR will continue its work with Congress to attempt to restore higher limits as quickly as possible. In the interim, members are encouraged to respond to all NAR Calls for Action on conforming loan limits.

Debt Ceiling Bill, Supercommittee and Home Ownership Tax Benefits

The Supercommittee has been charged by the Debt Ceiling Bill (Budget Control Act of 2011) with issuing a recommendation by November 23, 2011 for at least $1.5 trillion in additional deficit reduction steps to be undertaken over a ten‐year period. The Mortgage Interest Deduction (MID) debate continues in the midst of this, with a number of federal leaders urging for its reduction.

GCAAR President Adrian Hunnings and NAR Treasurer Bill Armstrong

National Flood Insurance Program (NFIP)

Congress has extended flood insurance until November 18. The Senate still must pass the 5-year reform bill and resolve any differences with the House before this latest extension ends. Millions of taxpayers rely on the NFIP. Without it, there would no longer be access to affordable insurance to protect against flooding, the most pervasive natural disaster in the U.S. NAR continues to urge Congressional leaders to reauthorize the NFIP for five years to end the uncertainty of extensions and shutdowns. Now is the time for members of the real estate community who have not yet responded to NAR’s Call for Action to do so.

Conforming Loan Limits

Despite strong advocacy efforts by NAR, Congress has failed to act to extend the FHA and GSE mortgage loan limits. On October 1, those limits declined in 669 counties in 42 states. The new limits will be equal to 115% of the local area median home price (from 125%). The high-cost cap will fall from $729,750 to $625,500. NAR

NAR continues to fight against limiting the MID, as well as all other home ownership tax benefits, by voicing REALTOR® concerns in various public forums. NAR is also aggressively reminding Congressional leaders the economic ramifications of such limits. Extensive research, focus groups, polling, and meetings with members of Congress are taking place now to ensure the proper language and timing of our grassroots efforts. Real estate professionals are urged to reach out to their representatives against any limitations on the MID.

Proposed Qualified Residential Mortgage (QRM) Regulations

On August 1, NAR concluded its first consumer Call for Action to home owners asking them to support our opposition to a proposed federal regulation that would require a 20% down payment on a purchase of a home. As of the date of this publication, no final ruling has been given. NAR will continue its efforts to engage voters in critical home ownership issues at the federal level.

NAR TV/Radio Ad

NAR launched a new TV / Radio ad to keep housing first on the nation’s public policy agenda. http://www.realtor.org/pac.nsf/pages/futuregenerations

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Support Fannie Mae’s Final Help the Homeless Walkathon Bundle up and spring into step for the 2011 Fannie Mae Help the Homeless Walkathon finale on Saturday, November 19, on the National Mall in Washington, DC. Fannie Mae’s program will change beginning in 2012 to model a community walk to increase walker participation. Let’s continue to show our support and join GCAAR Cares as we walk to help the homeless community in DC. Stay tuned for more details in Newsline and Broker Beat.

2010 GCAAR Cares Team

Sign Ordinances: Montgomery County Sign, Sign, Everywhere a Sign… …were the lyrics of a popular song in the 1970s (first performed by the Five Man Electric Band). It was part of the pop culture for the 70s and delivered a political message about there being too many rules in society. That message might be well received today by many in our industry when looking at the technicalities of Montgomery County’s sign regulations. Unfortunately, remembering the regulations is not as simple as remembering the lyrics to a song.

Background

Because of complaints regarding signs crowding public rights of way, public officials throughout the County decided to review the applicable regulations. After a number of public hearings, the County decided to differentiate between permanent, temporary and limited durations signs, codified in Montgomery County Code 59-F, while a number of incorporated municipalities took their own unique approaches.1 County and local officials listened to small businesses allowing relatively lenient standards for signs on private property. The County, however, took a stricter approach to signs installed in the “public right of way” (no signs are permitted in a state right of way identified by a # - example Route 355). Signs installed in the public right of way, such as open house and for sale signs, have a specific set of rules on size, location and other roadside components.2 They also require permits for each sign, with display periods limited to weekends and holidays or 14 consecutive days. The next obvious question is “How much?” The answer is $35.20 per sign / per six month period / per applicant / per business.

