Greater Capital Area Association of REALTORS®
 
 
 
   
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FEBRUARY 23, 2009 :: IN THIS ISSUE
   

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Economic Stimulus: Letter from GCAAR President Joseph Himali
In case you missed it, here’s a re-print of the Letter from the President’s Desk sent to you last Wednesday. Joseph was also featured on WUSA TV in regards to the impact that the stimulus package is likely to have on foreclosures locally.

Dear GCAAR Members,

Your public policy department and RPAC dollars have been hard at work ensuring that housing was a big part of the much debated federal stimulus package. We are pleased to share that the final bill, signed just yesterday by President Obama, includes quite a few programs we advocated for which are specifically designed to stabilize real estate markets throughout the country.

First, and perhaps most importantly to our area, the increased conforming and FHA loan limits, which were set to expire at the end of 2008, have been extended through December 31, 2009. The limits for DC and Montgomery County remain at $729,750, giving more buyers access to mortgages and today’s historically low interest rates.

Second, the national home buyer tax credit increased to $8,000 and the repayment requirement was eliminated. There are restrictions on this first-time buyer tax credit, including income limits and how long you stay in the home, but if your clients are buying in DC and don’t qualify for the national credit, they may still qualify for the DC homebuyer credit. Click here for details.

Finally, there are a slew of programs that states and localities can apply for to stimulate their local economies, such as: neighborhood stabilization (for areas with a high percentage of foreclosures); low-income rental housing; transportation; energy efficiency; tax-exempt housing bonds; and even a program to expand and upgrade broadband infrastructure.

Together, these programs are designed help bring stability back into our markets and buyers back to the table. Your RPAC dollars are at work!

Joseph Himali
2009 GCAAR President

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In Memoriam
The Washington, DC and Greater Capital Area Associations of REALTORS® mourn the loss of Constance W. "Connie" Maffin, Past President of WDCAR, WDCAR's 2007 REALTOR® of the Year, and Chairperson of the Real Estate Board of the District of Columbia.

An associate broker with Coldwell Banker Residential, Connie chaired the Public Policy, Residential Sales, Awards, and REALTOR® Political Action Committees. In 1993 she was awarded Distinguished Sales Associate of the Year in recognition of her professionalism and commitment to the industry. She also served as a director of the National Association of REALTORS® for three years. Connie was a graduate of the Real Estate Institute and held the GRI national designation. She also completed the National Trust for Historic Preservation's historic real estate program.

Connie was a member of the Committee of 100, the city's oldest planning organization and citizens' lobby, a member of Lambda Alpha, an international land economics society, a longtime member and officer of the Logan Circle Community Association, and served as a trustee of the DC Preservation League.

A native of Kansas City, Missouri, she received her B.A. from Barat College of the Sacred Heart in Lake Forest, Illinois and her M.A. in urban policy from George Washington University.

Not only a consummate professional, Connie was a warm, wonderful person. She will be deeply missed.

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GCAAR International Society Hosts Lingo Presentation
Learn how to expand your customer base by making your Web site multilingual. The GCAAR International Society is hosting a presentation on MRIS LINGO! Tuesday, March 3 at 1:30 at the GCAAR Silver Spring Office.

MRIS Lingo can be used as a stand alone Web site or framed within your current site to provide your clients with translated searches and IDX listings. Choose from many designs and add a teammate for no additional charge. Multiple languages available.  Lingo features include Auto-Email, Branding on Every Page, Open Houses, Virtual tours and Multiple Photos Photos, Client Management Console, Listings, Custom Domain Name and the option to use free Web address or purchase your own domain name. To register for this presentation click here.

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Gone "Phishing?"
Beware of e-mail sent by crooks impersonating GCAAR. Businesses and associations are constantly under siege from impersonation scams, called "phishing."

According to Wikipedia:
In the field of computer security, phishing is the criminally fraudulent process of attempting to acquire sensitive information such as usernames, passwords and credit card details by masquerading as a trustworthy entity in an electronic communication.

A current phishing attempt making the rounds contains this Sender line:
From: gcaar.com Newsletter [mailto:team@gcaar.com]. If you receive such an e-mail don't open it, delete it. GCAAR sends you an e-publication each Monday called Newsline, not "Newsletter." The Sender is always: GCAAR. There is no "team@gcaar" e-mail address featured in bona fide messages from GCAAR.

