August2011/September 2011

p 14

p 17 Meet the Staff Maryland Association of REALTORS®

p 24 Multigenerational Housing is a Real Estate Growth Niche

on yourarea of expertise

Ten STepS To a

SucceSSfulSeTTlemenT

The Maryland Association of REAlToRs® www.mdrealtor.org The Voice for Real Estate® in Maryland

Consumer Website:WWW.MARYlANDHoMEoWNERsHIP.CoM

VolUME XlV Number 5 AUGUsT/sEPTEMBER 2011

Power Coldwell Banker

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©2011 Coldwell Banker Real Estate LLC. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLC.

3M A R Y L A N D R E A L T O R ® August/September 2011

To the staff and AEs at the local associations and MAR: thank you for

caring and making it more than just a job. Your strength and focus help us

to do our job even better. You are the bones in this real estate body.

And the Executive Committee: what a team! Thank you for everything

we have accomplished together, and for your forward thinking, can-do

attitude and honest advice.

To my co-workers at RE/MAX® American Dream, my family and friends:

thank you for your continued support, patience and understanding in

allowing me to give back to an industry that has allowed me to live my

American Dream.

I am proud to be a REALTOR®

Warmest Regards,

My term as President is quickly coming to an end, so this is a good time

to reflect on this past year.

I have seen first-hand how incredibly resilient our members are as we

continue to face this challenging real estate market. Throughout the state,

REALTORS® are learning to adjust to this “normal” market and to help

homeowners and future homeowners. They have passion and enthusiasm.

They also continue to take the time to give back to our industry and

their community.

Thank you to all our volunteers at the Local, State and National level.

Your gift of your time, commitment and endless energy makes our

successes possible. You are the blood of our association that keeps us

alive and moving forward.

To everyone who has donated to RPAC again: thank you. You give us

the power to continue to have a voice in the Legislative arena because of

your generosity.

President’s PerspectiveCathy A. Werner

Oh, What A Year…

“Learn from the past, set vivid, detailed goals for the future, and live in the

only moment of time over which you have any control: now.”

– Denis Waitley

Power Coldwell Banker

To learn more about how Coldwell Banker agents share promoting their business utilizing our

Advanced Technology Tools, visit Careerscb.com. 1-866-559-2272

Feel the

Join a leader and Discover the Difference

Feel the Power of our Global Reach exclusive to Coldwell Banker Associates:

Over 400+ Web Partners In 128 COuntrIes

On all 7 COntInents, reCeIve Our lIstIngs DaIlY.


17

14

4 M A R Y L A N D R E A L T O R ® August/September 2011

August / september 2011

table of contents

24

F E A T U R E s 8 MARYlAND AssoCIATIoN oF REAlToRs® Introducing Our 2012 President Patricia Terrill

10 REAlToR® sAFETY Quiz for Safety

14 FoCUs oN YoUR AREA oF EXPERTIsE Ten Steps to a Successful Settlement

17 MARYlAND AssoCIATIoN oF REAlToRs® Meet the Staff

22 THANk YoU 2011 CoNFERENCE sPoNsoRs

24 MUlTIGENERATIoNAl HoUsING Is A REAl EsTATE GRoWTH NICHE

28 ToP 10 BENEFITs As A MARYlAND AssoCIATIoN oF REAlToRs® MEMBER

D E P A R T M E N T s

3 PREsIDENT’s PERsPECTIVE

6 MAR 2011 lEADERsHIP TEAM

30 MARYlAND REAl EsTATE CoMMIssIoN NEWs Commercial Agency CE on the Way

31 REGUlATIoN NEWs The Real Estate Commissions 2012 Leadership

and Agenda

32 FRoM THE HoTlINE Disclosure of Material Facts: A Cautionary Tale

34 MRIs UPDATE What’s New at MRIS

36 sNIPPETs & INDUsTRY TIPs

38 REsIDENTIAl sAlEs Housing Market Recovery May Have Begun in Earnest

42 CoMMERCIAl CoNNECTIoN Commercial Real Estate Markets Stabilizing,

Demand Growing

? ? ? ?10

www.REALTOR.org/Safety

R EA LTOR®

S A F E T Y

Multiple choice quiz for Safety video(asterisks next to correct answers)

Safety outSide the office1. When you’re showing a client around a property, how should you

proceed? a) Encourage the client to walk in front of you as you move through the property.**

b) Lead the client into each room.

c) Stay put and send the client on a self-guided tour. d) None of the above.

2. What is the best way to meet a new client for the first time?

a) At the property you’re showing. You’ve checked it out and know it’s safe. b) At their residence. This way, you know where they live.

c) At your residence. Your home is a safe place!

d) In your office, where you can introduce them to your colleagues.**

3. What is a distress code?

a) An alarm button you can use to send a signal to your local police department

b) A personal identification number you dial into your cell phone

c) A word or phrase you can say that indicates you need help, but does not tip off the person you are with**

d) A word or phrase you say to the person who is threatening you

2011 Maryland Association of REAlToRs® leadership Team


Patricia A. TerrillPresident - ElectPrudential Carruthers REAlToRs®

7500 Coastal HighwayOcean City, MD 21842-2937410.524.7000Fax [email protected]

Carlton J. Boujai Jr.Secretary EXIT Realty Prosperity Group5300 Westview DriveSuite 105Frederick, MD [email protected]

Mary C. AntounChief Executive OfficerMaryland Association of REAlToRs® 200 Harry S Truman Parkway, Suite 200Annapolis, MD [email protected]

Steve MeszarosImmediate Past President Yerman, Witman, Gaines & Conklin Realty1500 Whetstone WaySuite 100Baltimore, MD [email protected]

Cathy A. Werner PresidentRE/MAX American Dream9414 Belair RoadBaltimore, MD 21236-1504410.529.7900Fax [email protected]

Maryland Association of REALTORS®

200 Harry S Truman Parkway | Suite 200Annapolis, MD 21401-7348

800.638.6425 | www.mdrealtor.org

Executive Leadership TeamCathy A. Werner | President

Patricia A. Terrill | President-ElectCarlton J. Boujai Jr. | SecretaryCarole A. Maclure | Treasurer

Steve Meszaros | Immediate Past PresidentMary C. Antoun | Chief Executive Officer

EditorDeborah L. Hager | [email protected]

Advisory CommitteeKen Montville | Chair

Ron Howard | Vice Chair

Advertising & Publication DesignArt Comp & Design

Alison Cooper | Senior Designer1921 York Road, Timonium, MD 21093

410.252.4027 | www.acd1.com

Mission StatementThe Maryland Association of REALTORS® exists to support all segments of its membership and their specialties. The Maryland Association of REALTORS®, through collective efforts with local boards/associations and the National Association of REALTORS®:

■ Develops and delivers programs, services and related products that maintain and elevate the high standards of the real estate business and the professional conduct of its practitioners;

■ Assists members in ethically and professionally serving the public;

■ Promotes and preserves the right to own, transfer and use real property; and

■ Protects the right of members to conduct business within a framework of fair and reasonable laws and government regulations.

In principle and in practice, the Maryland Association of REALTORS® values and seeks diversity and inclusive participation within the field of real estate and recognizes each member as a unique individual.

Maryland REALTOR® (USPS 0016-017) is published bimonthly by the Maryland Association of REALTORS®, 200 Harry S Truman Parkway, Annapolis, MD 21401-7348. Periodical postage paid at Annapolis and additional mailing offices. Postmaster send address changes to: Maryland REALTOR®, 200 Harry S Truman Parkway, Annapolis, MD 21401-7348.Member subscriptions of $3.81 are paid with annual dues.This publication is designed to provide accurate and authoritative information regarding the subject matter covered. It is offered with the understanding that the publisher is not engaged in rendering professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought. Articles that appear in Maryland REALTOR® are an informational service to members. Their contents are the opinions of the authors alone and do not necessarily represent those of the Maryland Association of REALTORS®.Permission to reprint articles appearing in Maryland REALTOR® magazine must be requested in writing. Also include purpose for request.While this magazine makes a reasonable effort to establish the integrity of its advertisers, it does not endorse advertised products or services unless spe-cifically stated. ©2010 Maryland Association of REALTORS®, Inc.