What this means for REALTORS®

If you are still with us, hang on to your newsletter! Applicants are allowed one sign per permit up to a maximum of four per applicant. Each Realtor® is considered a separate “applicant” and each of their listings may be considered a distinct business.3 For example, if a Realtor® has 3 listings, she is allowed a maximum of 4 signs for each of her listings. Installing the maximum for each listing would cost $422.40. And the penalties? $500 for EACH violation and/or removal of sign, and that could add up quickly. The County’s sign ordinance also applies to other services that help people find vendors and attract business. Such signs are not just used for commercial offerings, but also to announce everything from county fairs to community meetings. As an added note, the profuse number of political signs during election times would also come under these rules. Please know that the GCAAR Public Policy Committee and GCAAR staff are monitoring the regulations on signs, as well as their enforcement. For more information about sign ordinances, go to: http://gcaar.com/News.aspx?id=1902 Material contributed by Elley Kott, Chair, GCAAR Public Policy Committee, Richard Stoner, GCAAR Public Policy Committee member and Katalin Peter, Esq., GCAAR Government Affairs staff. 1 Please check with you specific town, city or village to see if they have their own sign ordinance, as it may differ from County Code 59-F. A majority of the municipal sign ordinances can be found by visiting GCAAR’s resource page, cited above. 2 Real estate signs cannot be treated as a unique type of sign. 3 It is at the discretion of the Director of Permitting Services whether to consider each listing a separate business.

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2011 September - October

Why Get a BPOR Designation?

Broker Price Opinion Resource – NAR’s Newest Designation With the changing real estate landscape and the increased use of broker price opinions (BPOs), the National Association of REALTORS® (NAR) is offering a new certification, BPO Resource (BPOR), recognizing REALTORS® who have completed NAR’s new BPO education program. The new certification course provides REALTORS® with knowledge and skills to reduce risk and increase opportunities to create professional and accurate BPOs.

What is a BPO?

The BPO, or Broker Price Opinion, is a tool used by lenders and mortgage companies to value properties in situations where they believe the expense and delay of an appraisal is not necessary. Real estate brokers are given an order to do a BPO by the lender, mortgage company, or loss mitigation company. The broker does either a DriveBy or an Internal BPO in most cases. The one-day BPO Resource core course, “BPOs: The Agent’s Role in Property Valuation,” will explore the multiple uses of BPOs, how they can and cannot be used, and how to filter and select comparables to create expert and precise BPOs. Upon completion of the course, members will need to take a free webinar and pay a one-time fee to earn the BPOR certification.

Members who earn the BPOR Certification will be eligible to receive BPO orders and earn BPO revenue. Other benefits include: · Usage of the BPOR letters after your name and in your marketing materials. · BPOR digital certificate · Differentiation as a BPOR in the realtor.org online directory · Logo files that can be used on business cards, e-mail signatures and print ads · BPOR pins (available for purchase) · No annual certification dues (must maintain membership in NAR to use BPOR)

4 Steps to BPOR Certification

1. Be a member in good standing with the National Association of REALTORS® 2. Complete the one-day core course “BPOs: The Agent’s Role in the Valuation Process” · Find a class at www.training4RE.com · Online course is available through NAR’s REALTOR® University 3. Complete Basic Skill Class free webinar (see the link below) 4. Submit BPOR application with one-time $199 certification fee Bonus! The one-day BPOR course available is an approved elective for the Accredited Buyer’s Representative (ABR®) designation.

RPR Basic Skills Class

http://support.narrpr.com/entries/277714-onlineanytime-rpr-basic-skills-class For more information, visit the BPOR page at www.bpor.org, or Smartphone users can click on the QR Code.

Committee Spotlight: Public Policy Committees GCAAR Public Policy Committee

The GCAAR Public Policy Committee works with staff to serve the public policy interests of REALTORS® in Montgomery County, Maryland and surrounding jurisdictions. It reviews, discusses and recommends support for or against proposed regulations and legislation related to the real estate business. Working on both government and grassroots levels, the GCAAR Public Policy Committee is a key voice for REALTOR® issues.

WDCAR Public Policy Committee

The Washington, DC Public Policy Committee (managed by the Washington, DC Association of REALTORS®) works with staff to serve the public policy interests of REALTORS® in Washington, DC. It advocates for REALTOR® issues, as well as works with government officials to ensure that District laws and regulations are favorable to the entire real estate community.

