Capital Area REALTOR® Sept/Oct 2015 by GCAAR

R E A LTOR

CAPITAL AREA

www.gcaar.com

Official publication for the Greater Capital Area Assocation of REALTORS®

TIM E

sept/oct 2015

IS OF

THE This S E S SE A GCA NCE betwe LES CON AR S AS T en TRAC O AL ales C and T ("C L TE ontra ontrac RM S ct amo n t" ) OF T is g oth m a d HIS C e er thin on in this ONT g re RAC repres al estate tr s, hereby T. confirm e a repres nts Seller, nsaction an d a and ents c k now (If the B le uy e dge b B y the to and roker is a r OR ir init Seller cting made ("Date ials a .T a and v nd sig of Off aluab a part of th s a dual re he Listing nature e le con presen is Con C o mpan s here ("Buy r") sidera ta tr ti a v c y 1. R t.) In e for er") in tha tion th a n (" d S EAL c b e S onsid t by oth Se ller") elling e rece PROP in the e p w ra ll ri ip Co e ti t and re E ("Listi or disclos ho, suffic on of the m r and Buye mpany are Street al propert RTY: Bu u n iency r, y y (wit A ("Sell g Compan re of wh utual prom then the a collective h all im er will buy Unit # ddress in y ly ic is p h p e re ro s and is ack ferred g Compa ") and S prove p ri a te c n Co nd n e o ments owled to as y om , rights ller will se ged, th venants set disclosure "Brok ") Parkin inium/Co ll fo fo e fo e part and ap o g ies ag rth below rm is attac r." purten r the sale Legal Space(s) perative Pro , re h C s a e e a n d it p n d othe as foll y ri ces) d # D ject N r goo d ows: escrib ce ("Sales Subdiv escription ame e d as Price" : Lot( ision fo ), s) ll S ows (" Storag Prope eller's entire 2. JU e Un rty"): intere State Block it # this C RISDICTI st in /Squa ontrac ONA re L t. Juri Zip C sdicti ADDEND o d 3. P e on al A UM : RICE T S ax Ac T d dend AND count ection um fo he followin FINA A. D # r g Juri own P NCIN DC sdicti G: (A ayme B. F o M n a nt inanc ll perc D/Co ing unty: l Addendum entag es refe , if ra 1. Fir tified r to pe s and a rcent 2. Se t Trust (if a ttache of Sale co p d, is m s Pric 3. Se nd Trust (i plicable) ade a e.) ller H f a p part o (if ap eld Trust plicable) f p li c TOT A able, a ddend L FIN S u ALES A m atta C. F ched) P R I C NCING irs E % of Tru t Deed of % T st loa % n of th rust Purch aser w e follo % ill wing Conv type: Obta en in OR FHA tional Se e A Assum VA $ ddend ea um A Se e A Fixed ttache ddend % OR an d um A Se e A D. S tt ddend ec Adju um A a ch ed of Tru ond Deed stable ttache T of Tr st loa his co rate F d ust B n. irst D u yer w Other: ntract is n eed E. A ill o t co n ss Obta ti n If Buy umption g ent on in OR Only er ass Finan A u mes Assum financ cing. Seller' ssumption ial in ea Fixed will n stitution o s loan(s): fee, if any O (i o r , R ) t U a B n o financ an .S ing an btain subs . Governm uyer and S d all charg Adju titu ell stable es re d cash e GCAA R Form down tion of Se nt for the re er rate S will O lated to th # 130 ll eco nd p p e a R ayme e assu r's VA ymen 1 - GC Deed w n ts AAR m il t entitle of the l not o are ap ption Sales proxim ment will b btain loan b Contr act a b e y ate. y Sett releas lemen Settlement, e of S paid by th e Buy eller's t. Bala (ii) B Produ ced w er. li u nces ith zipF Page of an yer and Se ability to th orm® 1 of 8 by zipL y assu ller e ogix 18 med lo 070 Fi w il fteen l O ans, s Mile R oad, econd R Fraser Phone: a , Michi ry gan

SHAPE SHIFTING – GCAAR REVAMPS ITS SALES CONTRACT & FORMS – page 6

REALTOR® AND ROOKIE OF THE YEAR HONORS – page 10

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CBmove.com | CareersCB.com 1. Google Analytics, January 2015. 2. Nielsen NetRatings, Jan.-Dec. 2013. 3. Brooks Rose Supplemental Awareness Study, 2013. 4. Klout, 2013. Nothing in this document is intended to create an employment relationship. Any affiliation by you with the company is intended to be that of an independent contractor agent. ©2015 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered service mark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Operated by a subsidiary of NRT LLC. 10268WDC_02/15

CAPITAL AREA REALTOR® • May/Jun 2014

R E ALTOR

CAPITAL AREA

Stellar Customer Service - p. 3

september/october 2015

New Forms - p. 6

GCAAR Cares – p. 8

features

REALTOR® Fest Highlights – p. 12

in every issue

Stellar Customer Service

Ask the President

Don’t Let This Happen To You

Affiliate Spotlight

Shape Shifting – GCAAR Revamps Its Sales Contract & Forms

GCAAR in the News

GCAAR Cares

2016 GCAAR Annual Dues

REALTOR® and Rookie of the Year

REALTOR® Fest 2015 Highlights

NAR Director’s Report

Public Policy

Technology

19 RPAC 20

Housing Statistics

Legal Hotline

Condominium Insurance Considerations

26 MRIS 27

Education Schedule

Capital Area REALTOR® (USPS 017-467) is published five times a year by the Greater Capital Area Association of REALTORS®, 15201 Diamondback Drive, Suite 100, Rockville, MD 20850. Periodicals postage paid at Rockville, 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. POSTMASTER: Send address changes to Capital Area REALTOR®, ATTN: GCAAR, 15201 Diamondback Drive, Suite 100, Rockville, MD 20850. 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 necessarily reflect the opinion 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 the items become the property of the Greater 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 submissions, including camera-ready advertising, is the first of the month prior to publication. Reprint with permission only. Reprints may be obtained by contacting the Greater Capital Area Association of REALTORS® at 301.590.2000; via fax at 301.590.2248; or send an e-mail to 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. Copyright© 2015 by the Greater Capital Area Association of REALTORS®. All rights reserved.

15201 Diamondback Drive, Suite 100 • Rockville MD 20850 Phone: 301.590.2000 • Fax: 301.590.2248 • www.gcaar.com Follow us on Facebook: facebook.com/GCAAR2 Follow us on Twitter@GCAARNow Follow us on LinkedIn/in/GCAAR CAPITAL AREA REALTOR® • May/Jun 2014

board of directors

ask the president Q: Why do we need a new sales contract? I’ve been in the business for two years and have finally learned the old one inside and out. Why change it? – an agent in NW DC

A: Change is always hard at first, but I promise this one is for the best! There are several reasons why we have updated the Sales Contract Peg Mancuso PRESIDENT-ELECT

Suzanne Des Marais PRESIDENT

Jamie Coley SECRETARY

Tim Knobloch TREASURER

beyond what is required to conform with new legislation.

For starters, the old contract was designed for use in DC, Maryland, and Virginia. The Northern Virginia Association of REALTORS® decided to create its own sales contract that is only for use in Virginia. That gave us the opportunity to rework our Sales Contract to work best for DC and Montgomery County. The new contract is more logically organized, making it easier for your clients to understand what’s in it, and where to find things. We also removed redundant language so the Contract is shorter and less confusing than before. For more details on what’s changed, check out the cover story in this issue.

Q: I missed the “Updated Forms” classes GCAAR held. Can I still take a class explaining the new Sales Contract Forms? – a team leader in Gaithersburg

A: Yes! We will continue offering the “Updated Forms” class for as long as our members need it! Check the GCAAR online class schedule Greg Ford IMMEDIATE PAST PRESIDENT

Mike Moran CHIEF EXECUTIVE OFFICER

directors Koki Adasi David Bediz Thom Brockett Roger Carp Tom Daley Jacque Grenning

William “Bill” Hounshell Vicky Lobos-Kirker Danai Mattison Sky Hildy Pollard Frank Snodgrass Pat Weed

Capital Area REALTOR® Magazine Bobette Banks MANAGING EDITOR

Arlene Braithwaite ADVERTISING REPRESENTATIVE Carla Conway DESIGN & LAYOUT

CAPITAL AREA REALTOR® • September/October 2015

on gcaar.com, where you can register for all GCAAR courses. If you don’t see the class you need, simply email education@gcaar.com and ask when the class you need will be offered next.

Stellar Customer Service = Stupendous Referral Business by Michele Lerner While every REALTOR® takes pride in earning a referral from a satisfied client or from a respected colleague, the most successful REALTORS® operate their entire business on the basis of referrals. While excellent marketing and negotiating skills and neighborhood knowledge are important elements to a strong real estate career, a common thread among the most successful REALTORS® is that they provide excellent customer service to everyone involved in every transaction.

“CUSTOMER SERVICE has disappeared from the face of the earth because everyone is always so pushed for time,” says Robert Hryniewicki, a REALTOR® who is part of the William F. X. Moody team at Washington Fine Properties. “So when you see it, it really stands out.”