Carole A. MaclureTreasurer long and Foster Real Estate, Inc.4650 East West HighwayBethesda, MD 20814-5330301.907.7600 Fax 301.907.6610 [email protected]

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Pat Terrill credits her career in

real estate with helping her to

meet life’s challenges.

Finding herself a single mother of five small children in

1977, Pat read an advertisement in the local Annapolis

newspaper offering housewives the chance to earn a four

digit monthly income working part-time. “I had never

worked outside the home before,” she says. “On my first

interview, I was hired by Mann Associates.”

“Joe Minieri, who is now the branch vice president for

Coldwell Banker Residential Brokerage in Annapolis, was

my first boss. I was fortunate to have such a great mentor,”

Pat says. Her new profession provided not only the financial

support but the flexibility she needed to raise five children.

Her family now includes nine grandchildren and nine great-

grandchildren.

Her profession of choice has kept her in good stead for 34

years and counting. “The economy has been cyclical ever

since I entered real estate,” she says, “but I’ve never regretted

becoming a REALTOR®. It is the best of all possible callings.”

Introducing Our 2012 President Patricia Terrill


9M A R Y L A N D R E A L T O R ® August/September 2011 9

Part of that outreach, she plans, will be reaching out to new and young

REALTORS®. “They arrive filled with ideas, enthusiasm and energy,”

she says. “I want to give them a place at the table, and help them see

that it’s their table, too.” She hopes to encourage more local associations

to start Young Professionals Networks (YPN), “because they are our

industry’s future.”

Pat believes that MAR’s political involvement

and its government affairs activities are the

critical center of what the Association does.

She believes that by reaching out to more

members, MAR’s voice will be strengthened at

a critical juncture.

”There is so much at stake now, for REALTORS®

and for the public we serve. It is vital for us to

increase our members’ political awareness and

their advocacy, especially in our Calls For

Action,” Pat stresses. “I intend to work closely

with our lobbyists, local presidents, and

Government Affairs Directors to send that

message. With homeownership threatened as

never before, it’s never been more important for

our united voices to be heard.”

Pat hasn’t forgotten her love for community service as well. Long an

advocate for affordable housing, Pat sits on the Board of Directors of the

Partnership for Housing Foundation, a non-profit organization founded by

Maryland REALTORS® in 2001. “I intend to help the Foundation pursue

its very successful Maryland Makeover™ Program with two projects next

year. This is an effort that all REALTORS® can support.”

Patricia Ann Terrill will be installed as MAR President at its installation

ceremony Sept 13th in Ocean City. “I am honored to serve with a

dynamic leadership team,” she says. “I am looking forward to leading

such a progressive association.”

Pat now lives in Ocean Pines, where she is a property manager for

Prudential Carruthers, handling resort rentals and short and long term

properties in the Ocean City, Berlin and Ocean Pines areas.

Despite her professional and family demands, Pat has been engaged in

volunteer work for both the REALTOR® organization and her community.

Her twin passions are political involvement and community service, and

she has prepared for her leadership as MAR

President with work in both areas. Although

she served as President of the Coastal

Association of REALTORS® in 2006, Pat

continues to stay involved locally, serving

as this year’s chair of the local Government

Affairs Committee. She has been the

National Association of REALTORS®’

Federal Political Coordinator for District 1

since 2008.

At MAR, Pat has served on a wide array of

committees, including Grassroots/RPIC,

which she chaired, Legislative, Finance and

Executive, among others. She is a graduate

of the MAR Leadership Academy and the

first NAR Leadership Academy, experience

she has found invaluable as she views the

role of MAR in serving its members.

“I want to enlist more professionals to become involved, including serving

on committees and as officers at the local and state levels,” she says.

“When I first became a REALTOR®, people were ‘retiring’ into the

profession. Now they’re ‘graduating’ into it.” Pat views this as an

opportunity to help MAR become even more attuned to the needs of its

members in their day to day practice.


“I want to enlist more

professionals to become

involved, including serving

on committees and as

officers at the local and

state levels. When I first

became a REALTOR®,

people were ‘retiring’ into

the profession. Now they’re

‘graduating’ into it.”

10 M A R Y L A N D R E A L T O R ® August/September 2011www.REALTOR.org/Safety

R EA LTOR®

S A F E T Y
















R EA LTOR®

S A F E T Y















As a real estate practitioner, you’re faced with potentially risky situations every day. Meeting new clients, showing homes, and even walking to your car at night can be dangerous. It’s essential that you make safe decisions

and know how to react when confronted with trouble.

Here is a quiz to test your REALTOR® Safety Knowledge. And for more information and safety tips, visit www.REALTOR.org/Safety

Quiz for Safety

? ? ? ?Join in the annual observance of REALTOR® Safety Month — September, 2010.

Make a year-round commitment to safety — go online to www.REALTOR.org/Safety for tips you can use 24/HRS:7/WK:365/YR .

REALTOR® Safety is part of NAR’s Right Tools, Right Now initiative including over 400 products and services FREE or AT-COST

MONTH

REA LTOR®

S A F E T Y


11M A R Y L A N D R E A L T O R ® August/September 2011 11www.REALTOR.org/Safety

R EA LTOR®

S A F E T Y















Safety outSide the office

1. When you’re showing a client around a property, how should you proceed?

a) Encourage the client to walk in front of you as you move through the property.

b) Lead the client into each room.c) Stay put and send the client on a self-guided tour.d) None of the above.


a) At the property you’re showing. You’ve checked it out and know it’s safe.

b) At their residence. This way, you know where they live.c) At your residence. Your home is a safe place!d) In your office, where you can introduce them to your

colleagues.

3. What is a distress code?a) An alarm button you can use to send a signal to your local

police departmentb) A personal identification number you dial into your cell

phonec) A word or phrase you can say that indicates you need

help, but does not tip off the person you are withd) A word or phrase you say to the person who is

threatening you

4. What time during an open house should you be most on guard?

a) At the beginning, when people start arrivingb) At the end, when one or two people may linger in

the housec) The times when you are aloned) Around midday, when most people are busy with lunch

5. Where should you park your car when showing a property?

a) In the driveway, if possible, so it is close to the exitb) At the curb, so you can’t get blocked inc) At least a half a block away, so no one can identify which

car is yoursd) You shouldn’t drive your own car to a showing. Ride with

the client!

Safety in the office

6. What should you do when you’re working in the office alone?

a) Stay in the back, out of sight.b) Ensure that all outside doors and windows are locked.c) Call the police and ask them to have a squad car drive by.d) You should never work in the office alone.

7. What should you carry with you at all times when you’re alone in the office?

a) Your cell phoneb) Your walletc) A piece of identificationd) All of the above

8. Why should you keep windows and counters clear?a) So that the office looks neat and professionalb) So you can see who is arriving and leavingc) So that people outside can see who is workingd) So that people outside can see in and notice if something

is wrong

9. Why should you keep the floor clear of boxes and other obstacles?

a) To prevent a fire hazardb) To prevent bugs and other verminc) To ensure that no one trips over themd) So that you’ll have a clear exit if you need to escape

10. How can you protect your office from an electrical fire?a) Don’t overload an outlet with too many plugs.b) Replace or dispose of frayed electrical cords.c) Have a fire inspector examine your office.d) Both a and b.

Safety at home

11. What is the best way to secure an outside door with glass panels?

a) With a two-inch deadbolt lockb) With a sturdy rod laid along the bottom track of the doorc) With a double lock that requires a key on both sidesd) With a chain lock


R EA LTOR®

S A F E T Y















12 M A R Y L A N D R E A L T O R ® August/September 2011www.REALTOR.org/Safety

R EA LTOR®

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R EA LTOR®

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12. Which of the following can protect you from identity theft?

a) When shopping online, check the site for a URL that begins with “https://”

b) When shopping online, check the bottom of the browser window for a closed padlock symbol.

c) Create computer passwords that are at least 8 characters long.

d) All of the above

13. Which documents should you shred?a) Anything with your account numbers, PINs or other

financial informationb) Private correspondencec) Anything with your name and addressd) Outdated files

14. Where should you hide a key so that you don’t get locked out?

a) Under the doormatb) Beneath a flowerpot or planterc) In the mailboxd) None of the above. You should never hide a key outside.

