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Online Newsletter
August 2011
Did you know that in 1961 ...
President John F. Kennedy entered office on January 20. His inaugural address included the now famous words, ". . . my fellow Americans: ask not what your country can do for you—ask what you can do for your country. My fellow citizens of the world: ask not what America will do for you, but what together we can do for the freedom of man."
IBM introduced the Selectric typewriter, a popular innovation which allowed you to change fonts by switching out a hardware piece.
West Side Story was released as a movie starring Natalie Wood, Rita Moreno, and Richard Beymer.
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| Step Up to Your Leadership Potential... |
Should YOU be on the HCAR Board of Directors?
We are looking for both experienced and emerging leaders
– those who want to join our dynamic Board of Directors to continue the Howard County traditions of innovation, professionalism, and service to its members and community.
The Nominating Committee is seeking nominees
for five Officer and Director positions on the 2011 - 2012 Board of Directors,
for the membership year beginning November 1, 2011.
Questions? Please contact our Nominating Committee Chair Jim Skirven at
410.313.9900 or jimskirven@hcar.org for more information.
Thank you for your consideration!
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| Affiliate of the Year - Due Sunday! |
- Are you an HCAR Affiliate Member?
- Do you attend multiple HCAR Events?
- Have you participated in HCAR Committees?
- Then the Affiliate of the Year could be you!
HCAR will present our Affiliate of the Year award at RENO Day on October 5. Don't miss your chance to apply!
Applications are due midnight this Sunday, July 31.
Click here and login to submit your online application >
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| August CEU Offerings |
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Visit the
Education & Events calendar
at the new HCAR.org
to register for all your required
and elective Maryland CEU hours.
Here's just a sampling.
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* MREC has released further clarification, that the newly required classes must be completed for all license renewals due between January 1, 2012 and December 31, 2013. New MREC Agency fulfills the new MREC requirement for all real estate licensees to complete a 3-hour course on agency principles and disclosure. MREC Broker Supervision fulfills the new MREC requirement for all brokers, branch office managers and team leaders to complete a 3-hour course on the requirements of broker supervision.
See hcar.org for a CEU requirements chart, and the Maryland Real Estate Commission's web site for further information.
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Attention Brokers and Team & Group Leaders
Brokerage Response Due to MREC Next Thursday, August 4 |
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The following letter was emailed from the Real Estate Commission to brokerage team and group leaders on July 8. Responses are due 20 business days from the letter. MREC is now looking for verification that the law regarding team and group documentation which went into effect October 1, 2010 is being adhered to. Please visit www.hcar.org Members Only for compliance tips, and promptly provide the required response to MREC.
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July 7, 2011
Dear Broker:
The Maryland Real Estate Commission is requesting that you provide to the Commission the following information:
- List of all Teams/Groups with the Team Leader or Group Leader identified (include all team or group members).
- A list of all Branch Managers and the location of the Branch that they manage.
This information is required to be provided to the Commission in Title 17, Business Occupations Article. Please refer to the section of the law below. This information is due to the Commission within 20 business days from the date of this letter. Please email the lists to me at the email address listed below. This letter requires a response. If your brokerage does not have any teams or groups, please state that in your email response.
Section 17-544:
Team Leader- Each team shall designate a team leader who shall be:
- A licensed associate broker; or
- A licensed real estate salesperson who has at least 3 years of experience in providing real estate brokerage services.
Duties.- Team leader shall:
- Maintain a current list of all members of the team; and
- Provide the list and any revisions of the list to the broker or the branch office manager of the brokerage with which the licensees are affiliated.
Lists.- The real estate broker or branch office manager of a real estate broker shall:
- Maintain copies of the lists; and
- Make copies available to the Commission on request
If you have any questions, please contact me at jlong@dllr.state.md.us.
Steve Long
Assistant Director
Maryland Real Estate Commission
500 N Calvert St
Baltimore, MD 21202
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| NAR Workforce Housing Forum in DC |
Join Your Colleagues from the Mid-Atlantic Region for a
One-Day Forum on Workforce Housing
Bring Workers Home will explore the nature of the workforce housing challenge and highlight some of the successful housing programs and best practices in the Mid-Atlantic region.
The day's agenda will include:
- Remarks from Kit Hale, NAR Regional Vice President and a state or local public official
- Two panels featuring regional speakers discussing: Why Workforce Housing Matters; Workforce Housing in Action; and Advancing Workforce Housing Through Partnership
- An employer keynote discussing how an employer-assisted housing program benefits employers and their employees
Registration Information
Forum registration is $45 (includes breakfast, lunch and a networking reception).
Click here to register >
Travel Stipends
NAR is offering travel stipends of up to $300 to assist REALTORS® and REALTOR® association staff with travel expenses relating to attending the Regional Forum. You must register for and attend the Forum to receive the stipend.
More Information >
Event Flyer >
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20% Down Payment Requirement:
Comment Period Ends Monday |
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Federal regulators are still considering a Qualified Residential Mortgage (QRM) rule which would require a 20% down payment from homebuyers. The comment period on this proposed QRM is ending this Monday, August 1. HCAR has submitted a letter, urging Ben Bernanke and other federal regulators to reconsider the 20% down payment which will effectively deny millions of credit-worthy families access to a reasonable cost, safe mortgage rate or refinancing.