BASIC CUSTOMER SERVICE

As Hryniewicki mentioned, good customer service is rare enough that even doing what’s expected can stand out to clients and other professionals. “We respond to every email and phone call within four to six hours,” says Hryniewicki. “Our office is staffed seven days a week with someone who is in front of a computer and can get the answers someone needs right away.” In a tight market such as the DC region, an essential “basic” customer service is to keep on top of every listing and potential listing so your buyers have a chance to compete for a home. A client of Santiago Testa, a REALTOR® with McEnearney Associates, complimented him this way in a testimonial: “Santiago’s perseverance in finding us what we were looking for, his sagacious advice during the purchase process, and, very importantly, his willing sacrifice of his personal time to accommodate us, are entirely to his credit.” REALTORS ® who have a good experience on one transaction often want to extend that good relationship into other transactions. Mary Noone, a REALTOR® with Beasley Real Estate, says buyers she was working with in Bethesda chose a lender recommended by a friend. “We had a great transaction and the lender suggested me as an agent for a friend moving to the DC area,” says Noone. “Now I’m recommending this lender to other clients because we work so well together.”

EXCEEDING CLIENT EXPECTATIONS

Kelly Williams and Loic Pritchett, vice presidents of TTR Sotheby’s International Realty, have recently been working with sellers

who benefit by getting their homes on the market quickly to take advantage of market timing and eager buyers. Many of those sellers, though, have too much stuff in their homes to move fast or their homes are not in perfect condition. Enter Williams and Pritchett with some over-the-top customer service. “We work with Dan Sheehan of Olympia Moving and Storage to do a ‘two-stage’ move,” says Williams. “We help the sellers identify all the things we need to take away in stage one, usually furniture and non-essential items that can later be reunited with the rest of their belongings in the final move. Olympia does all the packing and stores everything in their own facility. Then we go room by room to create a comprehensive design to create a lasting impression for buyers.” The whole process can be done within a few days in order to get a home on the market fast. Rina Battiata Kunk, a REALTOR® with McEnearney Associates, not only found movers for a client, but also organized cleaners and a staging company and found a company to take away discarded items. Her sellers were out of the country, so when termites were discovered prior to the closing, Kunk found a company to eradicate them and then another contractor to repair damaged ceiling joists. Knowing the right contractors is important for every REALTOR®. Testa’s recommendation of a contractor to remodel a condo that one of his clients was having trouble renting resulted in a grateful client who was so pleased with the results that he opted to sell the condo once the remodeling was complete. While Meg Percesepe and Alison Shutt, REALTORS® with Washington Fine Properties, have organized contractors to take care of pre-listing preparations and post-home inspection repairs for out of the town clients, they also take special care of their senior clients. “We make lists, help them order their priorities and coordinate with contractors and everyone else to make the move easier,” says Percesepe. “We’ve frequently shoveled snow for sellers who are either out of town or on vacation, too.”

EMOTIONAL CONNECTIONS

REALTORS® say sometimes their job is to function as a therapist. Even in relatively calm transactions there’s always an emotional side when the sellers are leaving behind a home and the buyers are hopeful that they have found the place where their dreams will come true. An important element of customer service is to empathize with both the buyers and sellers in every sale. continued on page 28

CAPITAL AREA REALTOR® • September/October 2015

Lessons Learned During an Submitted by Joy Liberti, Chair, GCAAR’s Professional Standards Committee Inconsistent Market

Don’t Let This Happen to You!

When In Doubt, Disclose! We work with family members all the time and for many REALTORS®, listing properties owned by family members is a major source of business. What is our responsibiity of disclosure to the parties in the transaction? Does the

obligation of disclosure extend to in-laws? Distant Relatives? Article 4 of the NAR Code of Ethics will guide you in making the proper disclosures:

Article 4 States “REALTORS® shall not acquire an interest in or buy or present offers from themselves, any member of their immediate families, their firms or any member thereof, or any entities in which they have any ownership interest, any real property without making their true position known to the owner or the owner’s agent or broker. In selling property they own, or in which they have any interest, REALTORS® shall reveal their ownership or interest in writing to the purchaser or the purchaser’s representative.” Don’t Let This Happen to You! Case #4-3: REALTOR® A listed Client B’s home and subsequently advised him to accept an offer from Buyer C at less than the listed price. Client B later filed a complaint against REALTOR® A with the Board stating that REALTOR® A had not disclosed that Buyer C was REALTOR® A’s father-in-law; that REALTOR® A’s strong urging had convinced Client B, the seller, to accept an offer below the listed price; and that REALTOR® A had acted more in the interests of the buyer than in the best interests of the seller. At the hearing, REALTOR® A defended his actions stating that Article 4 of the Code requires disclosure when the purchaser is a member of the REALTOR’S® immediate family, and that his father-in-law was not a member of REALTOR® A’s immediate family. REALTOR® A also demonstrated that he had presented two other offers to Client B, both lower

CAPITAL AREA REALTOR® • September/October 2015

than Buyer C’s offer, and stated that, in his opinion, the price paid by Buyer C had been the fair market price. REALTOR® A’s defense was found by the Hearing Panel to be inadequate. The panel concluded that Article 4 forbids a REALTOR® to “acquire an interest in” property listed with him unless the interest is disclosed to the seller or the seller’s agent; that the possibility, even remote, of REALTOR® A’s acquiring an interest in the property from his father-inlaw by inheritance gave the REALTOR® a potential interest in it; that REALTOR® A’s conduct was clearly contrary to the intent of Article 4, since interest in property created through a family relationship can be closer and more tangible than through a corporate relationship which is cited in the Code as an interest requiring disclosure. REALTOR® A was found to have violated Article 4 for failing to disclose to Client B that the buyer was his father-in-law. Remember REALTORS® found to have violated the Code of Ethics may be disciplined in the following ways: • Required to attend courses designed to increase understanding of ethical duties or other responsibili- ties of real estate professionals. • Fined • Have their membership suspended or terminated for serious or repeated violations

for more information:

Visit the Code of Ethics section at realtor.org

and print a stylish color poster of the 2015 NAR Code of Ethics (PDF) suitable for framing and hanging in your office.

GCAAR in the news

Affiliate Spotlight

Mixed Effects Seen From Institutions The Current Newspapers September 16, 2015

— GCAAR President Suzanne Des Marais, Past President Joe Himali, and Board Member Tom Daley featured

REALTORS® See Continued Strength in Northwest DC Market As Fall Nears The Current Newspapers September 16, 2015

— GCAAR President Suzanne Des Marais, Board Member Tom Daley, and Member Ron Sitrin featured

Vivian Gilbert Owner/Principal Home Staging by Vivian, LLC

A New Deal in DC – Montgomery Real Estate Contracts The Washington Post September 1, 2015 — GCAAR featured

How long have you been an Affiliate with GCAAR? I’ve been a GCAAR Affiliate for the past 5 years.

What are some of the events you support?

This past summer was the fourth time I have participated in the annual REALTOR® Fest representing Home Staging by Vivian, LLC. I have also shared home staging tips, speaking to various real estate groups, and enjoyed the networking socials. I have made many new friends because of my GCAAR involvement.

Real Estate Investments vs. Stocks The Montgomery County Sentinel August 27, 2015

— GCAAR mentioned

Why do you continue to support GCAAR as an Affiliate?

I continue to support GCAAR as an Affiliate because it’s a wonderful organization that has endless resources of publications, classes, and events serving the local real estate community. Business has increased so much because of the visibility I’ve gotten due to GCAAR.

What would you say to people who are considering becoming an Affiliate?

If you are considering becoming a GCAAR Affiliate, “just do it”. You’ll be glad you did.

Why do you think being a member of GCAAR is important? GCAAR is a great resource to new as well as seasoned REALTORS®. GCAAR functions give you the opportunity to meet, speak, and learn from the experts in our industry.

Home Staging by Vivian

DC’s Housing Now Tightest Sellers’ Market in the Country Washington Business Journal July 16, 2015 — GCAAR mentioned

It Takes a Village to Buy a Home The Washington Blade July 10, 2015

— GCAAR mentioned

Tips to Enter the D.C. Housing Market WTOP News June 16, 2015

“You’ll find the house that you want if you stay in the lane that you can afford.” — Brenda Small, GCAAR Past President CAPITAL AREA REALTOR® • September/October 2015

Shape Shifting – GCAAR Revamps Its Forms

By Amy Ritsko-Warren

ARE YOU READY? GCAAR’s new forms are, and they are here for you to use beginning October 1, 2015. They’ve changed shape, slimmed down a bit in fact, to meet three specific goals simplify, clarify, and reduce redundancy – no small feat for a set of legal documents that protect your business and your clients’ interests.

How it All Transpired WHO? The GCAAR Board of Directors appointed a Task Force to update the forms. This group of agents, managers, brokers, and attorneys met weekly from November 2014 to May 2015 for 90 minutes a session to rework these documents. Thanks to these committed members for their high level of involvement, thoughtful discussion, and tireless dedication to getting this enormous task done!

GCAAR’s three most commonly-used forms, the Contract of Sale, Jurisdictional Addenda, and Addendum of Clauses, have been updated for Montgomery County and DC. The language needed for Northern Virginia transactions was removed as NVAR launched its own Contract of Sale earlier this year. It was the perfect opportunity to customize, reorganize, and rewrite our own forms. ct of es—A ential Contra Claus sid dum of MAR Re Adden ntract and

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analyzing the member feedback GCAAR has received over the years. With that in mind, they began going through the Contract and Addenda with a fine-toothed comb. The first step was to order the paragraphs to be logical and intuitive. As they reorganized, they were able to reduce redundancies, removing whole paragraphs in some cases, resulting in a shorter overall form. The second sweep dived into the language itself. They rewrote some text to be more clear and concise, ensuring the contract was as user-friendly as possible while maintaining its legal integrity.

10/2015

WHERE? The new forms are for

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Montgomery County Jurisdictional Addendum to GCAAR Sales Contract (Required for Use with GCAAR Sales Contract)

use in the District of Columbia and Montgomery County.