15. What should every home have?a) Double locks on all outer doors.b) Working smoke and carbon monoxide detectors.c) A high-tech security system.d) All of the above.

anSwer Key

1. A2. D3. C4. B5. B

6. B7. A8. D9. C

10. D

11. C12. D13. A14. D15. B

Social media and cyber Safety DAy/TIME: Monday, Sept. 12th 2011

11:30am Eastern TimePRIcE: Free PRESEnTER: Andrew Wooten Today’s environment includes social networking, smart phones, e-mail and on-line everything. But how safe are you when using all this technology? In this webinar, you will: • Learn how today’s criminals are using your social

media information for illegal activities. • Identify the pitfalls and rewards of social media

and other cyber tools. • Learn what your tweets and posts could be telling

the world. • Discover how you could be tracked through

geotags. • Decrease the opportunities of criminals to hack

your laptops, smart phones and office systems and files.

• Identify what you need in your safety plan to

reduce cyber attacks. Don’t miss this opportunity to learn safety tips for protecting yourself in today’s viral world.

Details, including how to register will be available soon at www.REALTOR.org/Safety

why YWGC is my home now.

I came to YWGC because I really wanted to be in an organization where I knew the owners and could see their commitment and passion to my neighborhoods, my business and me. That’s why YWGC’s Maryland ownership and hands-on, responsive management mean a lot to me. So does a robust, in-house marketing department and top-of-the-line tools and technology. All this adds up to good business. That’s why I chose YWGC.

If you’re interested too, let me introduce you to Scott Lederer at 410.984.4112 or [email protected].

ywgcrealty.com

Melissa Bishop, Realtor® YWGC Realty, Severn Square Office

maryland ownership

on your area of expertise

Ten STepS Toa SucceSSful

SeTTlemenT

Today’s real estate market is unlike any

we’ve experienced in our lifetimes. We are

confronted with huge inventories, far more

time consuming and protracted transactions

and often apathy from parties who should be

motivated to make the deal work. The result

is an atmosphere of uncertainty and high

levels of frustration. Given all this, you may

want to say “I’ll throw in the towel!”

Absolutely the wrong response! Today’s

market conditions mandate that we “focus on

each of our areas of expertise.” In all our daily

transactions, we rely on others to make each

deal progress, from original client interest in

home ownership, to a successful settlement

on the new home. Constant recognition of

the various roles we all play in this chain of

events is crucial to its success. To quote an old

adage: “Don’t worry about things that are out

of your control.” To that I would add today’s

imperative: focus on your activities. Don’t be

distracted by the activities of others.

Al Ingraham, 2006 MAR President


15

FULL DISCLOSURE IS PARAMOUNT Lenders are required to provide borrowers with a Good Faith Estimate of closing costs and Truth in Lending Disclosure within 72 hours of application. So it is imperative that REALTORS® involved with the transaction give lenders accurate information regarding all salient facts pertaining to the contract and details from the listing. Furthermore, should any facts regarding the contract be modified or renegotiated,

notification must be sent to the lender right away. This is important because lenders must monetarily cure any errors stemming from inaccurate disclosure. As a REALTOR®, your focus on these crucial communications is vital.

If each of us hones our professional skills and establishes a network of top notch professionals to work with, we will not only survive but thrive, even in today’s market. The orderly steps along this path to success are outlined here.

First: Prior to discussing any

meaningful purchase with prospective clients,

advise them to get “pre-approved” by a

reputable lender.

Just as with a GPS system, to get an accurate complete road map to your desired destination you need a starting point and an end point. Additionally, you must navigate every turn along the way or your journey will not conclude at your desired end point.

We are fortunate in Maryland to have many top notch REALTORS®, lenders, appraisers, home inspectors and title companies. Stay focused; don’t get distracted by issues out of your sphere of influence. Focus on your area of expertise and align yourself with business professionals who share your standards for performance.

If you take a positive approach, and you’re consistent and realistic about all elements of the real estate transaction, while enlisting your “Team of Experts,” your path to success will allow you to prevail even in today’s marketplace. Despite any and all negative press you see, people are still buying and selling homes. (From January 1, 2011 through 5/31/11, there have been 20,061 home sales statewide).

So keep it simple: stay focused and capture your fair share.

GOOD SELLING!

Second: Do your due diligence as to what

their housing desires are and factor that

with what they can truly afford.

Third: Discuss in

a realistic and positive manner

the state of the market they’re shopping in and

precisely why it’s an excellent time to buy.

Ten STePS To a

SucceSSFulSeTTlemenT

Fourth: once clients have identified the best property

to buy and are ready to enter into the bid/contract process,

explain the process, the buyer’s responsibilities

and potential need for expert tax

and legal advice.

Fifth: advise

the buyers to contact their lender

immediately after the contract is fully executed.

(note: in this market a reasonable commitment date

is 10 business days from contract acceptance).

Sixth: Recommend that buyers follow up with the lender to make sure they are providing all necessary paperwork required to render a final loan approval. ascertain that an appraisal has been ordered and the date scheduled.

Seventh: consistent

with your company’s

policies, provide the appraiser with

current comps to validate the price

for the property and meet with the appraiser

at the property.

eighth: communicate with

the buyer’s lender every couple of days to ensure all

elements of the loan process are in order and proceeding in

accordance with the contract

commitment date.

ninth: When buyers have received the formal loan commitment, coordinate directly with the lender to make certain any and all underwriting conditions have or will be satisfied.

Tenth: When the

commitment letter is received,

in coordination with the buyers, order the title work

and schedule settlement date and time acceptable to all parties.

Remind your buyers that they must have home owner’s insurance policy in

place for the purchased property, the effective date for this policy

must coincide with the settlement

date.


MARYLAND OFFICESAnnapolis 410-266-0600Bethesda 301-961-6000Canton 443-769-1700Crofton 410-721-3711Elkton 410-398-2401Federal Hill 410-547-5700Gaithersburg 301-948-4811Harford County 410-515-5300Howard County 443-325-7890Ocean City 410-524-7000Ocean City West 410-520-2600Ocean Pines 410-208-3500Olney 301-260-7700Pikesville 410-484-8322

Roland Park 410-464-5500Salisbury 410-912-4700Severna Park 410-647-8000Silver Spring 301-879-2600Towson 410-828-4700

VIRGINIA OFFICESAlexandria 703-836-1464Fairfax/Oakton 703-691-7653Hamilton 540-338-4171Lake Ridge 703-497-7788Leesburg 703-777-1250Manassas 703-396-6000Vienna 703-281-8500Winchester 540-722-9300

WASHINGTON DC OFFICESCapitol Hill 202-393-1111Uptown 202-243-4200

Patricia Terrill2012 President


Pat Terrill, Manager of Prudential Carruthers

REALTORS® Resort Management Division, has

what it takes to lead.

As Property Manager, she oversees short and

long term property rental and management in

the Ocean City, Berlin and Ocean Pines areas.

A strong educational foundation and tireless

commitment to her profession have helped her

become a more successful REALTOR®.

Pat will be installed as the 2012 President of the

Maryland Association of REALTORS®, the largest

trade association in Maryland.

The Prudential Carruthers Team builds leaders.

More Support

to bring you

More Success

Prudential Carruthers REALTORS® remains committed to investing in programs, education and tools designed to leverage the success of our sales professionals. Even better, we ensure the right people are in place to assist our sales professionals to be successful. We believe our support equals your success! Are you ready?

An independently owned and operated member of The Prudential Real Estate A�liates, Inc.

adminiStrationChief Executive Officer Mary Antoun has been the MAR top staffer since 1993. In addition to overseeing the Association’s operations, she works closely with volunteer leadership to develop and implement policies and initiatives to promote the real estate industry and private property rights. An attorney and economist, Mary believes the Association’s primary responsibilities are

representing member interests before the legislature and advocating REALTOR® professionalism with members and the public.