Montgomery County Market Report continued from page 19

32.4% and fuel oil up 35.4%. Nevertheless, energy services (electricity and natural gas) rose only 1%. While these numbers show high inflation in various commodities and services, the risk of slipping into a period of negative growth (recession) is a more convincing reason for pursing pro-growth and job creation policies. The Bottom Line Prices are continuing to rise in the single-family market, but the condo/coop market is still dicey. With the decline in inventory levels, hopefully condo/coop prices will stabilize this year. However, unit sales in single-family and condo/coops have been below 2010 levels at the end of the summer. The County and close-in metro area housing markets seem to have recovered from the recession, but there are still

many problems with foreclosures in outlying suburbs. While the metro area will no doubt fare better than the rest of the country, there are plenty of grey clouds on the horizon. So far, the economy has avoided a double-dip recession, but slow growth and continued high unemployment look to be the near-term future. While the Fed will keep a hand on the economy to try to prevent another recession, concern over the deficit and debt rules out much effective stimulus. If the Euro-zone cannot contain the anticipated defaults by its members, there will likely be spill-over effects on the U.S. economy. It is possible the U.S. could see another recessionary period in the near future (i.e. one or two quarters of negative growth). This would not be good for employment or asset prices. We are still unwinding mountains of debt and trying to repair damaged financial and housing sectors. This could take longer than we originally thought.

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Green Resources Study: Green Homes Nab Higher Prices at Resale While home sales may be sluggish in many parts of the country, more buyers are placing an emphasis on green – with some studies showing that green homes can sell for higher dollar than non-green homes. In Portland, Oregon, an analysis from the Earth Advantage Institute found that greencertified new homes sold, on average, for 8 percent more than non-certified green homes-and in one of the counties included in the study, even more than 23 percent higher. Earth Advantage Institute analyzed sales data from May 2010 through April 2011 from the Portland Regional MLS. The study found that the sales price was even higher for existing homes outfitted green -- an average of 30 percent more, and one county reporting a more than 61 percent premium on green-certified homes. The green certifications on the homes were from Energy Star, LEED for Homes, Earth Advantage, or an Earth Advantage/Energy Star combination. This is the fourth year in a row that the Earth Advantage Institute has conducted such a study and has found green-certified homes sell for higher prices than non-certified homes. The hook, experts say, is to promote the upgrades by showing the energy savings that green homes can offer.

DID YOU KNOW? The Energy Department’s website, Energy.gov, offers a number of tools under their “Public Service” section for greener living. By typing in your zip code, you can find alternative fueling stations, as well see the various energy rebates offered in your town or city.

Source: http://realtormag.realtor.org/daily-news/2011/08/10/study-green-homes-nabhigher-prices-resale

Do You Know the Code?

by Yvette Robinson, Professional Standards Administrator Reviewing the National Association of REALTORS® (NAR) Code of Ethics should not take place only when you are filing an Ethics Complaint. Knowing the Code means you are always providing a higher standard of service to clients, customers, and fellow REALTORS®. Since the Code of Ethics is a living document, the Articles and Standards of Practice are revised to reflect the continuous growth in the real estate business. There are many online resources available from NAR to keep you current on your ethics training and informed on ethical issues.

GCAAR Hosts First Book Club Meeting

www.realtor.org

There are two online ethics training courses available on realtor.org. Each course meets the specific criteria and learning objectives required for either new or existing REALTORS® as established in the Statements of Professional Standards Policy #47 - New Member Orientation Program, and #48 - REALTORS® Code of Ethics Training (formerly known as the Quadrennial Code of Ethics Training) found in the NAR Code of Ethics and Arbitration Manual.

Law and Policy page on realtor.org

Over 30 people were in attendance at the first GCAAR Book Club meeting on August 30 at the Silver Spring office. Moderated by Education Committee member George Maestri, the club read the book, Surviving Your Serengeti by Stephan Swanapoel, which covered the seven skills needed to master business and life from the perspectives of animals living in the Serengeti plains of Africa. Attendees were asked to take a preliminary test to determine what animal they were and a lively discussion ensued. Thanks to our sponsor, Embrace Home Loans for providing the lunch.

REALTOR® Magazine

Join us for the next meeting on November 30 when the group will discuss Blink by Malcolm Gladwell.

If you are a new practitioner, also check out the Code of Ethics for New REALTORS®.

What animal are you? Go to this link to take the test. http://www.serengetibook.com/your-safari/what-animalam-i/quiz/

• Online Ethics and Standards of Practice: training courses for new and existing members • 2011 Code of Ethics and Standards of Practice: available in six languages • Code of Ethics Video Series: great for meetings on ethical practices • Law and Ethics Section

Want to test your knowledge of the Code? Take the quiz on page 25.