Over 340 Members of Congress have signed letters of concern to the governing regulatory agencies.
Please let others know. They can also ask federal regulators to implement a more reasonable Qualified Residential Mortgage (QRM) that will keep credit-worthy buyers in the market and able to acquire a loan.
Read the HCAR letter >
Visit the Home Owner Action Center >
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HUD Publishes SAFE Act Final Rule
Effective August 29, 2011 |
On June 30, 2011, the Department of Housing and Urban Development (HUD) published a final rule under the Secure and Fair Enforcement Mortgage Licensing Act of 2008 (SAFE Act). The rule takes effect August 29, 2011. The SAFE Act requires states to establish loan originator licensing requirements that meet minimum federal standards. HUD has overall responsibility for interpretation, implementation, and compliance until July 21 when the Consumer Financial Protection Bureau (CFPB) takes over.
NAR urged HUD to exempt all seller financing from the licensing requirements or at least exempt some categories of seller financing, and also asked HUD to clarify that payment of a real estate commission by a lender for the sale of a lender-owned property (REO) does not require the real estate agent to be licensed. In the preamble to the rule, HUD states that it lacks statutory authority to grant exemptions to licensing under the SAFE Act. The final rule requires licensing of individuals who engage in the business of a loan originator.
HUD chose not to decide how frequently an individual may provide financing, but NAR expects the CFPB to defer to reasonable state laws on the number of seller financing transactions that would trigger licensing. Sellers financing the sale of their own property would completely avoid the issue of licensing by retaining the services of a licensed loan originator.
SAFE Act Final Rule >
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Time is Running Short
FHA Loan Limits and NFIP expire September 30, 2011 |
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From 1990 to 2005, flood disasters were declared in every state - anywhere snow melts or rain falls is at risk for flooding, yet Americans in over 21,000 communities are about to have their access to flood insurance severed. Help urge Congress to reauthorize the
National Flood Insurance Program (NFIP). A lapse of the NFIP, or even uncertainty of its near-term availability, will cause delay or cancellation of home contracts.
Current FHA loan limits are also set to expire September 30, 2011. Unless Congress acts, these loan limits will drop from their current limit of $560,000 in Howard County, to a maximum of $494,500 in Howard County.
With both of these key provisions expiring on September 30, 2011, we must act now. As anticipated the expirations seem to already be affecting new mortgage applications. REALTORS® from our nation have been reporting contract cancellations to NAR due to banks denying applications for amounts above the upcoming October 1, 2011 FHA limits. Bankers know that settlements can take 90 days from when they start processing a mortgage loan request.
Visit the hcar.org Legislative Update Center to learn more about county, state and federal issues.
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| MAR Leadership Academy - Applications Due This Monday |
Receive valuable training in organizational leadership and communications through the MAR Leadership Academy. Applicants must be available for an interview on August 10 or 23.
Apply now! Applications are due this Monday, August 1st.
Details and application >
Leadership Academy brochure >
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| 2011 MAR Annual Conference & Tradeshow |
September 12th - 14th
Ocean City, Maryland
- Up to 15 hours of premier Continuing Education (CE)
- Monday Keynote & light lunch with Steve Harney, Keeping Current Matters
- FREE Conference Gift - ABS flashlight with auto tool kit
- Rookies (up to 4 years since licensed) receive $50 off 3-day registration
- YPN event ($10), more "Learning Labs", more grand prize winners!
More value–National Speakers–Networking–Exciting Tradeshow
Conference Homepage
Hotel Information
Schedule (PDF)
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| Food Donations and Help Needed Monthly |
HCAR Members will be preparing dinner for the 51 residents of the Howard County Grassroots Crisis Intervention Center on the 2nd Thursday of each month.
Our next dinner is Thursday, August 11!
If you're interested in donating food or helping with preparation, please email deb@thecampinscompany.com.
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Contract & Legal Advisory:
A Reversal to Treatment of Earnest Money Deposits |
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In August 2010, an advisory was released by the Maryland Real Estate Commission regarding the return of earnest money deposits by real estate brokers in residential real estate transactions where the property is located in and subject to a Home Owners Association or is a condominium.
In light of this advisory by the Maryland Real Estate Commission, the Maryland Association of REALTORS® ("MAR") revised paragraph 19 of the MAR Residential Contract of Sale form.
EFFECTIVE OCTOBER 1, 2011, THIS WILL ALL CHANGE!
During the 2011 Session of the Maryland General Assembly, House Bill 1109 was enacted which amends the Maryland Condominium Act, the Maryland Home Owners Association Act, and the Maryland Residential Property Disclosure/Disclaimer Act to clarify that, notwithstanding any language in the three (3) Acts to the contrary, a broker who holds earnest money deposits shall maintain the earnest money deposit in the broker's trust account pursuant to Section 17-505 of the Maryland Real Estate Brokers Act.
For complete details on the legal requirements for ALL Maryland brokers regarding earnest money deposits, log in to www.hcar.org Members Only >
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| Save the Dates! |
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RENO Day Returns Wednesday, October 5.
Annual Meeting & 2012 Board of Directors Installation Luncheon
will be held at the Turf Valley Resort on Tuesday, October 18, 11:30 am - 2:30 pm.
Details to follow!
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