Director Arlene Robertson and Executive Assistant Sommer Jackson are responsible for the administrative functions of the Association. They keep the organization operating smoothly, from building operations to the Association’s management functions.

Arlene and Sommer staff the “governance” committees—Executive, Bylaws, Nominating, and Strategic Planning. They also support the Board of Directors and General Membership meetings as well as the Presidential Council, made up of local Board Presidents who meet to exchange information, develop ideas and share experiences. They organize the MAR Former Presidents meetings, the MAR Reception at the National Association annual convention, and other events during the year. They also oversee the prestigious Life Achievement Award.

Arlene and Sommer assist members at Registration during the MAR Annual Conference.

Receptionist Rebecca Baker greets and talks to more members as the first point of contact at the Association offices than any other staffer. She answers hundreds of questions every week from members and the public, referring them to the appropriate staff person or other resource. Rebecca assists with meeting logistics, mailings, and other tasks requested by other departments.

Mary Antoun

Sommer Jackson (left), Rebecca Baker (seated) & Arlene Robertson (right)

meet the StaffMaryland association

of realtors®


2011 Meet the Staff

Government affairSVice President Bill Castelli, MAR’s Chief Lobbyist, heads a team that includes Director of Regulatory Affairs Mark Feinroth, Director of Government Affairs Susan Mitchell, and Assistant Sheryl Bergman. Bill, an attorney and former aide to Rep. Steny Hoyer, develops and directs the Association’s legislative strategy in representing Maryland REALTORS® in the statehouse, and coordinates state efforts with NAR in representing REALTOR® interests before Maryland’s Congressional delegation. Bill also supervises MAR’s contract lobbyists and various subject matter experts that MAR occasionally retains to assist in representing REALTOR® interests.

Mark, also an attorney and lobbyist, represents MAR’s interests on regulatory matters that come before various agencies with responsibilities that affect the real estate profession and private property rights. Prior to joining MAR, Mark was Assistant Secretary with the Maryland Department of Labor, Licensing and Regulation, supervising the operation of all licensing commissions, including the Real Estate Commission. Both Bill and Mark teach CE classes for local boards.

In addition to her lobbying responsibilities, Susan also directs MAR’s grassroots advocacy efforts, including our calls to action, and manages MAR’s database used to customize mobilization efforts on key issues. She also works with local boards to assist in providing MAR and NAR expertise on local issues such as land use and zoning. Susan manages MAR’s Local Government Affairs Director (GAD) Program, supervising the local GADs that MAR provides to all local boards/association without full-time local lobbyists. The program is designed to strengthen REALTOR® voices in local jurisdictions. Currently, the GAD Program provides lobbying assistance to 12 local boards. Prior to joining MAR, Susan was the Government Affairs Manager/Washington Representative for Bristol-Myers Squibb pharmaceutical company in their Washington DC office, responsible for both the federal and state grassroots lobbying program & PAC, and served as their Washington representative to the industry trade association.

All three lobbyists represent MAR on various industry and other coalition groups.

Sheryl provides administrative support for the entire department, including helping to organize Legislative Day and other political events as well as coordinating and e-publishing Political Buzz (the RPAC E-Newsletter). Sheryl also serves as MAR’s staff photographer.

The team also includes contract lobbyists Joel Rozner and Frank Boston.

Government Affairs committees include Public Policy, Legislative, Grassroots and Political Affairs, and Legal Action.

finance and technoloGy Patti Schmitt, MAR Controller, has primary responsibility for developing and tracking MAR’s annual budget, managing MAR and affiliate organizations financial operations and working with its auditors and financial advisors. She provides economic and financial information to the CEO, Board of Directors and officers, Finance Committee and staff. Patti also oversees the operations and staff of the Technology Department.

Prior to joining MAR, Patti was Assistant Controller for HRi, ASO & PEO Outsourcing, serving more than 150 employers with over 1,700 employees across 17 states. Patti also successfully started and operated a contracting business for fourteen years before selling her interest to her partner.

As Assistant Controller, Kim Dansker administers MAR’s accounts payable and assists with daily financial transactions. Kim also maintains financial records for

RPAC. Accounting Specialist Halle Papai administers MAR’s accounts receivable and assists with daily financial transactions. Halle also maintains financial records for several affiliated organizations.

Technology Coordinator Michael Cunningham worked with MAR for almost ten years as a consultant before joining the staff in 2005. Michael provides IT support and management, custom software development and programming, and website design and management for the Association, staff, and affiliate organizations. Membership Manager Cindy Sellers maintains databases for MAR and some affiliated organizations, and assists in helping staff with computer hardware and software systems.

Left to right: Mark Feinroth, Bill Castelli, Sheryl Bergman

& Susan Mitchell

Left to right: Patti Schmitt, Kim Dansker, Cindy Sellers, Michael Cunningham & Halle Papai


2011 Meet the Staff

LegaL aFFaIRSChuck Kasky, Vice President of Legal Affairs, oversees the Department’s operations, assisted by Staff Attorneys Colette Massengale and Aimee Bader. Shannon Reed is the Legal Affairs and Professional Standards Assistant. Prior to joining the Maryland Association of REALTORS®, Chuck was engaged in the private practice of law, served as Legislative Counsel to several Committees of the Maryland General Assembly, and was Deputy Chief Administrative Officer for Howard County, Maryland.

The Legal Department staffs the MAR Legal Hotline, the service REALTORS® routinely identify as one of their most valuable MAR membership benefits. Members call or submit questions via an online form, available at the Legal Services tab of the MAR website. The Department supports Maryland RPAC, the Statewide Forms Committee, the Commercial Alliance, the Real Property Operations Committee and the Bylaws Committee. Department attorneys also provide in-house legal and compliance assistance to the other Departments within MAR.

As a service to member boards, associations and firms, the Legal Department visits offices and provides instructors for continuing education classes on risk reduction, agency law, real estate contracts, Code of Ethics, fair housing, legislative and legal updates and broker supervision. To assist in compliance with the NAR Professional Standards program, the department provides annual training to local Grievance and Professional Standards Committees.

The attorneys draft and review proposed legislation and comments on proposed regulations, and provide advice to members about their impact.

Legal Affairs also has responsibility for member services. Don Martin, Director of Board and Member Services, is MAR’s principal outreach to firms and local boards. A 17 year MAR veteran and a former practicing REALTOR®, Don spends most of his time on the road speaking at sales meetings and teaching continuing education classes. Don is the primary resource on Professional Standards issues, and staffs that MAR committee. Don oversees local board compliance with NAR requirements regarding services.

Kimberly Cavallaro, Manager of Board Professional Standards Services, oversees outreach services for dispute resolution and Professional Standards. She administers the Professional Standards Services program for many local boards/ associations, offering MAR resources to provide seamless assistance to their members and the public regarding ethics cases and arbitration procedures. Kimberly also staffs the Professional Standards Instructors committee that delivers risk-reduction training to local boards, to ensure member understanding of the ethics and arbitration procedures. She manages the Dispute Resolution area of the MAR website, which addresses dispute resolution issues and alternatives.

educatIon Lisa Kinsman, Department Director, has been an MAR staff member since 1981. She supervises activities and staffing for GRI, Leadership Academy and Mediation Oversight. The department coordinates the education programs for the Annual Conference, and oversees the dissemination of all continuing education certificates for all CE programs provided by MAR and contracted providers.

Education Assistant Lisa Haynes provides all Department administrative support, and is the “point person” responsible for issuing certificates, handling replacement certificate requests for programs submitted for continuing education through MAR and any other general education question callers may have.

MAR maintains an extensive educational database whereby attendee records (member and non-member) are updated for every CE or non-CE program MAR offers. This system verifies attendance and confirms classes taken to track designation courses, mandatory state licensing renewal courses and any association training required sessions.