The Contract of Sale dated

between (Buyer) and (Seller) for the purchase of the real property located at Address Unit # City State Zip Code , Parking Space(s) # Storage Unit # with the legal description of Lot Block/Square Section Subdivision/Project Name Tax Account # is hereby amended by the incorporation of this Addendum, which shall supersede any provisions to the contrary in this Contract.

6 CAPITAL AREA REALTOR • September/October 2015 ®

Q&A

with Susann Haskins Forms Task Force Chair

Q: What is the most significant change to the forms? A: I don’t think there’s one change that stands out above all the others. There are small changes that make a big difference.

Many Thanks to the Forms Task Force! Front Row, L-R: Marie Shannon, Susann Haskins, Forms Task Force Chair Back Row, L-R: Marty Stanton, 2015 GCAAR Secretary Jamie Coley, Tony DeVol Not pictured: Adrian Hunnings, Josette Skilling, Katalin Peter, Staff Liaison

Q: As you’ve been teaching the new form, what’s the most common question you’ve encountered?

WHEN?

The new contract is effective October 1, 2015. Now is the time to take the “Updated Forms” class for a step-by-step guide to what’s changed, why, and how it will affect you and your clients.

A: What happened to the electronic signature disclosure? (Answer: Electronic signatures are legally accepted on the federal level and a disclosure is no longer required.)

WHY?

Q: What topic spurred the longest discussion during Task Force Meetings?

Changes to Look For . . .

A: We spent over four hours discussing the termite inspection paragraph.

Sales Contract (Form #1301) • Earnest Money Deposits - time and delivery • Down Payment - redefined/broadened to include funds due at settlement from both buyer and seller • Termite Inspection - reports and provisions • Lead-based Paint Regulations – acknowledgement of receipt of forms; ability to void contract • Electronic Signatures • Notice and Delivery of Key Documents through Electronic Links

General questions on the form change? Call Staff Liaison Katalin Peter: 301.590.8795 or email her at kpeter@gcaar.com.

Jurisdictional Addenda (Forms #1312 & 1313) There are now two separate Jurisdictional Addenda – one for use with the GCAAR Contract and one for use with the MAR Contract. The GCAAR Jurisdictional Addenda includes all of the provisions that can be used in Montgomery County and DC.

Addendum of Clauses (Form #1332) The Addendum of Clauses was split into two Forms – A & B. The most used Contingencies are included in Form A. Form B includes the lesser used Contingencies, and should not be necessary to use with the majority of contracts. Changes to look for in Form A: • Home Inspection Contingencies - notice requirements and timing • General Inspection Contingency – no right to negotiate

QUESTIONS? How to use the new contract? Call the Legal Hotline: 202.686.0100 or GCAAR hotline@ctitle.net.

GCAAR exists to make doing business easier for our members, and everything we do works to that end. Streamlining, simplifying, and clarifying these most-used forms is a significant improvement GCAAR can make to positively impact your day-to-day business.

FOR A FULL LIST OF CHANGES and to download the new forms, visit gcaar.com/toolkit ® CAPITAL AREA REALTOR • September/October CAPITAL AREA REALTOR® • May/Jun2015 2014

GCAAR CARES

Connecting with the Community

Annual Silent Auction Continues Its Record of Success GCAAR Cares’ 6th Annual Silent Auction took place at REALTOR® Fest on July 20. The Cares Committee displayed nearly 60 auction items, raising more than $6,800! This year’s prize drawings of a 40” TV and wall mount, $100 worth of scratch-off lottery tickets, and an undisclosed cash amount, brought in over $700! As always, GCAAR Cares member and Silent Auction Subcommittee Chair, Dina Paxenos did a fabulous job organizing the event, choosing a fun Hawaiian theme.

GCAAR Cares Staff Liaison Joanne Joseph works the auction table.

Thanks to everyone, particularly our GCAAR Cares

Committee, members, donors, and staff, for making this year’s silent auction a wonderful event and great success!

GCAAR Cares Co-Chair Michael Fowler gets into the Hawaiian spirit.

The Washington Nationals table was a popular auction item.

YPN and DCAR Join Forces for a Day of Service On September 11, 17 volunteers from GCAAR Cares, DCAR, and GCAAR’s Young Professional Network (YPN) went to the Community for Creative Non-Violence (CCNV) homeless shelter in DC for a day of service. The volunteers cleaned up both inside and outside the facility, and toiletries were given to the occupants of the shelter. CCNV provides services to the poor and homeless including food, shelter, clothing, medical care, case management, education, and art programs.

Men pose after a productive day of service.

CAPITALAREA AREAREALTOR REALTOR® •® •May/Jun September/October 2015 CAPITAL 2014

Ready to work.

L-R: Tianni Craig, Jennifer Frewer, YPN Chair Jessica Evans, Kymber Menkiti, L- R: GCAAR COO Bill Highsmith, Justin Levitch, Board Member Koki Adasi, YPN Vice Chair Rob Rothstein, and and Ayanna Brooks. Anthony Graham lend a helping hand.

We are grateful for your support of this year’s event

membership corner

2016

GCAAR Annual Dues DEADLINE: Monday, November 30, 2015

Be on the lookout Your 2016 GCAAR Annual Dues invoice was posted online at gcaar.com on October 1. Unlike MRIS, GCAAR does not keep credit card account information on file; all payment account details must be submitted each billing cycle. GCAAR accepts all major credit cards (American Express, Discover, MasterCard, and Visa), personal/corporate checks, and money orders. We do not accept cash payments for dues.

Payment options include:

• PAY ONLINE – Paying with a credit/debit card online at

gcaar.com, where your invoice may be viewed, printed, and paid using our secure online payment system. You will receive an instant e-mail receipt if payment attempt is successful.

As of December 1, 2015, all outstanding accounts will incur a $25 late fee. If payment is not received by Decem-

ber 31, 2015, a $150 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.

GCAAR thanks you for your continued support!

For Billing Inquiries? Please contact our Accounting Department at 301.590.8781 or at membershiprecords@gcaar.com.

• FAX – Faxing a credit/debit card payment directly to our Accounting Department at: 301.296.2188

• MAIL – Mailing payment to our Rockville location below: GCAAR Attn: Annual Dues 15201 Diamondback Drive, Suite 100 Rockville, MD 20850

Please note: In March 2014, GCAAR moved to the above address. If your corporate office or bank is mailing a check on your behalf, please confirm that they have updated their system with our new address above.

• PAY IN PERSON –Paying in person at either of our office

locations (Rockville or Washington, DC). Please consult our website for hours of operation. (Our Rockville location is open most Saturdays to provide service to our members.)

GCAAR does not take payments over the phone. Payments postmarked on or before November 30, and received after this date, will not be considered timely. Payment must be received at GCAAR offices or paid online at gcaar. com by close of business (5:00 p.m.), November 30, 2015. The easiest, quickest, and most secure way to pay your dues is online at gcaar.com.

9 CAPITAL AREA REALTOR

• September/October 2015

CAPITAL AREA REALTOR®® • May/Jun 2014

GCAAR news 2015 GCAAR REALTOR® OF THE YEAR

2015 GCAAR ROOKIE OF THE YEAR

Jamie Coley Named REALTOR® of the Year

Philip Dickson Gets Rookie of the Year Honors

GCAAR is pleased to name Jamie Coley as its REALTOR® of the Year for 2015. Jamie is currently a manager with Long & Foster Real Estate. Jamie is an active GCAAR member, currently serving his second term as GCAAR Secretary and as the 2015 RPAC Chairperson. In addition, Jamie is on the GCAAR Contract Task Force which has been instrumental in rewriting the regional sales contract and addenda, and also has served on the Grievance and Contract and Clause Committees. On the national level, he is a Director for the National Association of REALTORS® (NAR). At Long & Foster, Jamie is a mentor and tutor for rookie and experienced agents, and also teaches Top Agent seminars. Jamie gives back to his community as well, delivering goods to needy children through KIND (Kids in Need Distributors), and acting as sponsor and contributor to the Hillwood Museum and the Elizabeth Glaser Pediatric AIDS Foundation.

“Jamie invests in the future of our industry and the community

in which he works…to Jamie, helping his peers allows him to better serve the many buyers and sellers in the market, and it’s a tremendous honor for Long & Foster to have a man of such character representing us and our clients.

”

— P. Wesley Foster, CEO, Long & Foster Real Estate and Larry “Boomer” Foster, President, Long & Foster Real Estate

GCAAR is pleased to announce Philip (Phil) Dickson as its 2015 Rookie of the Year. Phil is an agent with the Chevy Chase/Uptown Office of Long & Foster REALTORS® in Washington, DC, and obtained his real estate license in 2011. In 2014, his sales volume was over $7M. Phil is active both professionally and in the community. He is currently the chair of GCAAR’s Green Subcommittee, and earned the LEED Green Associate credential from the U.S. Green Building Council, where he worked prior to joining Long & Foster. Through 2012 and 2013, he served on the GCAAR Green Committee, during which time the group began work on its signature effort, the “greening” of the regional multiple listing service, MRIS. Phil and his team of less than ten dedicated members, led the agent effort to help MRIS with a new iteration that reflects the ever-increasing role of green real estate investments; today, the over 44,000 agents in the MRIS footprint have nearly 100 new eco-fields and descriptions at their disposal to better represent the homes they sell. A native of Akron, Ohio, Phil is also passionate about his hometown, where he owns property and maintains his roots. In 2013, he was selected by the Downtown Akron Partnership to facilitate a proposal he submitted to turn vacant storefronts on downtown’s Main Street into public art displays. He reached out to the Akron Area Arts Alliance for artist submissions, and worked with one artist and the Partnership on the project. The effort was realized in January of 2014, and the art is currently showcased in four buildings beside the Akron Civic Theater, which was restored in 2002.