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Federal Stimulus Package and the District
Congresswoman Eleanor Holmes Norton and other District officials have their own ideas as to what should be in the Stimulus Package. Below are links to press releases from Congresswoman Norton that discuss some of the projects and line items for the District in the House Stimulus Bill that initially passed:

However, there are those with differing opinions.  House Republicans released a list of what they deemed "wasteful spending" which included:

  1. $448 million for the Department of Homeland Security (presumably the St. Elizabeth's project)
  2. $125 million for the Washington Sewer system (WASA)
  3. $6 Billion to turn Federal Buildings "green"

This stimulus package is a moving target, but it could affect some you and your projects... so stay tuned.

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Montgomery County Board Vacancies
County Executive Isiah Leggett is committed to representation on all of the County’s boards, committees, and commissions that is reflective of, and responsive to, our County’s residents. Public participation contributes to the work of County government and provides a valuable service to the community when a variety of issues, concerns, and viewpoints are presented. Currently, there is a valuable opportunity to serve on the following:
  • Silver Spring Transportation Management District Advisory Committee
  • Silver Spring Urban District Advisory Committee
  • Workforce Investment Board

The deadline for application is March 13. Please share this notice with anyone who may be interested. You may access vacancy announcements for boards, committees, and commissions here.

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New Ethics Series Now Online
NAR is now offering a new video series on ethics. You can access 15 short segments covering the Preamble, Articles, and many Standards of Practice. The series includes support material and questions to stimulate discussion. Delivery is a snap, through direct video streaming or downloading for use in any classroom or office setting. Access the series at: http://www.realtor.org/Codevideos.

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Obama to Unveil Foreclosure Prevention Program
President Obama unveils a $75 billion foreclosure prevention program, which the administration expects to reach up to 9 million homeowners. Read more>>>

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Factoring In the Cost of Getting Home
Ever wonder where all your money goes? According to some urban-planning researchers, almost half of it—46 percent—goes to just two things: putting a roof overhead and getting around town. And that's before you even pay income taxes. Read more>>>

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How to Properly Close a Sentrilock Lockbox
To close the key compartment, make sure the key is laying flat in the “cupped” area of the key door and swing the key compartment door up. Using both thumbs, press firmly on the top left and top right corners of the key door until it won’t push any more. Please make sure the lockbox is securely shut before you leave the property. This will take about 10 seconds.

How to Use a One Day Showing Code with Sentrilock Lockboxes
To use a one day showing code, press the ENT key on the keypad to wake up the lockbox..

  • When the keypad lights up, enter the one day code followed by the ENT key.
  • The lockbox will open the key compartment.
  • To close the key compartment, make sure the key is laying flat in the “cupped” area of the key door and swing the key compartment door up. Using both thumbs, press firmly on the top left and top right corners of the key door until it won’t push any more.

Update SentriCards On-site at a showing

  • Call Sentrilock at 877-736-8745
  • Get Renewal Code from CARS or Technical Support
  • Insert your SentriCard into any GCAAR Sentrilock box
  • When code light illuminates, press Func 0 followed by renewal code and enter
  • Ready light will illuminate
  • Remove your card; It is now active for the rest of the day

Assign a One-Day Showing Code

  • Go to Sentrilock.com
  • Login using your login information and password
  • On the left side of the screen, Click Add One Day Codes
  • Continue by choosing your box, date, etc.

OR

Call Sentrilock Support at 877-736-8745 Choose CARSThe automated system that can issue one day codes .

Using Sentrilock Lockboxes in other Regions/Associations—Overview
GCAAR’s Sentrilock boxes can be programmed to work in other jurisdictions that are part of the Regional Lockbox Consortium (RLC) including the Northern Virginia and Coastal, Maryland areas.

Before putting a lockbox on a listing you must follow the steps below in order to assign a lockbox to a different region or association. This is especially important for listings in Virginia and the Coastal area of Maryland. Many agents in these specific regions will not be able to access the lockbox unless you customize the box.

Sentrilock boxes are pre-programmed to re-set when the shackle is released. So if you customize a box, and then take it off a listing, those customized settings will be reset.