Lisa Haynes (top)

& Lisa Kinsman

Left to right: Colette Massengale, Chuck Kasky,Shannon Reed, Kimberly Cavallaro,Don Martin & Aimee Bader


communicationS & Public affairSThe Communications and Public Affairs Department is the public voice of MAR, charged with overseeing our communication with members and the public. The Department staffs the Annual Conference, Communications/PR, Community Action and REALTOR® Excellence (CARE), and REALTOR® of the Year committees, and manages and coordinates all aspects of the Fair Housing Poster Contest. It produces the bi-monthly Maryland REALTOR® magazine, publishes the Hotsheet, and develops brochures and pamphlets, as well as the popular Fair Housing Calendar. Communications develops non-dues affinity partnerships as a membership benefit. This year, the Communications/PR Committee and the Education Department will develop a Webinar series including topics of interest to all members, and will staff efforts to develop additional program emphasis to attract Young Professionals (YPN) and new agents. The Department oversees much of the content and enhancements to the MAR website: www.mdrealtor.org and is managing aspects of the MAR presence in the social media arena.

Department Director Debbie Hager spearheads the MAR public and media relations efforts, which includes promoting Maryland REALTORS® and the real estate profession. Prior to joining MAR, Debbie was vice president of marketing for an investment banking firm, and a public relations manager for four school districts and other trade associations.

Event Manager Melissa Lutz (pronounced Loots) is the key contact for the Annual Conference held in Ocean City each September. She manages a large tradeshow and oversees all of the onsite logistics. Melissa also assists other departments with event planning.

Jermaine Hawkins is the Communications Assistant, supporting all department activities for its committees and events. He is also the first point of contact for

the Fair Housing Poster Contest and Recognition Ceremony, held every April.

houSinG ProGramSThe Housing Programs Department, headed by Director Fern Dannis, researches and identifies available programs at state and local government housing agencies as well as community-based, nonprofit housing organizations. The Department oversees data collection to identify financial assistance programs for homebuyers, which are featured on the MAR consumer websites www.mdhousingprograms.com and www.marylandhomeownership.com. The site has localized, useful information for both REALTORS® and consumers. The Department also manages the curriculum and processing for REALTORS® to obtain the MAR Workforce Housing Certification (WHC). Fern is MAR’s liaison with NAR on its various housing programs, with Freddie Mac’s CreditSmart™ program and with statewide and national housing coalitions. She staffs the Housing Affordability and the Equal Opportunity/Cultural Diversity Committees, and has primary responsibility for MAR housing programs and housing policy development. As part of these responsibilities, Fern develops and supervises efforts to encourage Maryland REALTORS® to learn about credit literacy, housing finance programs and involvement with creative housing programs, fair housing activities and related policy initiatives in their communities. Fern has worked in the housing field for 30 years, with experience in property management, multi-family housing development, affordable housing policy, loan packaging/underwriting, nonprofit administration as well as a real estate salesperson.

Housing Programs Assistant Kara Ardison assists with the staffing of the Housing Affordability Committee and Equal Opportunity/Cultural Diversity Committee. Kara provides administrative support and marketing for the department’s work, and is the first point of contact for REALTORS® regarding the Workforce Housing Certification (WHC) program, which she administers, along with the Education Department onsite.

Fern and Kara both staff the Partnership for Housing Foundation (PHF), including the Maryland Home Makeover™.

2011 Meet the Staff

Left to right: Jermaine Hawkins, Melissa Lutz

& Debbie Hager


Left to right: Fern Dannis & Kara Ardison

Dr. King’s message of equality

must continue to enlighten future

generations, and the Washington, DC

Martin Luther King, Jr. National Memorial

will see that it does.

The NATIONAL ASSOCIATION OF REALTORS®

is proud to be involved

with this important memorial,

dedicated August 28, 2011.

To learn more visit

www.DEDICATETHEDREAM.org

M a r t i n L u t h e r K i n g , J r . N a t i o n a l M e m o r i a l

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


Thank you2011 ConferenCe SponSorS

Main ConferenCe SponSorS:MetLife Home LoansMRIS

overall ConferenCe SponSorSCarroll County Association of REALTORS®

Century 21 Real EstateFrederick County Association of REALTORS®

Greater Capital Area Association of REALTORS®

Harford County Association of REALTORS®

Ilene Kessler, REALTOR®, 2007 MAR PresidentPearl InsurancePen-MAR Regional Association of REALTORS®

RE/MAX Central Atlantic Tax Masters

realTor® BuSineSS CenTerColdwell Banker Residential Brokerage

KeynoTe lunCheon Long & Foster Real Estate

nar DireCTorS BreaKfaSTAnne Arundel County Association of REALTORS®

Howard County Association of REALTORS®

lunCh wiTh aMy Cherow (forMerly The rooKie realTor lunCheon) – open To all realTorS®

Coldwell Banker Residential BrokerageMD Dept. of Housing & Community Development (DHCD)MHREIAMid-Shore Board of REALTORS®

refreShMenT BreaKCecil County Board of REALTORS®

weDneSDay’S refreShMenT BreaKJanice Kirkner, REALTOR®

Southern MD Association of REALTORS®

weDneSDay’S exhiBiT hall BrunChPrince George’s County Association of REALTORS®

Southern MD Association of REALTORS®

inSTallaTion BanqueTCoastal Association of REALTORS®

Prudential Carruthers REALTORS®

Lynette Bridges-Catha, REALTOR®

Carole Maclure, 2008 MAR President

Golf TournaMenTMen’s longest Drive – Garrett County Board of REALTORS®

women’s Closest to the pin – Janice Kirkner, REALTOR®

Tee # 1 – Martha LessnerTee # 2 – Iona Harrison, REALTOR®, 2009 MAR PresidentTee # 3 – Steve Meszaros, REALTOR® , 2010 MAR President Tee # 4 – Auto SpaTee # 5, 7, 9, 11, 18 – Capital Bank, N.A.

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I love working at Coldwell Banker because of our outstanding marketing department, the strength of our company, our dominate market-share, the outstanding agents I work side-by-side with, and my amazing management.

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IS A REAL ESTATE

GROWTh NIChE

Fern Dannis

Mot

her

fathe

r

daughter

GrandparentSo

n

A 2010 report from the Pew Research center has

generated articles and speculation about future housing trends. Key findings: in

2008, an estimated 49 million Americans, 16% of the total U.S. population, lived in a family

household with at least 2 adult generations, or a grandparent and at least one

other generation.


Matures (born prior to 1946): term coined by marketing researchers yankelovich Partners, Inc.

Baby Boomers (born 1946 through 1964): named by Landon Jones, author of Great Expectations, a book chronicling the Boomer generation.

Generation X (born 1965 through 1980): term originated by author Douglas coupland in his novel, Generation X.

Millennials (born 1981-1999): first used by sociologists neil Howe & William Strauss in their book “Generations.” Alternates include Generation y, Generation Why?, nexters, and Internet Generation.

These dates represent the US census birth curve. There are some different interpretations among those who study these issues as to where each generation begins and ends demographically.http://www.gentrends.com/faq.html#DefiningtheGenerations

This 33% growth since 1980 of multigenerational households “is partly the result of demographic and cultural shift, including the rising share of immigrants in the population and the rising median age of first marriage of all adults.” The trend also reflects a period of high unemployment and rising foreclosures that spiked the number of family consolidations by 2.6 million from 2007-2008.