“His commitment to the ‘greening’ of real estate has been

impressive. At a time when GCAAR was re-structuring committees, Philip hung in, fought for autonomy for environmental issues, and stayed the course… [He] is a smart, hardworking man with a generous spirit. If my office were filled with agents like him my job would be easy.

CAPITAL AREA REALTOR® • September/October 2015

— Marjorie Rosner Vice President and Sales Manager, Long & Foster Real Estate

”

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GCAAR happenings

REALTOR® Fest 2015 Highlights

July 22, 2014

Bethesda North Marriott

The halls of the North Bethesda Marriott were bustling with excitement on July 20 as almost 600 real estate

professionals got their CE credits and professional development in one day at REALTOR® Fest 2015, GCAAR’s annual education summit. Attendees enjoyed the largest trade show to date with over 90 vendors! Some of the new classes this year included REALTOR® Safety, Virginia Broker Management and Agent Supervision, New Member Orientation, and the NAR Certification Course - Resort & Second Property Specialist. Attendees also were able to take the Updated Sales Contract and Forms class in preparation for the upcoming changes to the Regional Sales Contract on October 1, while RBI offered training to help attendees get familiar with the new SmartCharts market data now being offered as a member benefit.

A few highlights: • 2,539 CE credits awarded • Over $6800 raised at GCAAR CARES Silent Auction

THANKS AGAIN

To all of our sponsors, exhibitors, and attendees for their support of this year’s event.

Don’t miss REALTOR® Fest 2016!

CAPITAL AREA REALTOR® • September/October 2015

Condominium Insurance Considerations Owner-Occupant and Owner Who Rents Out? By Roy L. Kaufmann1 of Jackson & Campbell, P.C. and Margarita Dilone, President and CEO of Crystal Insurance Group, Inc. Owners of condominium units should review their condominium insurance needs carefully. A unit-owner’s policy is essential. In fact, in some jurisdictions, such as the District of Columbia, it is required by law. Even with a policy in hand, all too often, when a problem arises, a unit owner may be disappointed that certain perils are not covered. Although the condominium association’s “master policy” may cover some rebuilding costs, the unit-owner needs to be assured that there are no gaps (or costly overlaps) in coverage. A review of the condominium association’s master policy is an essential place to start.

MASTER POLICY

Liability Coverage: The master policy includes liability coverage for injuries or events occurring in common areas such as the lobby, hallways, elevator, garage, club house, tennis court, swimming pool2, etc. Casualty Coverage: The policy also includes coverage for property damage in the event of fire or other casualty. Although master policies vary, there are two common methods to provide coverage for residential buildings. The “bare-walls-in” method insures the basic building, e.g., the lobby, hallways, elevators, roof, walls, and floors, but leaves the unit-owner to insure fixtures inside the unit, e.g., cabinets, carpeting, wall coverings, appliances, and sometimes even the interior walls. The second possibility is the “all-in” coverage whereby the common areas are covered, as well as the as items within the interior unit walls that are not considered personal property. The analogy often used is that if you were to pick up the condominium unit and turn it upside down and shake it, all the material remaining in the unit when you put it right-side-up would be covered. Note that the fixtures and installations as were originally placed when the condominium was constructed would be covered and not upgrades by the unit-owner. The unit-owner’s personal property is not covered by the master policy and this should be made clear in any lease agreement by owners who rent. Each master policy has a deductible. Although a $5000 deductible is common, many associations are buying policies with higher

deductibles to save cost. The condominium bylaws will probably provide whether an individual unit-owner may be responsible for the entire deductible if the casualty originated in the unit. In fact, DC Law allows the condominium association to set its own, higher, deductible levels for claims made under the Master Policy that are triggered by an event originating within a member’s unit.

UNIT-OWNER POLICY Once a unit-owner is familiar with the coverage provided for by the master policy, coverage gaps need to be filled through a tailored unit-owner policy. This policy is known as condominium coverage or a form HO-6 policy3. Premiums may be lower when both the HO-6 and the master policy are provided by the same insurer. It may also eliminate disagreements between two different insurers as to which is responsible for a particular situation. Liability Coverage: The HO-6 provides liability coverage to the unit-owner for injuries or events that occur within the unit as opposed to in common areas. Casualty Coverage: This is the area that merits the closest attention to make sure that property damage coverage is coordinated with the master policy. If a fire were to occur and the master policy provided “bare walls in” coverage, then the unit owner would be solely responsible for the cost of replacing cabinets, appliances, carpeting, and all personal property. But, even if the master policy had “all-in” coverage, structural additions, alterations, and other value added to the unit by the owner after original construction, e.g., high-grade carpets or high-grade cabinets, will most likely require building improvements coverage because an “all-in” master policy may only compensate for the original structure and fixtures. Thus, the dollar amount for structural coverage needs to be high enough to cover upgrades. Do not confuse structural coverage with personal property/contents coverage. The HO-6 covers personal property within the unit against damage or loss from several specified causes such as fire, weight of snow, windstorm, hail, theft, explosion, smoke damage, accidental discharge of water, and falling objects, among other causes. The coverage is usually available in one of two bases. “Actual cash

continued on page 15

REALTOR® • May/Jun 2014 ® CAPITAL AREA CAPITAL REALTORAREA • September/October 2015

13 13

NAR

director’s report Greg Ford, GCAAR Immediate Past President, NAR Director The real estate market may slow down a bit in the summer months, but your National Association of REALTORS® (NAR) does not. NAR was busy this summer protecting your business interests and making sure you have the information you need to hit the ground running in the fall market. In July, NAR issued a Call for Action to Stop Patent Trolls from wreaking havoc on legitimate real estate businesses. The call asked REALTORS® to contact their Federal Representatives in support of “The Innovation Act of 2015,” a common-sense, comprehensive reform to protect Main Street businesses from patent troll abuse. REALTORS® are targeted by patent trolls at alarming rates for commonly used technologies including dropdown menus on websites, website mapping, online search alert functions, and scan-to-email technologies. Patent trolls exist solely to purchase old patents and use the threat of expensive lawsuits to extort money from legitimate businesses. The Innovation Act will help close the loopholes in our legal system that allows patent trolls to thrive. NAR is vigilant about keeping its finger on the pulse of the economy, too. Are you concerned about the wonky stock market’s effect on housing? Check out Chief Economist, Lawrence Yun’s blog for his latest analysis (http://economistsoutlook. blogs.realtor.org). Feel free to share these gems from his August 28 post with your clients and colleagues:

2014 CAPITAL AREA AREAREALTOR REALTOR® •® •May/Jun September/October 2015

• The gain in the housing wealth over the past 12 months has been roughly $1 trillion and is still rising.

Are you hungry for more from NAR?

Registration is open to all members to attend the Annual NAR Meetings, this year in San Diego, November 13 – 16. As an NAR Director, this is our twice-a-year opportunity to meet as a Board, be briefed on the association’s activities, and vote on changes and new initiatives. As a member, it’s your opportunity to network with 20,000 fellow REALTORS® from across the country, attend 100 different education sessions - many led by nationally renowned speakers, and visit 400 real estate business vendors at the Expo.

+Mark Your Calendars!+ Annual NAR Meetings November 13-16 in San Diego, CA

• Consumers are confident, even as the stock market gyrates and shakes. Rising employment and a solid boost to housing equity for a majority of households are evidently more than sufficient to overcome the fall in the stock market.

• The consumer confidence index rose above the 100 mark in August for only the third time in the past 88 months. Both components of the confidence rose: about the present con ditions (from 104 to 115) and about the future (from 82 to 92). That portends well for consumer decision regarding expensive and long-lasting purchases, such as buying a home.

Visit realtor.org and click on “Events” to register

Condominium Insurance Considerations . . . continued from page 13

value” is the traditional basis in which owners are given the value of the item, less depreciation. “Replacement Cost” covers the value to replace the item, regardless of the age or condition of the item. Items of higher value, such as collectibles, antiques, jewelry, or art work, then these items should be addressed through riders to the policy. It is helpful to have a photographic inventory of the personal property, and of the improvements to the carpeting, cabinets, and countertops before a problem occurs. The inventory can be accomplished by wandering around each room with a video or other camera, or can be more detailed to include purchase price, appraised value or other information. There are several home inventory programs available online. Quicken products, for example, allow you to scan a copy of a receipt or any other document and store it along with the check-entry. We suggest that the inventory be updated on a yearly basis. For obvious reasons, the inventory or a copy thereof should be stored outside the condominium unit. Coverage for damage from sewer and drain back-ups is highly recommended for owners with units in the first few floors of the building. The coverage is usually missing from standard policies, but can be added for around $25 per year. However, owners should be aware that basic policies generally do not cover damage from floods or earthquakes.

for losses associated with renting or ii) a DP-3 policy, depending on what is available from the insurance company. The two options are essentially the same and, under either scenario, the landlord should look for coverage for structural damage caused by tenants, liability to third parties for injuries occurring in the unit, damage to other units, loss of rental income due to an uninhabitable unit for at least nine months and, if available, loss of income due to untimely rent payment. Tenants should be encouraged to obtain renter’s insurance. In fact, diligent landlords currently require proof of such coverage. The renter’s policy, the form HO-4, is relatively inexpensive and should include loss of use coverage, contents (personal property) protection, and liability protection. In the event the unit is damaged and uninhabitable, the loss of use coverage provides the tenant with reimbursement for hotel and moving costs, usually for around a nine-month period. [1] Original version of this article drafted by Claudio Sayan Lazarte, Intern to the Firm, 2011 [2] Recently, most carriers are declining to cover diving wells with diving boards. [3] In situations, such as when the condo is rented to others or titled in the name of an LLC, a DP-3 policy is used, in which event a second, inexpensive liability policy should also be purchased.