Capital Area Realtor®

Serving the Business Needs of OUR Professionals

2011 September - October

Q uiz

Code of Ethics As a of real estate practitioner, you’re of: faced with potentially situations every day. Meeting new clients, The Code Ethics is based on the concept 8 . Arisky request for arbitration is most commonly based on a Let the buyershowing beware. homes, and even walking to your car at dispute nightabout: can be dangerous. It’s essential that Let the seller beware. A listing commission. you make safe decisions and know how to• react when confronted with trouble. Let the public be served. • A cooperative (selling) commission. Let the public fend for themselves. • An earnest money dispute. • A claim for damages. The Code of Ethics was adopted: To establish standards of conduct for the industry. 9 . The concept of procuring cause is used to decide commission Only as “recommendations” for proper conduct. disputes in arbitration cases. Which of the following statements In 1931. is true about the concept of procuring cause? Long after real estate licensing laws were in existence. • No predetermined rules of entitlement are allowed to be used by a hearing panel. The Preamble to the Code: • A hearing panel should not consider the entire course of Sets out aspirational ideals that REALTORS® should strive to conduct in the transaction and should decide the case on one attain. factor. • Can be used as the basis for disciplinary action against a • Whether an agent abandoned or estranged a buyer is not an REALTOR®. important factor in determining which party will receive an • Requires REALTORS® to meet the standards set forth in the award. Preamble. • Generally, a hearing panel should split an award and should • Is a summary of all the articles included in the Code. not make the award all to one party or the other. 4. The Code is primarily enforced through: 10. REALTORS® have an obligation to protect and promote the • The NATIONAL ASSOCIATION OF REALTORS®. interests of their clients but also have an obligation to treat all • State associations of REALTORS®. parties: • Local associations of REALTORS®. • Fairly. • None of the Above. • Honestly. • Fairly and honestly. 5. The two basic types of complaints that are handled by local • Politely. associations are: • Ethics complaints and license law complaints. 11. If a listing broker tells another broker, “I’ll cooperate with • License law complaints and mediation matters. you,” the other broker: • Ethics complaints and requests for arbitration. • May assume that the listing broker will pay him/her a • License law complaints and requests for arbitration. cooperative commission. • May not assume that the listing broker will pay him/her a 6 . The three committees or groups that are involved in the cooperative commission. Code enforcement process are: • Has an arbitration claim against the broker if the listing broker • Grievance Committee, Appeals Committee, and Board of fails to pay a cooperative commission. Directors • Has a legal claim for the cooperative commission against the • Professional Standards Committee, Arbitration Committee, listing broker if the listing broker refuses to pay a cooperative and Mediation Committee commission. • Professional Standards Committee, Mediation Committee, and Board of Directors 12. A cooperating broker in a transaction may: • Grievance Committee, Professional Standards Committee, and • Claim to have “sold” the property involved in the transaction. Board of Directors • Post a “sold” sign on the property involved in the transaction after the closing (with the buyer’s permission). 7 . A request for mandatory arbitration is based on: • Not claim to have “sold” the property but may state that they • A monetary dispute between REALTORS® (principals) in have “participated” or “assisted” in the transaction. different firms. • Both A and B. • A legal claim for damages between REALTORS® in different firms. 13. Disciplinary action in an ethics complaint may NOT include: • A monetary dispute between salespersons in different firms. • A fine not to exceed $5,000. • A legal claim for damages between a salesperson and his/her • A letter of reprimand. broker. • A requirement that the respondent attend a course of education. • A written apology. Answers on page 26. 1. • • • • 2. • • • • 3. •