BUILDER magazine described some typical family scenarios:

Boomerang kids moving home to save money; elderly parents who need family support; young parents relying on grandparent care for their kids; and rapid growth among immigrant families for whom shared living is a cultural tradition.

consider the possibilities for multigenerational families as real estate clients:

• Homes with high bedroom and bathroom counts

• Large homes that have been abandoned or foreclosed that could be remodeled into multiple family spaces

• Detached accessory units that share lot space with larger houses that can be used as granny flats for elderly parents, studios for home-based businesses, or rental units for homeowners wishing to supplement their income.*


Home Sharing refers to a living arrangement where 2 unrelated people share one home or apartment. Each person has his/her own room and the common areas such as the kitchen and living room are shared. It’s an alternative, affordable housing option that can work for people of different ages and life situations:

• Seniors who want companionship and a greater sense of security

• Those experiencing financial difficulties due to illness, furloughs, unexpected expenses or other reasons

• People displaced due to landlord foreclosures

• International students

• Single mothers

• Home seekers who go on to become homeowners

• youths exiting from foster care

• Veterans

• Americorps volunteers

• Victims of natural disasters

Of course, homesharing is not new, and is informally available through local papers and with such online services as craig’s List. The national Shared Housing Resource center has 120 affiliated programs offering screening interviews, reference/background checks, referrals for potential housemates, facilitating the Homesharing Agreement and addressing concerns. In Maryland, St. Ambrose Homesharing Program is a pioneer in the service. Begun 22 years ago, it serves 7,700 people in Baltimore city and county, with new efforts in the city to expand the program.

Homesharing is an effective option given the limited affordable rental housing stock. A report by the Harvard Joint center for Housing Studies released in April 2011 found that 10.1 million households—25% of U.S. renters—spent more than half of their income on rent and utilities in 2009. Another 26% spends between 30% and 50% of their income on rent and utility costs. Housing experts generally consider 30% an affordable burden.

Referrals for homeowners and homeseekers come from faith communities, advocacy groups, social services agencies, community/technical colleges and more.

For more information, contact Rebecca Sheppard, Home Sharing Program Director at St. Ambrose Housing Aid center, 410-366-6180 or www.stambros.org/pages/homesharing.html.

*Sources:

“The Return of the Multigenerational Family Household,” Pew Research

center, March 2010 pewsocialtrends.org/2010/03/18/the-return-of-

the-multi-generational-family-household/

10 Design Trends for 2011, BUILDER, Jenny Sullivan, December 16,

2010 www.builderonline.com/design/10-design-trends-for-2011.

aspx?page=2

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Multigenerational Housing Continued from page 25



Top 10 Benefits as a Maryland Association of REALTORS® Member

mdrealtor.org More at

1. Lobbying/Advocacy—actively and effectively in the halls of Annapolis as the Voice for Real Estate in Maryland™

2. Legal Hotline—answers for questions on real estate legal matters

3. Up-to-Date Downloadable Statewide Forms

4. Education—GRI and Workforce Housing Certified (WHC) Professional Enhancement, industry specific Webinars, CE Classes from staff experts, Annual Conference and Tradeshow with nationally recognized instructors

5. Tech Helpline—FREE unlimited calls

6. Maryland REALTOR® Magazine—in depth housing research with county by county analysis of housing statistics, up-to-the-minute Real Estate Commission information and legal Q&As on hot issues affecting Maryland REALTORS®

7. Websites for Industry and Consumer Information—www.mdrealtor.org and www.marylandhomeownership.com

8. Leadership Academy—developing and strengthening leadership skills for business and association leadership

9. Mediation Services and Professional Standards Assistance

10. Discounts and Benefits from MAR Partners

Find us on Facebook

The NAR and RPAC Leadership would like

to thank our 2010 Major Investors from Maryland for their generous support of the REALTOR® Party.

H NAR President’s Circle Member NAR RPAC Hall of Fame Members are in gold. RPAC Major Investors as of 10/31/2010* First Year Golden R Contributors

H Mary AntounH William Armstrong *J. Thomas Carruthers, III

H Bonnie Casper *H Adam Cockey Jr.

Greater Baltimore Board of REALTORS®

Greater Capital Area Association of REALTORS®

H Iona C. HarrisonH John J. HarrisonH Alan R. IngrahamH Ilene S. Kessler

H Carole A. MaclureMaryland Association of REALTORS®

H JoAnne E. Poole *

Prince George’s County Association of REALTORS®

H Dale RossJoan Ryder

Jay W. WebsterH Cathy A. WernerWayne M. Wyvill

Golden R

Thank You

Cheryl D. AbramsWaribo Adasi-Efuya

Jean R. AndrewsCindy Ariosa

Jack G. BannisterCheryl Bare

Barbara BaumlerTimothy J. BlanchfieldH Carlton J. Boujai Jr.

Alease R. BowlesJ. Russell BoyceMelvina Brown

H Richard BrownDesiree A. Callender

Boyd Campbell Carroll County Association

of REALTORS®

Judith CatonMichael F. CerritoDavid Charron

Candace A. Claster Coastal Association of REALTORS®

John A. Coller

Anne S. CookeJ. Nicholas D’Ambrosia

Joanne Darling Distinguished Sales Club of Prince

George’s CountyBrian Donnellan

Roger N. FairbournJohn A. Ford

Frederick County Association of REALTORS®

Elizabeth GrayJan W. HaydenKarol A. Hess

Thomas H. Hough Howard County Million Dollar Club

Nancy C. HubbleHarold H. HugginsClaude H. HumbertMary Lou L. Kaestner

Alexander K. KaravasilisBob Kimball

H Janice R. KirknerJoseph Landers

Alana W. LasoverJohn L. LesniewskiCharles P. Llewellyn

Stephen C. MackintoshShirley L MatlockMichael McGreevyDavid W. McIlvaine

H Stephen F. MeszarosJill Pogach Michaels

Barbara F MilesH Kenneth R. Montville

Michael MoranJudy C. MorrisAnn M. MoxleyH Shelly Murray

Creighton E. NorthropRebecca PerlowAudrey PrimozicSusan H. PrudenFred B. Pumphrey

Thomas D. QuattlebaumStephanie RallRick M. Rall Jr.

Real Estate Million Dollar Association of Baltimore

Richard RhodesMarilyn RhodoviAshley Richardson

P. Joy SiegelBob Simon

Nancy R. SimpersKenneth W. SmallwoodPatricia B. Smallwood

Patricia A. TerrillJeanne L. TurnockGeorgiana S. Tyler

Patrick UlrichMeredith Weisel

Women’s Council of REALTORS® Baltimore

Women’s Council of REALTORS® Prince George’s County

Noel T. WoodHolly Worthington

Michael Yerman

Sterling R

Thomas E. EarnestH Gloria M. Farrar

Harford County Association of REALTORS®

Howard County Association of REALTORS®

Marc WitmanWilliam L. Yerman

Crystal R


Maryland Real Estate Commission NewsKatherine Connelly

The Maryland Real Estate Commission is pleased to announce that a

Continuing Education (CE) class covering agency requirements in

commercial real estate transactions will be available in the coming

months. As all licensees should understand, the provisions in the

Maryland Real Estate Brokers Act requiring agents to disclose whom they

represent, establishing buyer agency and restricting dual agency apply only

to transactions involving four or fewer single family units and unimproved

real estate zoned for residential use. An extensive body of case law, also

known as common law, pertains to all agency relationships, including

those that arise in the real estate industry.

Legislation passed in 2010 requires all real estate licensees to take a three

hour continuing education course on the principles of agency and agency

disclosure at least once every four years. The new commercial agency

course is designed for those licensees who are primarily or exclusively

commercial practitioners. (Commercial real estate agents may also take

the residential agency class and count those continuing education hours

as an elective towards the overall 15 hours of C.E. required for license

renewal.) The Real Estate Commission encourages those licensees who

are primarily or exclusively commercial practitioners to take the

Commercial version of the agency class. Those licensees who primarily

provide residential real estate brokerage should take the residential agency

class. If they choose to take the commercial version of the class, they may

count it as an elective.

The new commercial agency curriculum covers several topics, including:

the definition of an agency relationship; how such a relationship is created

and terminated; and the duties owed by an agent. Common law recognizes

sub-agency, so the new commercial agency class covers subjects such as

how sub-agency relationships are created, with whom a real estate agent

typically enters into sub-agency and the duties owed by a sub-agent.

From the point of view of the Maryland Real Estate Commission, the most

important issue addressed in the commercial agency class is dual agency.

Under the common law, dual agency is permitted in a commercial

transaction if it is disclosed and consented to by the parties. The

commercial agency curriculum also contains a section on undisclosed dual

agency and the types of remedies and damages a real estate broker’s client

can claim in a law suit.