COVERAGE FOR GAPS IN MASTER POLICY DEDUCTIBLES: Unit owners should: Review the condominium’s governing documents to see if the condominium has set a higher deductible; and Ensure that his policy covers the deductible discussed above under “Master Policy”. This deductible may be called a “loss assessment” by insurance companies. If the condominium association sends a notice of such a loss assessment, it is important that the condominium association’s description of the assessment reference the specific loss otherwise the unit-owner’s insurer may not recognize it as a “loss assessment” and may categorize as some other type of assessment, for which there would be no coverage.

SPECIAL CONSIDERATION: UNIT RENTED OUT

A special situation arises when a unit-owner rents out the unit to a third party, assuming that the condo’s bylaws permit rental. Keep in mind that there may be licenses required and exemptions from rent control. The repercussions can be severe if you ignore these requirements and your attorney or property manager can assist. The landlord could choose between an i) HO-6 condominium unit-owner policy with an endorsement for additional coverage

CAPITAL AREA REALTOR® • September/October 2015

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public policy Montgomery County 2015 Fall/Winter Legislative Priorities

Energy Efficiency

The Montgomery County government looks to have a busy year ahead. Here is a sneak preview of the most important issues for REALTORS®:

GCAAR is a long-time supporter of improving energy efficiency through voluntary financial incentives, education, and other commercially viable alternatives. We stand behind innovative solutions that don’t mandate unreasonable regulations.

Rent Stabilization and Control

Taxes and Affordable Housing

GCAAR supports a full range of rental programs to ensure everyone has access to decent, affordable housing. REALTORS® oppose rent control regulations which have detrimental consequences for the broader housing community. The free market is the best way to ensure a healthy, balanced real estate environment and GCAAR will continue to strongly advocate that position.

Transportation Purple Line Pushes Forward in Montgomery County Maryland Governor Larry Hogan has directed the Maryland Department of Transportation to move forward with “a more cost-effective and streamlined version of the Purple Line.” The main goal of the project is to connect Bethesda and New Carrollton via mass transit. Under this scaled back plan the State’s share of expenses is $168 million, down from over $700 million. Montgomery County Executive Ike Leggett and advocates for the project have praised the Governor’s decision, even though Montgomery and Prince George’s Counties may need to increase their contributions to build the Purple Line. Critical implementation and financial discussions will continue throughout the next few months, and GCAAR will keep a close watch on any proposals.

REALTORS® aim to reduce barriers to home ownership. Montgomery County’s high recordation and transfer taxes are a problem we will continue to fight, along with the pre-payment of property taxes. We support closing cost assistance programs for moderate-income and first-time buyers as long as they are fiscally prudent.

GCAAR Supported Green Bank - a Model for Innovation Montgomery County is the first county in the nation to pass legislation establishing a local “Green Bank” - a partnership with the private sector to increase investment in energy efficiency and renewable energy projects. “The idea of a green bank is simple: to use low-cost financing to drive growth in our green economy,” said Councilmember Roger Berliner. “These dollars will help our residents save money, help the environment, and help our economy by creating good green jobs.” Montgomery County’s Department of Environment is working with stakeholders, including GCAAR, on best practices to ensure the program is successful. Final recommendations for implementation may be ready in June 2016.

New Rental Tax Credit Montgomery County has established a new “County Renters’ Property Tax Relief Supplement” for its most vulnerable residents. Tied to the State of Maryland’s “Renter’s Tax Credit Program,” eligible renters would receive an average payment of $125 per year based on the premise that a portion of the rent they pay is attributable to property tax paid by the owner. Eligible residents are at least 60 years old, those who are permanently and totally disabled, and in other limited circumstances. The legislation should not have an adverse impact on property taxes, nor should it affect the state level Circuit Breaker payments in the bill’s current fiscal impact statement.

REALTORS® Back Affordable Housing Website GCAAR is committed to the notion that all residents should have access to safe and affordable housing. To that end, GCAAR is supporting legislation to maintain a searchable list of

CAPITAL AREAREALTOR REALTOR® •® •May/Jun September/October 2015 CAPITAL AREA 2014

income-restricted housing units in the County. This giant leap forward would increase understanding of the County’s affordable housing structure, make affordable housing options more accessible, and offer a better framework for developing new housing policies.

Do you have a great idea for a pioneering affordable housing solution or have questions on current programs? If so, email GCAAR’s Legislative Counsel Katalin Peter at mdlegislative@gcaar.com.

GCAAR Hosts Montgomery County Department of Permitting Services In June, GCAAR co-hosted, a special informational session with Montgomery County’s Department of Permitting Services (DPS). The joint briefing was an exclusive opportunity for members to learn about the Department’s inner workings from Diane Schwartz-Jones, Director of DPS, and her talented staff. Attendees heard agency updates on issues such as new online resources, the new 2015 Construction Code regulations, and Accessory Apartment regulations. The discussion also highlighted the GCAAR-supported Design for Life program, which offers tax incentives for those making accessibility improvements to their properties.

Thanks to our co-hosts, the Apartment and Office Building Association of Metropolitan Washington (AOBA), and Maryland Business Industry Association (MBIA), for helping make this event possible. DPS Director Diane Schwartz-Jones gives agency updates.

For information on DPS, check out their recently improved website: http://permittingservices.montgomerycountymd.gov.

public policy District of Columbia 2015 Fall/Winter Legislative Priorities The DC Council is back in session and DCAR’s government affairs team has already kicked into high gear. Here’s a glimpse at our legislative agenda:

TOPA The District’s Tenant Opportunity to Purchase Act (TOPA) remains a primary issue for DCAR. Members have voiced a variety of concerns about how onerous and confusing the current law is, and DCAR’s TOPA Task Force has dissected the law to determine what practical improvements can be made. We intend to propose technical clarifications and modernizations for Council consideration by the end of the year.

Regulatory Reform DC cannot afford to enact additional legislation or regulations that further impede the smooth transfer of property. DCAR is working with all government agencies to ensure onerous hurdles are not added to the daily course of your business.

Recordation & Transfer (R&T) Taxes DCAR remains a strong advocate for lowering R&T taxes to a single rate. We also have championed lowering recordation taxes for first-time homebuyers, which has gained traction on the Council. Mention this issue to your local elected officials every chance you get!

Affordable & Workforce Housing The District’s 2016 Budget dedicates $100 million to the

Housing Production Trust Fund supporting affordable housing initiatives. Homeownership is one of the best ways for middle-class families to grow financially. DCAR continues to support innovative housing solutions, particularly for DC’s dedicated workforce such as nurses and rescue workers.

Budgetary Update: Make Less than 500K? You Could See Lower Taxes The District’s Fiscal Year 2016 Budget passed with the Council accelerating the Tax Revision Commission’s recommendations to lower taxes as of September 2015. Now, those earning less than $500K will more than likely see a decline in their DC taxes when they file in 2016. Earners in the following tax brackets will likely see*: • $25-50K → 33% DC tax reduction • $50K-100K → 16% DC tax reduction • $100K-200K → 10% DC tax reduction • $200K-$350K → 5% DC tax reduction • $350-500K → 2% DC tax reduction *Numbers are approximations. See a licensed tax professional for exact calculations.

What does that mean for REALTORS®? More money in residents’ pockets → more money in the economy → more funds available for housing If the District’s financial situation continues to improve, residents may see even more overall tax decreases.

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CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR® • September/October 2015

technology

By Olsy Sorokina

Essential Social Media Tools

There is an assortment of social media tools available for major networks like Twitter or Facebook, and, for those who are not too familiar with their functions, they may all sound the same. To help you sort through all the variety and pick the tools essential for social media management of your brand, we came up with this handy list. Below are the first five; look for the remaining five in the November/December issue of Capital Area REALTOR®.

1. NEXALOGY A successful social media strategy is built on quality content. To help you figure out what kind of social media content to plan for your followers, start with the question, “What interests my social media audience?” If your brand has thousands of followers across several Twitter accounts, gaging their areas of interest could be tricky. Nexalogy is a good social media tool to jump-start your search. This app analyzes your social media audience’s most talked-about topics. You can choose to view the results in the form of a list of top 10 hashtags in your Twitter network, or a tag cloud that demonstrates connections between topics. The tool also helps you learn more about your network, including a ranking of most engaged, most retweeted and most active users.

2. RANKSPEED Rankspeed can also be used to discover relevant topics in your network. However, it uses a different method to sort the topics: it filters your brand’s social media feed by sentiment, which can be neutral, positive, or negative. You can also track all mentions of your brand on social media, and analyze the sentiment behind the posts, to see which ones resonate with the audience and how. Just remember, even negative comments deserve a response!

3. HOOTSUITE SYNDICATOR Time is of the essence for social media managers, and having a source of diverse, interesting content to engage your social media followers is crucial. Undoubtedly, there are many web resources that contain information you frequently share with your audience. Instead of growing that list of bookmarks in your browser, set up an RSS feed to get instant updates from your favorite publishers. You can streamline the process further by setting up an RSS reader to deliver content directly to your social media management client. If you’re using Hootsuite, the Hootsuite Syndicator is a robust feature that provides rich filtering, monitoring and tracking social media tools. Added bonus: The Hootsuite Syndicator helps track which stories you’ve shared in the past to avoid repeats.