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QUIZ ANSWERS 1. The Code of Ethics is based on the concept of: Correct Answer: Let the public be served. When the Code of Ethics was adopted in the early 1900s, the rule of law was “caveat emptor” (“Let the buyer beware”). The Code took a different approach, based on the motto “Let the public be served.” One of the foundations of the Code is protection of the public. Many of the Articles (e.g., 1, 2, 8, 9) are founded on protecting the consumer. 2. The Code of Ethics was adopted: Correct Answer: To establish standards of conduct for the industry. There were no real estate licensing laws when the Code was adopted in 1913. One of the primary purposes of the Code was to establish professional standards of conduct for the real estate industry. 3. The Preamble to the Code: Correct Answer: Sets out aspirational ideals that REALTORS® should strive to attain. The Preamble to the Code is the aspirational basis for the ethical concepts that REALTORS® believe in. Included are the core concepts of honesty, integrity, fairness, and moral conduct in business relations. Near the end of the Preamble, the timeless, universal principle of the Golden Rule is cited. Because the Code sets the ideals that we strive to attain, it is subjective in nature. As such, it cannot be used as a basis for disciplinary action against a REALTOR®. Only the Articles of the Code are used as the basis for discipline of REALTOR® membership. 4. The Code is primarily enforced through: Correct Answer: Local associations of REALTORS®. The enforcement of the Code is handled mainly by the local REALTORS® associations. Real estate is one of the few industries that have a Code of Ethics that is enforced. Many industry codes of ethics are aspirational in nature and are not enforced by the organization sponsoring the code. The REALTOR® Code of Ethics has an enforcement process available to anyone who believes a REALTOR® has violated the Code of Ethics. 5. The two basic types of complaints that are handled by local associations are: Correct Answer: Ethics complaints and requests for arbitration. An ethics complaint is a complaint about a REALTOR®’s conduct that has allegedly violated one of the Articles of the Code of Ethics. Under Article 17 of the Code, REALTORS® are required to arbitrate certain types of monetary disputes they have with other REALTORS®. So, a second type of matter handled most frequently by local associations is a request for arbitration falling under Article 17 of the Code. 6 . The three committees or groups that are involved in the Code enforcement process are: Correct Answer: Grievance Committee, Professional Standards Committee, and Board of Directors The Grievance Committee is a screening committee that initially reviews ethics complaints and requests for arbitration. The Grievance Committee does not hold hearings but simply determines, on the basis of the written information presented in the complaint/request, whether a possible violation of the Code may exist or whether the request for arbitration presents a matter that can be arbitrated within Article 17. If the Grievance Committee believes that a possible violation may exist or that a matter can be arbitrated, it forwards the complaint/request to the Professional Standards Committee. The Professional Standards Committee appoints a hearing panel (usually three or five members of the Committee) to conduct a hearing. The hearing is a “due process” hearing similar to a court proceeding. The hearing panel decides whether a violation of the Code occurred and makes a recommendation for discipline, if any. In an arbitration request, the hearing panel decides which party is entitled to the monetary award. In either case, a right of appeal or review exists to the Board of Directors.

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7 . A request for mandatory arbitration is based on: Correct Answer: A monetary dispute between REALTORS® (principals) in different firms. Generally, a request for mandatory arbitration is based on a monetary dispute. The dispute must be of a contractual or specific non-contractual nature, and it must be between REALTORS® (principals) in different firms arising out of their relationship as REALTORS®. Article 17 specifies the types of disputes that are required to be arbitrated. 8 . A request for arbitration is most commonly based on a dispute about: Correct Answer: A cooperative (selling) commission. The most common type of monetary dispute between REALTORS® (principals) in different firms relates to a cooperative (selling) commission, sometimes also known as a co-brokerage commission. In the residential field, the offer of compensation is most commonly made by a listing broker in the context of filing listings with the MLS. In the commercial field, offers of compensation are often made directly among brokers in a market. 9 . The concept of procuring cause is used to decide commission disputes in arbitration cases. Which of the following statements is true about the concept of procuring cause? Correct Answer: No predetermined rules of entitlement are allowed to be used by a hearing panel. The concept of procuring cause is the basis upon which the typical commission dispute about a cooperative commission is decided. The “Arbitration Guidelines” in the Code of Ethics and Arbitration Manual (Appendix II to Part 10) set out a comprehensive set of guidelines by which hearing panels decide a commission dispute. All of the concepts are from the “Arbitration Guidelines.” 10. REALTORS® have an obligation to protect and promote the interests of their clients but also have an obligation to treat all parties: Correct Answer: Honestly. Article 1 of the Code sets out these fiduciary concepts. The obligation to protect and promote the client’s interests is balanced by the obligation to treat all parties honestly. 11. If a listing broker tells another broker, “I’ll cooperate with you,” the other broker: Correct Answer: May not assume that the listing broker will pay him/her a cooperative commission. Article 3 clearly states, “The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker.” The cooperating broker must ascertain the terms of compensation, if any, before beginning efforts to cooperate. 12. A cooperating broker in a transaction may: Correct Answer: Both A and B. According to the Standard of Practice 12-7, “Only REALTORS® who participated in the transaction as the listing broker or cooperating broker (selling broker) may claim to have ‘sold’ the property. Prior to closing, a cooperating broker may post a ‘sold’ sign only with the consent of the listing broker.” Thus, a cooperating broker involved in a transaction may claim to have sold the property in the transaction. The only time limitation in the Standard of Practice relates to the cooperating broker posting a “sold” sign before closing. After closing, permission of the listing broker is not necessary for a cooperating broker to post the “sold” sign. 13. Disciplinary action in an ethics complaint may NOT include: Correct Answer: A written apology. The Code of Ethics and Arbitration Manual lists the appropriate sanctions that a hearing panel may recommend to discipline a REALTOR® who has violated the Code of Ethics. Only those authorized sanctions are permissible. All of the disciplinary actions noted above other than the written apology are on the list of authorized sanctions. An apology of any sort cannot be mandated by a hearing panel or association.

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2011 September - October

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