We at the Real Estate Commission look forward to offering the commercial

agency continuing education course and hope that you will offer us your

feedback at [email protected].

katherine Connelly is the Executive Director of the Maryland Real Estate Commission

For more information, visit http://www.dllr.state.md.us/license/mrec

Commercial Agency CE on the Way

31M A R Y L A N D R E A L T O R ® August/September 2011 31

Every June the Maryland Real Estate Commission chooses Commissioners to serve as Chair and Vice Chair for the new fiscal year beginning July 1. Anne Cooke was Commission Chair for the past year and J. Nicholas (Nick) D’Ambrosia was the Vice Chair. Both Commissioners Cooke and D’Ambrosia are licensed real estate professionals and distinguished Maryland REALTORS®. For the coming year, Ms. Cooke and Mr. D’Ambrosia will exchange titles. Mr. D’Ambrosia will serve as Chair and Ms. Cooke will be Vice Chair.

One other major action is taken by the Commission every summer. All state agencies are required to seek the Governor’s support for proposals that will be considered by the Maryland General Assembly. While the legislature meets every year from mid January through early April, the Governor’s office typically sets a deadline in early September for agencies to submit requests for legislation. To meet the deadline, state agencies must start the research and drafting process in the early summer, when Commission staff is directed to draft proposals for specific bills.

This year, the Real Estate Commission has directed staff to prepare legislative proposals on three topics for potential action during the 2012 General Assembly Session.

The first is a request for authority to require continuing education (CE) providers to digitally transmit the records of licensees who have obtained CE credit, thereby eliminating the need to issue a paper certificate. The Commission will have a computer based system to receive and monitor CE data this year. If the requested legislation is approved and passed, in coming years there will be no need to randomly audit CE compliance.

The two other proposals on the Commission’s 2012 wish list are a requirement to license property managers and an increase in the maximum guaranty fund payout for consumers harmed by the conduct of a licensee. For the last several months, The Commission has discussed

The Real Estate Commissions 2012 Leadership and Agenda

the fact that while some real estate licensees provide clients with property management services, some property managers are not real estate licensees. Consumers served by licensees receive the benefit of a complaint and regulatory system to protect them, while those served by unlicensed property managers have no place to file a complaint beyond the property manager’s employer. This discrepancy in consumer protection has motivated the Commission to consider regulating all property managers who provide real estate brokerage services.

The concept of increasing the maximum guaranty fund payout a consumer may receive originated in the 2010 Sunset Review Evaluation of the State Real Estate Commission. Every ten years, Maryland state government agencies are reviewed by the General Assembly. Legislative staff prepares a report with recommendations for improvements in the agency. The 2010 report noted that the Commission rarely awards the $25,000 maximum amount from the Guaranty Fund allowed by law and observed that some types of damages are excluded by the law. The $25,000 cap on claims was added to the law in 1984 and has not been increased since. The Real Estate Commission intends to pursue legislation to increase the cap to $50,000 for those rare cases when a consumer can prove damages above the $25,000 limitation.

Please feel free to contact me if you have any questions or comments regarding the Real Estate Commission’s 2012 legislative agenda or other

activities. I can be reached at [email protected].

Mark Feinroth, Esquire, Director of legal and Regulatory Affairs

Maryland Association of REAlToRs®

Regulation NewsMark Feinroth, Esquire


From the HotlineCharles A. Kasky, Esquire

prior flooding on the property, but attributed the water damage to a faulty

sump pump.

The Buyers purchased the property, moved in and soon learned that the

property had an extensive flooding history which they alleged was not

disclosed to them. The Buyers brought a lawsuit against the Agent, the

Broker and the Sellers. The Sellers settled with the Buyers, and the trial

court dismissed the allegations against the Firm and Agent. The Buyers

also filed a complaint with the state’s real estate commission against the

Firm’s principal broker and the Agent, but the commission dismissed the

complaint.

The Kentucky Court of Appeals reversed the trial court and sent the case

back to the lower court for further proceedings. The court considered two

fraud allegations: fraudulent misrepresentation and fraudulent omission.

The key issue for both causes of action was whether the flooding on the

property was a material fact known by the Agent and/or the Firm that they

had a duty to disclose.

1-800-888-1272 • Monday, Wednesday and Friday • 10am – Noon and 2pm – 4 pm www.mdrealtor.org • Complete an Online Form available in the Legal Hotline tab

FREE lEGAlHoTlINE

Disclosure of Material Facts: A Cautionary Tale

A Kentucky court recently considered whether a brokerage had a duty to

disclose a known material fact about the property’s flooding history. In

2005, Buyers hired the Brokerage (“Firm”) to help them locate a home.

The home was originally built in 1988 and had a history of flooding. The

original owners had experienced three floods that damaged the property.

They listed the home for sale with the Firm in 1995 and disclosed the

flooding. The property was sold again in 1999 and 2001, with both of those

transactions involving salespeople from the Brokerage, who gave flooding

disclosures. Two different owners purchased the property in 2003 and

2004, and both experienced flooding on the property.

In 2004, the current owners, (“Sellers”) listed the property for sale with a

salesperson associated with the Firm. The Sellers completed a property

condition disclosure stating that the property had water damage from a

failed sump pump, but failed to mention the prior flooding on the property.

After the first listing agreement expired, the Sellers retained another

salesperson associated with the Firm (“Agent”), who had not represented

any of the previous sellers. Again, the Sellers did not disclose the


IMPLICATIONS FOR MD LICENSEESThe implications for Maryland licensees are significant. Under Maryland

law, a real estate licensee must disclose to any party a material fact the

licensee knows or should know. A material fact is anything that affects

the value of a property or that a buyer would consider important when

making a decision regarding the property. The duty applies whether the

consumer is a client or non-client. It also applies whether or not the seller

discloses the fact, but it’s obviously most important when the seller fails

to disclose the fact to the buyer. It is quite clear that under Maryland

law a licensee could be held responsible for a failure to disclose this

condition.

Charles A. kasky, Esquire, Vice President of legal Affairs


Kentucky courts have generally applied the doctrine of caveat emptor in

real estate transactions, where there is no liability if there is no direct

misrepresentation by the seller and the buyer has a chance to inspect

the property prior to purchase, but there is an exception to that doctrine

for fraud.

The court ruled that Kentucky licensees have a duty to disclose known

material facts to buyers which are not disclosed by the sellers, and sent

the case back to the lower court. The Firm argued that there was no duty

to make disclosures to someone who was not a brokerage client, but the

court found that the state’s license law contained no such limitation. The

court also stated that licensees are not liable for a seller’s fraud, but have

a duty to disclose material facts if they know the seller is not accurately

disclosing all material facts. Thus, the court sent the case back to the trial

court for further proceedings to determine whether the Firm or Agent had

actual knowledge of the property’s history of flooding.

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EOE


Our customers can never have too many tools in their tool belt, so we here

at MRIS are working ‘round the clock’ to add to your collection. So, what

are the latest and greatest products from MRIS? In case you missed it,

here’s a summary of the nifty new products.

Free RatePlug: MRIS has recently partnered with RatePlug. Integrated directly into

Matrix, RatePlug allows you to market your preferred lenders directly in

your listing. You can also calculate the monthly payment for your clients

including mortgage payment, real estate taxes, homeowners insurance,

PMI and assessments. Too often, clients know what they want to spend

a month but they don’t understand all the costs involved with home

ownership. RatePlug makes those calculations for you. It’s one-stop-

shopping for all your financial needs. To find out more about RatePlug

and to sign up (did we mention it’s free?) visit MRIS.com/RatePlug.

HomesDataBase.com (HDB) Make-Over: HDB is getting a whole new look, with easier to use navigation and more

in-depth home searches. Built to deliver qualified leads to MRIS

customers’ doorstep, HDB has an audience more likely to convert than its

competitive set. Did you know sixty percent of HDB users have annual

household incomes of one hundred thousand dollars or more, which is 3.5

times greater than other home search sites and garners 33% more

leads? Make sure you are harnessing this powerful audience; log onto

http://mris.com/mris-customers/my-account/ and upload your photo and

contact information so the leads can keep coming in!