4. BULK SCHEDULER As we already established, a great selection of engaging content is half of a successful social media strategy. Now that you have something to share with your audience, you have to figure out the best times to do so. In order to save yourself time and stress, it’s good to plan for the week ahead (especially on a Monday). Hootsuite’s Bulk Scheduler feature allows you to upload spreadsheets with up to 350 messages for your social media networks. If you are too busy to work on a spreadsheet, the Hootsuite’s HootBulk tool makes the process even easier—all you have to do is fill out the appropriate forms for date, time, and message.

5. TWTRLAND After you have found and scheduled a week’s worth of interesting social media managing, the next step is increasing the reach of your posts. The best way to do this is by figuring out your brand’s influencers, or users in your network with the highest activity, communicativity, and popularity rates. twtrland helps you find highest-ranking Twitter users in each of the three categories, and makes suggestions for improvements on your own Twitter profile. You can also search influencers by skill: for example, you can search for influencers in social media management by combining “social media management,” “SEO,” and “digital marketing” categories.

Olsy Sorokina writes about social media strategy, and keeps a keen eye on the latest news in the world of social.

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CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR® • September/October 2015

19 19

housing statistics MONTGOMERY COUNTY & DC Montgomery County Sales Market For the month of August, the combined (single-family and condo/coop) unit sales market showed a strong performance compared to August of 2014. The total unit sales volume came in at 1,123 properties, up 9.4% from a year before. However, the average sold price came in at $515,594 -- down about 1.6% from last year. Similarly, the median price of $400,000 slipped 3.6% from a year ago. Although unit sales were up strongly, properties turned over more slowly than a year ago. Average days on the market totaled 52, up six days from the previous August.

August Single-Family Homes

Through the first eight months of 2015, Montgomery County year-to-date settlements and contracts were up double-digits from a year ago. August year-to-date single-family settlements (6,345) came in almost 13% over the same period in 2014; and, year-to-date contracts (6,979) jumped almost 14% from a year before. Moreover, the August monthly results were about as impressive. Settlements (890) jumped 10% compared to a year before, and new contracts for the month (814) vaulted over 15%.

2014. Since we are through the summer buying season, with only the fall left, the best we might make is no appreciation for the year. However, the unit sales volume has been solid.

August Condominiums and Cooperatives

However, August inventory was up barely single-digits from a year before. In August 2014, single-family active listings totaled 2,659 homes. At the end of this August, 2,706 property listings were less than 2% above those of a year ago. Although total actives are up, at the August contracts pace, there was just a bit over a 3.3-months supply. This is about half of normal average supplies; so, there is still a long-term shortage of supply. While the unit sales pace has been up, we have continued to see price slippage from the figures for 2014. In 2014, the average sales price was $576,205 and the median was $460,000. Through August, the average and median prices were $573,863 and $455,000, respectively. These are down 0.4% and 1.1% from

CAPITAL AREA AREAREALTOR REALTOR® • May/Jun • September/October 2015 2014 ®

The condominium and cooperative market has performed very well this year. For the first eight months, there were 1,887 settled sales, and these were up almost 9% from a year ago. August settlements came in at 240-units, up 7.6% from last August. The picture for contracts was even better. August year-to-date contracts (2,060) jumped almost 9% from a year before. And, the 284 new contracts leapt almost 20% from August 2014. On the supply side, August condo/coop inventory continues to substantially exceed the levels of 2014. Condo/coop active listings (717) came in 18% above the level of a year before. However, monthly new listings (285) declined by 5% from the August 2014 figure. Continuing a trend, at the monthly contracts pace there was only a 2.5-months supply of properties. Supply has responded well compared to previous years, but levels are still below historical averages.

by Fred Flick, PhD, Consultant/Housing Economist

$520,000 was up 9.5%. Properties turned over at a faster pace than in August 2014.

August Single-Family Homes The August year-to-date figures were solid for both single-family contracts and settlements; however, the monthly numbers were almost unchanged from August 2014. August year-to-date settlements (2,805) rose by 3.5%, but monthly new settlements (335) were even with a year before. The performance of year-todate contracts was about the same. August year-to-date contracts (3,006) rose by 3.3% from a year ago. However, monthly single-family contracts (348) edged up by less than 1%.

Nevertheless, the early 2015 condo/coop market experienced some declining price appreciation rates, but average prices rose slightly through the spring. Through August, the yearto-date average price of $279,182 rose 4.8%; but the $220,500 median slipped by $500 from the 2014 median. In 2014, the yearly average price of $266,285 was down about 1.4% from that of 2013; but the median price of $223,000 rose 1.4%.

Washington, DC Sales Market The District of Columbia’s August combined unit sales pace was up slightly compared to a year before. Closed sales totaled 686 units, rising 3% from August a year ago. The average sold price came in at $625,826 -- up 7.6%; and, the median sold price of

Year-to-date supply slipped below the inventory of a year before, but showed some improvement by the end of the summer. August active listings totaled 616 properties— down 7.2%. However, new single-family listings for the month (430) jumped 10% from a year before. The supply has continued to be amazingly tight, but there has been a slight improvement. For several months, the pace was only about 1.2 months supply. However, for August there was a 1.8-months supply -- a 50% increase over the rates for earlier in the year. The District of Columbia’s average single-family price performance has improved substantially from last year. For 2014, the average DC single-family home cost $750,771 with the median price at $620,250. This translated to appreciation rates of 5.5% and 3.4%, respectively, above 2013 prices. However, through this August, the average price of $783,518 rose by almost 4.4%; and, the median of $661,500 jumped almost 6.7% from the 2014 median price.

August Condominiums and Cooperatives

While sales have been solid, still the August supply of listings was down about 9% from a year ago. Although the inventory

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® REALTOR • May/Jun 2014 AREA CAPITAL AREACAPITAL REALTOR • September/October 2015 ®

housing statistics

has increased substantially since February (491), total actives at the end of August totaled only 618 properties. However, for the month of August, there were 346 new listings, and they were up over 10% from a year ago. Nevertheless, at the August contracts pace, there was only a 1.8-months supply of properties. On the bright side for sellers, this shortage of supply seems to be contributing to modest recent price appreciation. With tight supply, DC condos and coops have experienced solid positive appreciation rates. Through August, prices are still showing upward movement. The year-to-date August average of $489,903 rose 2%; and, the $435,800 median rose 5% from the 2014 figures. In 2014, annual average and median prices were up 5.5% and 1.6% from their respective 2013 figures. So, we have seen some lessening in the appreciation rates, but they are still quite respectable given the slow pace of inflation in the overall economy.

National Resale Market

The national resales market has continued strongly throughout the year. Total existing home resales in August were 5.31 million units at a seasonally adjusted and annualized rate (SAAR). The

® ® CAPITAL • •May/Jun 2014 CAPITALAREA AREAREALTOR REALTOR September/October 2015

monthly figure slipped 4.8% below July, but was 6.2% above the rate for August 2014. Also, the August median price of $228,700 increased 4.7% from a year before; the $271,600 average rose 3%. At the end of August there was a 2.29-million unit inventory (SAAR), which represented a 5.2-months supply of homes. This inventory was up 6% from July, but 7% below August 2014. At the national level, the August months supply was just equal to the 2014 average figure of 5.2 months. For the single-family resales market, August sales (4.69 million, SAAR) slipped 5.3% from the level of July, but were 6% above the pace of August 2014. Moreover, the single-family median price ($230,200) was up 5.1% and the average ($272,500) rose 3.1% from a year ago. In the existing condo/coop market, sales units (620,000 SAAR) slipped almost 2% from the July figures, but were nearly 7% above August 2014. The national condo/coop median price came in at $217,400 – edging up 2.2% from a year before. The average price of $265,200 increased 1.7%.

Economic Growth and Jobs

The Bureau of Economic Analysis’ second estimate of second quarter 2015 real growth (economic growth rate minus the inflation rate) came in at a smokin’ 3.7 percent – that is, significantly

Depression of the 1930s. And, it didn’t handle that one very well. The war really pulled us out of the Depression.

higher than the initial estimate (2.3%) and much better than the first quarter rate. This has offset the first quarter shocks, mostly blamed on bad weather in the Midwest and Northeast. The improved second quarter real GDP growth was due to increases in personal consumption, exports, residential fixed investment, nonresidential fixed investment, inventory investment, and state and local government spending. The data are still subject to one further revision. This most recent second quarter number has pumped-up economists expectations for the year, but still we have to watch the third quarter first estimate – due in October. Most analysts think the economy slowed in the summer and without a strong fourth quarter holiday sales number, we will still hit only about 2.2% growth. Many analysts are still concerned that growth is too slow. Although most economists are still bullish on the U.S., significant international barriers remain. These include slow, but improving, growth in the Eurozone countries and slowing growth in China along with its debt and real estate bubbles. However, the August payroll employment report was extremely positive with 173,000 (SAAR) new non-farm jobs. Also, the household survey for the unemployment rate came in at a new low of 5.1%. This rate is now at a level where many economists consider the economy close to “full employment” and some are fearful that further declines in unemployment may set off wage inflation. But, so far, there is no evidence for that and the opposite seems to be occurring when one looks at the price indexes.