If want to keep to keep the lockbox customized in that region, there are instructions below on how to do this. With this setting unchecked, your lockbox will maintain the customized setting even if the shackle has released. In addition, you will need to make sure you uncheck the option as well when they customize in the card utility.

How to Assign a Lockbox to Another Region/Association

  • Remove the shackle from the lockbox.
  • Insert your Sentricard into the card reader. Type in password and click Login.
  • Click Customize a Lockbox.
  • From the Select Lockbox window, select the lockbox you want to assign to another Region/Association. Click the serial number of the lockbox.
  • On the Customize a Lockbox window, you will see a Region drop-down list. Click the drop-down list and select a Region/Association.
  • Click Finish.
  • The Card Utility will update your SentriCard. When finished, remove your SentriCard from the card reader.
  • Insert your SentriCard into the lockbox. The lockbox will make a series of beeps.
    AT THE LISTING, insert the shackle into the lockbox..
  • Renew Sentricard.

REPEAT this process for each lockbox you need to customize. Do not attempt to customize more than one lockbox at a time.

NOTE: Do not insert the shackle until you place the lockbox on the listing. Releasing the shackle after customizing the lockbox could cause you to lose your settings.

Keeping Customized Settings on a Lockbox

  • Remove the shackle from the lockbox.
  • Insert your SentriCard into the card reader. Type in password and click Login.
  • On the Main Menu, go to Default Lockbox Settings.
  • Uncheck the option “Auto Reset to Defaults After Shackle Release. (You will only have to complete this step one time.)
  • Click Save Changes
  • Go Back to Main Menu.
  • Click Customize a Lockbox.
  • From the Select Lockbox window, select the lockbox you want to assign to another Region/Association. Click the serial number of the lockbox.
  • On the Customize a Lockbox window, you will see a Region drop-down list. Click the drop-down list and select a Region/Association.
  • Uncheck the option Auto Reset to Defaults After Shackle Release in the edit customization page.
  • Click Finish.
  • The Card Utility will update your SentriCard. When finished, remove your SentriCard from the card reader.
  • Insert your SentriCard into the lockbox. The lockbox will make a series of beeps.

AT THE LISTING, insert the shackle into the lockbox..

  • Renew SentriCard

NOTE: Do not insert the shackle until you place the lockbox on the listing. Releasing the shackle after customizing the lockbox could cause you to lose your settings.

The lockbox will stay customized to that region until you customize it otherwise.

Removing Customized Settings That Have Been Permanently Set to a Lockbox

  • Insert SentriCard into the lockbox.
  • Type in PIN + ENT.
  • Press Func + 65 + Ent
  • Ready light will illuminate when process is complete.
  • Renew SentriCard.

If you need assistance, please contact Sentrilock Support at 877-736-8745.

REALTOR® Ethics
Case #13-1: Preparation of Instrument Unrelated to Real Estate Transaction (Reaffirmed Case #17-1 May, 1988. Transferred to Article 13 November, 1994. Revised November, 2001.)

Client A dropped in to see his friend, REALTOR® B, who had recently provided professional services to Client A’s company. Client A said the company was sending him on business to the Far East; that the trip would involve a good deal of air travel in remote areas; and that he would like to leave a power of attorney with his wife while he was gone “just in case.” He asked REALTOR® B if he would prepare a power of attorney for him and REALTOR® B said, “It’s a simple document. I’ll be glad to prepare one for you,” and did.

This action came to the attention of the Grievance Committee of the Board of REALTORS®, which, after review, filed a complaint with the Board’s Professional Standards Committee, charging REALTOR® B with a violation of Article 13 of the Code of Ethics.

REALTOR® B’s defense was that he understood Client A’s request to be essentially for a real estate service since from his general knowledge of Client A’s personal affairs, he knew that Client A could have no reason for giving his wife a power of attorney except to put her in a position to act in real estate transactions. He contended that because his preparation of a legal document was directly related to real estate matters, he had rendered real estate, not legal, services to Client A.

It was the judgment of the Hearing Panel that REALTOR® B’s defense was without merit; that by preparing the power of attorney, he had engaged in the practice of law in violation of Article 13 of the Code.

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Greater Capital Area Association of REALTORS®
8757 Georgia Avenue, Suite 600 :: Silver Spring, MD 20910
301.590.2000 :: www.gcaar.com