Monetary Policy, Interest Rates and Inflation

The Fed punted on interest-rate hikes in its last meeting. It is indicating there likely will be increases soon, but vague on the exact timing. Inflation has been trending down due to declines in energy prices and the personal consumption expenditure price index is only about 1.3%, excluding energy and food costs. While Europe seems to be offsetting their weakness with Bernanke-like “quantitative easing”, China has lowered its internal bank interest rates, and devalued its currency, trying to support the economy. This likely means that imports from China will be cheaper and could further pull down U.S. inflation. The Fed is wise to hold off on rate increases because it does not have much experience with deflationary environments, except for the Great

Inflation continues to be low and much below the Fed’s target value of 2%. The overall personal consumption expenditures index (the Fed’s preferred inflation measure) for July was up only 0.3% over the past year. This was mostly due to declines in energy prices. When food and energy prices are subtracted out, the residual “core” inflation was only 1.2% over the past year. This is actually worrisome to the Fed, and if cheap Chinese imports become cheaper, it could slip down to 1% or less. Accordingly, regardless of when the Fed pushes on short-term rates, it is likely to go slow to avoid derailing our slow growing prosperity. In the third week of September, the Freddie Mac national surveys put the 30-year fixed conforming mortgage rate at 3.91% (up from 3.75% in the first week of March). The 15-year fixed averaged 3.11%, the 5/1-year ARM came in at 2.92% and the 1-year ARM was 2.56%. With the recent decision by the Fed to hold off on pushing up short-term interest rates over the next month or two, ARM rates should remain low and long-term rates will also hold back. There is not much inflation out there and with a lot of economic uncertainty regarding China, caution suggests holding off on interest rate hikes.

The Bottom Line At this point, the U.S. economy still should grow at about a 2.2% rate over the next year. And, there is little inflation pressure, so interest rates will rise at a slow rate, and may not go up until 2016. The main concern is China and the possibility of a big recession there. That would put even more downward pressure on inflation and interest rates. We have come back to pre-Great Recession highs in output; however, it will take another year of solid performance before we really feel like we are back in terms of job growth. However, job security is another matter and the “gig” economy indicates there are a lot more part-time and contractor jobs than full-time, permanent jobs. This introduces a greater element of uncertainty in employment and consumer behavior. Year-to-date, Montgomery County and the District of Columbia sales still are up solidly, but prices have slipped a bit in the Montgomery County single-family market. The District’s market has performed well in the single-family segment and in condos and coops. Lack of inventory still remains a problem locally as well as nationwide. We are getting to the top of a cycle and some slips are to be expected. The big local policy question is what will happen to Federal contracting in the new fiscal year. If the budget is cut significantly, that could have some impacts on housing. Also, it is virtually assured that interest rates will be up in 2016, even if the Fed punts on the two remaining opportunities in 2015. Both of these could have negative impacts on housing markets.

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CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR® • September/October 2015

legal hotline By Chris Darby, Tom Muldoon, and John Nalls of Counselors Title, LLC, and Pardo & Drazin, LLC, General Counsel

Q A

QUESTION:

I know there have been lots of changes to the DC landlord/Tenant laws. Where is there an updated DC lease agreement that includes the DC Tenant Bill of Rights?

ANSWER: In August 2014 Mayor Gray signed into law the bill known

as the Tenant Bill of Rights. Effective July 3, 2015, landlords are required to provide the Tenant Bill of Rights to prospective tenants or else landlords waive their right to increasing the rent during that renter’s tenancy. Renters should receive the document along with other mandatory disclosures. Current tenants also have benefits under this law. Once a year, a current tenant may request, in writing, a copy of disclosure documents for their unit. The landlord then has ten (10) days to provide the tenant those documents, which should include the Tenant Bill of Rights. A copy of the Tenant Bill of Rights can be found in the GCAAR rental forms library as a required form and is listed as a Required form.

Q A

QUESTION:

In DC, does the delivery of condo documents need to be on the buyer or can it be on their agent as well?

ANSWER: Under DC Law (D.C. Code § 42-1904.11), upon the resale

of a condominium unit, the seller is required to furnish the buyer a copy of the condominium documents. However, the legal requirement of delivery to the buyer is altered contractually by way of language found in the “Washington, DC Jurisdictional Addendum” (GCAAR Form #1313). The Notices Paragraph of the Addendum states that “Notices to Buyer shall be effective when Delivered to Buyer or an agent of Buyer named in the Contract.” Furthermore, the paragraph provides that “the provisions of this paragraph regarding delivery of notices shall also be applicable to delivery of resale packages for condominiums, co-operatives and/or homeowners associations as may be required in a separate addendum.” Therefore, with regards to condominium documents, delivery upon the agent is sufficient to start the buyer’s review period.

Q A

QUESTION:

How is the Earnest Money Deposit (“EMD”) arbitration initiated under GCAAR contract?

ANSWER: With respect to disposition of an Earnest Money Deposit, Paragraph 4 (“Deposit” of the GCAAR SalesContract ((GCAAR Form #1301) provides:

“The Deposit will be held in escrow until: (i) Credited toward the Sales Price at Settlement; (ii) All parties have agreed in writing as to its disposition; (iii) A court of competent jurisdiction orders disbursement and all appeal periods have expired; or, (iv) Disposed of in any other manner authorized by the laws and regulations of the appropriate jurisdiction.”

® CAPITAL AREA 2014 CAPITAL AREAREALTOR REALTOR• May/Jun • September/October 2015 ®

There is no language requiring arbitration between the Buyer and Seller contained in the contract. If the dispute is between brokers regarding entitlement to the EMD as commission, the dispute may be arbitable under Article 17 of the Code of Ethics, the procedures for which would be governed by the rules of the local board. The link to GCAAR’s Arbitration Guidelines and procedures in this regard is: http://gcaar.com/resources_ ektid1694.aspx. As an alternative to arbitration, GCAAR also has available voluntary mediation procedures to resolve monetary disputes arising out of a real estate transaction, but mediation is also limited to disputes between Association Members.

Q A

QUESTION: What are the differences between the GCAAR and NVAR Escalation clauses?

ANSWER: There are a number of differences between the two forms and GCAAR cannot provide advice on NVAR forms; however, the primary difference is that NVAR’s form is binding, whereby the Seller determines the final sales price (under the terms of the Escalation Addendum) and delivers a ratified contract to the Buyer. Under GCAAR’s form the Escalation Clause services as a solicitation of a counter-offer, whereby the Seller provides “sufficient documentation” justifying the sales price increase and counters the buyer. The Buyer then determines whether the information provided is accurate and “sufficient” and ratifies the new sales price by counter-initialing the changed price and returning it to the Seller. The answers provided here are the opinions of the authors, are for informational purposes, and are only for GCAAR members. Neither Counselors Title, LLC, nor Pardo & Drazin, LLC is providing legal advice, but rather providing a general statement of law. No lawyer/client relationship is – or will be – established as a result of this material. Readers are encouraged to retain their own counsel for their specific questions. Answers may have been edited for formatting purposes.

CAPITAL AREA REALTOR® • May/Jun 2014

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HOW MOZAIC BENEFITS YOU AND YOUR CLIENTS Once a buyer connects with you through Mozaic, he or she will also be able to invite friends and family to join in the search, making it a truly collaborative experience. In addition, you may receive invitations to connect with buyers who are using Mozaic through MRIShomes.com or your XactSite website. A potential buyer cannot add friends or family to the search until he or she connects to an agent, so keep an eye out for these email notifications and requests. These buyers are looking for your help to find their next home and are hot leads!

doing in Mozaic by setting up your email notifications and visiting your Mozaic dashboard regularly. • Allows prospective buyers to connect with you Mozaic is available to consumers through MRIShomes. com or your XactSite website. Keep an eye out for notifications from Mozaic so you can capture those leads.

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• Provides a window into the minds of your clients By being part of their online conversations, you can find out the kind of properties or neighborhood that will work for them so you can deliver homes that really hit the mark. • Helps you keep up with your clients’ saved properties You can stay up-to-date with what your clients are

® CAPITAL 2014 CAPITALAREA AREAREALTOR REALTOR• May/Jun • September/October 2015 ®

A product like Mozaic can do wonders for your business, but it definitely helps to know how it works before you start receiving requests from buyers. Take the MRIS-U course Matrix & Mozaic: Creating Meaningful Connections to gain a better understanding of what Mozaic is and how it can enhance your business.

Visit MRIS.com/Training to see the list of dates, times and locations. Visit MRIS.com/Mozaic for video tutorials, training guides and more.

education schedule November 6, 2015 MREC Agency - Residential CEU: 3 hours MD (required) and DC (elective) Instructor: Jacqueline Talpa Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor November 4, 2015 2010-2014 Maryland Legislative Update CEU: 3 hours MD (required) Instructor: Mary Chieppa Time: 10:00 a.m. – 1:00 p.m. November 4, 2015 Maryland Fair Housing CEU: 1.5 hours MD (required) & DC (elective) Instructor: Mary Chieppa Time: 2:00 – 3:30 p.m. November 4, 2015 New Member Orientation CEU: No CE Instructor: Mary Chieppa Time: 4:00 – 5:30 p.m. November 4, 2015 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Jill Michaels Time: 6:00 – 9:00 p.m. November 5, 2015 Montgomery County Green REALTOR® Class CEU: 3 hours MD (elective) Instructor: Montgomery County Department of Environmental Protection Time: 9:00 a.m. – 12:00 p.m. November 5, 2015 GCAAR @ NVAR: MREC Agency Residential CEU: 3.0 hours MD (required) and DC (elective) Instructor: John Nalls Time: 9:30 a.m. – 12:30 p.m. * NVAR Fairfax Location (8407 Pennell Street) November 5, 2015 Short Sales CEU: 3 hours MD & DC (elective) Instructor: Jill Pogach Michaels Time: 1:30 – 4:30 p.m. November 5, 2015 GCAAR @ NVAR: The Ins and Outs of Contracts CEU; 1.5 hours MD & DC (elective) Instructor: Counselors Title Time: 1:30 – 3:00 p.m. * NVAR Fairfax Location (8407 Pennell Street) November 6, 2015 Contracts, Settlement Procedures and Disclosures CEU: 3.0 hours MD & DC (elective) Instructor: Marty Stanton Time: 9:30 a.m. – 12:30 p.m.

November 6, 2015 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Lisa Bosse Time: 1:30 – 3:00 p.m. November 6, 2015 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Jacqueline Talpa Time: 2:00 – 3:30 p.m. * NAR Building/3rd Floor November 9, 2015 MREC Agency - Residential CEU: 3.0 hours MD (required) and DC (elective) Instructor: Al Monshower Time: 9:30 a.m. – 12:30 p.m. November 9, 2015 MREC Required Supervision CEU: 3 hours MD (required for brokers) and DC (elective) Instructor: Al Monshower Time: 1:30 – 4:30 p.m. November 11, 2015 DC Fair Housing CEU: 3 hours DC (required) Instructor: Thom Brockett Time: 9:30 a.m. – 12:30 p.m. November 11, 2015 New Member Orientation CEU: No CE Instructor: Dana Hollish Hill Time: 10:30 a.m. – 12:00 p.m. *NAR Building/12th Floor November 11, 2015 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Dana Hollish Hill Time: 1:00 – 4:00 p.m. *NAR Building/12th Floor November 11, 2015 Strategies in a Multiple Offer Market CEU: 1.5 hours MD and DC (elective) Instructor: Suzanne Feinstein Time: 1:30 – 3:00 p.m. November 12, 2015 Red Flags in Property Inspections CEU: 3 hours MD, DC and VA (elective) Instructor: Vimal Kapoor Time: 9:30 a.m. – 12:30 p.m. November 12, 2015 Buyer Beware: Foreclosed and Neglected Properties CEU: 3 hours MD, DC and VA (elective) Instructor: Vimal Kapoor Time: 1:30 – 4:30 p.m.

NOTE: All classes are held at GCAAR’s Rockville office unless otherwise noted.

November 13, 2015 Rental Property Management CEU: 3 hours MD and DC (elective) Instructor: Casey Aiken Time: 9:30 a.m. – 12:30 p.m. November 13, 2015 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Ned Rich Time: 10:00 a.m. – 1:00 p.m. *NAR Building/3rd Floor November 13, 2015 Working with Investors CEU: 1.5 hours MD and DC (elective) Instructor: Chad Older Time: 1:30 – 3:00 p.m. November 13, 2015 Advising Foreign Real Estate Clients CEU: 2 hours MD and DC (elective) Instructor: Lisa Lu Britton Time: 2:00 – 4:00 p.m. *NAR Building/3rd Floor November 16, 2015 2011-2015 Maryland Legislative Update CEU: 3 hours MD (required) Instructor: Greg Flynn Time: 9:30 a.m. – 12:30 p.m. November 16, 2015 Real Estate Tax Update CEU: 1.5 hours MD and DC (elective) Instructor: Kevin Matthews Time: 1:30 – 3:00 p.m. November 19, 2015 GCAAR @ NVAR: Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Chad Older & Adam Polsky Time: 9:30 a.m. – 12:30 p.m. *NVAR Fairfax Location (8407 Pennell Street) November 21, 2015 MREC Agency-Residential CEU: 3 hours MD (required) and DC (elective) Instructor: Thom Brockett Time: 10:30 a.m. – 1:30 p.m. November 23, 2015 New Member Orientation CEU: No CE Instructor: Cammie Reed Time: 10:30 a.m. – 12:00 p.m. November 23, 2015 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Jill Pogach Michaels Time: 1:00 – 4:00 p.m. November 30, 2015 Financing Issues/Update CEU: 3 hours DC (required) &MD/VA (elective) Instructor: Alex Peters Time: 1:00 – 4:00 p.m. continued, p. 28

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CAPITAL AREA REALTOR® • May/Jun 2014 CAPITAL AREA REALTOR • September/October 2015 ®

Stellar Customer Service . . . continued from page 3

“Buying or selling real estate is inherently an emotional and at times nerve-wracking process,” writes a customer of Nelson Marban, vice president of Beasley Real Estate. “Nelson gets that. He listened to my concerns and took the time to understand what motivated me. He did the same with the sellers on the other side of a transaction. That’s why Nelson is so good at the psychology of real estate. With a keen understanding of his clients’ needs and expectations, he provides support and encouragement throughout the process and at the same time offers up some tough love when the situation calls for it.”

CELEBRATING YOUR CLIENTS

An important element of real estate coach Brian Buffini’s referral-based lead generation system is an annual party to celebrate your clients. Scheduling a client party gives you an opportunity to reach out to past clients and thank them for their referrals and to encourage referrals from your best clients. In fact, Buffini recommends including funds for a client party in your annual business budget. Parties can be a good way to showcase your services in a neighborhood, too. “I’ve sold several houses in the Hamlet neighborhood of Chevy Chase and have held special wine and cheese receptions for the homes and invited the neighbors over to tour the home,” says Alyssa Crilley, a REALTOR® with Washington Fine Properties. “I now have three new listings in that neighborhood.”

POST-SALE RELATIONSHIPS

Building your referral business not only requires great customer service during a transaction, it also requires post-sale service and contacts. Percesepe and Shutt provide personalized professional photo books to all of their sellers as closing gifts. Crilley recently had note cards made for buyers with a pen-and-ink drawing of their new home. Even a lender got into the spirit of celebrating a closing on one of Crilley’s recent transactions: Mark Scott of First Home Mortgage not only attended the settlement but also brought champagne for Crilley’s buyers. REALTORS® often identify themselves as being a “people person” – so customer service often comes naturally as part of their personality. Even if treating everyone well is part of your D.N.A., consciously considering how to improve your customer service can add to your referral base and to your bottom line.

® CAPITAL • May/Jun 2014 CAPITALAREA AREAREALTOR REALTOR • September/October 2015

education schedule December 5, 2015 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Mary Chieppa Time: 12:00 – 3:00 p.m.

December 2, 2015 Maryland Legal & Legislative Update CEU: 3 hours MD (required) and DC (elective) Instructor: Al Monshower Time: 9:30 a.m. – 12:30 p.m. December 2, 2015 GCAAR @ NVAR: 2011-2015 Maryland Legislative Update CEU: 3 hours MD (required) Instructor: Greg Flynn Time: 9:30 a.m. – 12:30 p.m. * NVAR Fairfax Location (8407 Pennell Street)

December 7, 2015 Converting Leads into Closings CEU: No CE Instructor: Gee Dunsten Time: 9:00 a.m. – 5:00 p.m. December 9, 2015 MREC Agency - Residential CEU: 3 hours MD (required) and DC (elective) Instructor: Barbara Maloney Time: 9:30 a.m. – 12:30 p.m. December 9, 2015 New Member Orientation CEU: No CE Instructor: Jacqueline Talpa Time: 10:30 a.m. – 12:00 p.m. * NAR Building/12th Floor

December 2, 2015 2011-2015 Maryland Legislative Update CEU: 3 hours MD (required) Instructor: David Politzer Time: 10:00 a.m. – 1:00 p.m. *NAR Building/3rd Floor

December 9, 2015 Maryland Code of Ethics and Predatory Lending CEU: 3 hours MD (required) and DC (elective) Instructor: Jacqueline Talpa Time: 1:00 – 4:00 p.m. * NAR Building/12th Floor

December 2, 2015 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Al Monshower Time: 1:30- 3:00 p.m.

December 9, 2015 MREC Required Supervision CEU: 3 hours MD (required for brokers) and DC (elective) Instructor: Barbara Maloney Time: 1:30 – 4:30 p.m.

December 2, 2015 GCAAR @ NVAR: Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Greg Flynn Time: 1:30 – 3:00 p.m. * NVAR Fairfax Location (8407 Pennell Street)

December 10, 2015 Introduction to Broker Price Opinions (BPOs) CEU: 3 hours MD (elective) Instructor: Stu Reynolds Time: 9:30 a.m. – 12:30 p.m.

December 2, 2015 MREC Agency - Residential CEU: 3 hours MD (required) and DC (elective) Instructor: David Politzer Time: 2:00 – 5:00 p.m. *NAR Building/3rd Floor December 4, 2015 How to Keep Your Clients (and You) Out of Court CEU: 3 hours MD and DC (elective) Instructor: Gary Hardy Time: 10:00 a.m. – 1:00 p.m. * NAR Building/3rd Floor December 5, 2015 New Member Orientation CEU: No CE Instructor: Mary Chieppa Time: 9:30 – 11:00 a.m.

December 10, 2015 FHA Financing CEU: 3 hours MD, DC and VA (elective) Instructor: Russell Rothstein Time: 1:30 – 4:30 p.m. December 11, 2015 Foreclosures CEU: 3 hours MD and DC (elective) Instructor: Robert Moses Time: 9:30 a.m. – 12:30 p.m. December 11, 2015 203K CEU: 3 hours MD, DC and VA (elective) Instructor: Scott Shelton Time: 10:00 a.m. – 1:00 p.m. *NAR Building/2nd Floor December 12, 2015 Maryland Fair Housing CEU: 1.5 hours MD (required) and DC (elective) Instructor: Thom Brockett Time: 10:30 a.m. – 12:00 p.m.

NOTE: All classes are held at GCAAR’s Rockville office unless otherwise noted.

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