Compliance-or as we like to say “Protections:” Out with the old faxes…in with E-mail! Compliance has a new way to

communicate with you more easily and more effectively. Compliance

notifications are now sent via email. No more paper faxes…running out of

ink…now you will never miss an important message from compliance

anywhere you are. Make sure your contact information is up-to-date; log

onto http://mris.com/mris-customers/my-account/account-changes/

Never miss a MRIS update:We are constantly developing new products and reaching out to our

customers to better serve them. Follow us on Facebook MRIS on

Facebook, Blog mrisblog.com and Twitter @MRIS_REal_news to stay

connected…MRIS Real Estate in Real Time.

For more information, go to www.mris.com

Metropolitan Regional Information Systems, Inc.

What’s New at MRIS!

Oilheat. Know more, sell more.

Put the answers in their hands

Is your team prepared for the tough questions when selling oil-heated homes? No problem.

Schedule a 15-minute PRO$ presentation for your next sales meeting. All of our speakers are local oilheat specialists who volunteer their time and expertise to PRO$ as a part of a nonprofi t educational program for REALTORS®.

Coldwell Banker, RE/MAX and Prudential Carruthers are just a few who bring back our experts year after year. Because knowing the real answers about oilheat gives you the tools you need to sell more homes.

To schedule a presentation just email [email protected], call 866-807-7767 or friend-request Susan Janett on Facebook.

PRO$ brings the experts to you!

THEY’VE SEEN THE HOUSE and they are about to leave with a listing sheet. Don’t let them go without the “Homeowners Guide

to Heating with Oil.” This informative brochure gives prospective buyers all the facts they need to make an educated decision. It’s part of the “Oil-Heated Home Marketing Kit,” copies of which are available to you at no charge from PRO$.

To learn more or place your order, go to www.md.oilheatpros.com and click on “Order free materials.”

Want the facts?

April/May 2011: Straight talk aboutheating costs (page 29)

Dec. 2010/Jan. 2011:

Close the Deal

“Oilheat 101” (page 14)

June/July 2009:

Need tank advice?

(page 7)

Check out these issues… Also available at

www.md.oilheatpros.com— click “Helpful Information.”

And you can also read other past issues and order FREE PRO$ marketing materials.

PAID FOR BY THE NATIONAL OILHEAT RESEARCH ALLIANCE.

When your client asks about oilheat

Getting to the truth about switching fuels

ONE QUESTION EVERYONE wants the answer to is “How much will it cost?”

So when your client asks you how much it costs to convert from heating oil to natural gas, you want to make sure you have the right information. There’s a lot of misinformation about this, so even you may be surprised to learn that the answer is “a lot more than you think.”

The fact is, converting to natural gas doesn’t make sense from a fi nancial standpoint. To learn why, go to www.md.smartheatingchoices.com. Here, you’ll be able to fi nd out the true cost of converting, and the actual costs of different heating fuels. You can also learn

why the Consumer Energy Council of America (CECA) says that “switching fuels is an expensive gamble—and not one that CECA recommends.”

Converting to natural gas is often a knee-jerk reaction based on misconceptions about heating oil. But once you get the facts, you can tell your clients that in virtually every case, it makes more sense to stick with heating oil.

“Friend” Susan Janett

PRO$

MAPDA-FullPgAd-AugSept-11971.indd 1 7/19/11 12:52 PM

Oilheat. Know more, sell more.

Put the answers in their hands

Is your team prepared for the tough questions when selling oil-heated homes? No problem.

Schedule a 15-minute PRO$ presentation for your next sales meeting. All of our speakers are local oilheat specialists who volunteer their time and expertise to PRO$ as a part of a nonprofi t educational program for REALTORS®.

Coldwell Banker, RE/MAX and Prudential Carruthers are just a few who bring back our experts year after year. Because knowing the real answers about oilheat gives you the tools you need to sell more homes.

To schedule a presentation just email [email protected], call 866-807-7767 or friend-request Susan Janett on Facebook.

PRO$ brings the experts to you!

THEY’VE SEEN THE HOUSE and they are about to leave with a listing sheet. Don’t let them go without the “Homeowners Guide

to Heating with Oil.” This informative brochure gives prospective buyers all the facts they need to make an educated decision. It’s part of the “Oil-Heated Home Marketing Kit,” copies of which are available to you at no charge from PRO$.

To learn more or place your order, go to www.md.oilheatpros.com and click on “Order free materials.”

Want the facts?

April/May 2011: Straight talk aboutheating costs (page 29)

Dec. 2010/Jan. 2011:

Close the Deal

“Oilheat 101” (page 14)

June/July 2009:

Need tank advice?

(page 7)

Check out these issues… Also available at

www.md.oilheatpros.com— click “Helpful Information.”

And you can also read other past issues and order FREE PRO$ marketing materials.

PAID FOR BY THE NATIONAL OILHEAT RESEARCH ALLIANCE.

When your client asks about oilheat

Getting to the truth about switching fuels

ONE QUESTION EVERYONE wants the answer to is “How much will it cost?”

So when your client asks you how much it costs to convert from heating oil to natural gas, you want to make sure you have the right information. There’s a lot of misinformation about this, so even you may be surprised to learn that the answer is “a lot more than you think.”

The fact is, converting to natural gas doesn’t make sense from a fi nancial standpoint. To learn why, go to www.md.smartheatingchoices.com. Here, you’ll be able to fi nd out the true cost of converting, and the actual costs of different heating fuels. You can also learn

why the Consumer Energy Council of America (CECA) says that “switching fuels is an expensive gamble—and not one that CECA recommends.”

Converting to natural gas is often a knee-jerk reaction based on misconceptions about heating oil. But once you get the facts, you can tell your clients that in virtually every case, it makes more sense to stick with heating oil.

“Friend” Susan Janett

PRO$

MAPDA-FullPgAd-AugSept-11971.indd 1 7/19/11 12:52 PM

any day

snippets


REALTOR® readers, I’ve hit the jackpot of all resource

sites. It’s called www.TechTipTuesday.com. Every

Tuesday, Jeff Clark spends about four minutes talking

about fantastic sites on topics ranging from music to

travel to saving important files to every device you have.

I could have spent all day listening to his quick tutorials

of fascinating ideas and sites to make our lives

fun and more productive. And most are

free. He is not paid for the promotion of

sites; he gets his leads from people

like you and me.

• Expand your music gallery.

on www.spotify.com one can

download a-n-y song to any device on

“demand” – you can own every song in

the world. There is a free version and two

that charge a nominal fee. Check it out.

• Planning to travel and don’t know where to stay? Visit www.airbnb.com and rent a private home or mother-in-law apartment in some of the most exotic places in the world.

• Five Bucks doesn’t get you much any more, but here’s a website www.fiverr.com where you

can, for example, find someone to plan what to do for a day in Chicago;

create two professional web banner ads for $5; or create a

custom Facebook photo string for your profile for $5. someone will even make you a friendship bracelet for $5, or how

about a pair of earrings of Marilyn Monroe’s likeness on

guitar picks. Amazing!

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ePro® Designation Class

The New Interactive Web: staying Together with Today’s Consumer

Tuesday’s keynote Rookie luncheon speaker (open to all REAlToRs®)

Technology Expert Amy Cherow MAR Annual Conference and Tradeshow, september 12-14, 2011 in ocean City.

Register at www.mdrealtor.org

THESE ARE EDITOR PICKSIf you have a “ridiculously useful website” to share with

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Earn 100% commission with one of Maryland’s

most aggressive real estate fi rms.

Learn more online at www.HouseSale.com or call HouseSale.com Realty today at 410.609.0877

HouseSale.com provides our agents with acompetitive advantage that truly separates them from

the pack! Our company provides consumers with choices that allow our agents to address the entire

residential market unlike any other.

A few Benefi ts:■ Full Broker Support, Training & Mentoring

■ Commission paid in 48 hours

■ E&O Insurance only $180 per year

■ Transaction fee only $395

■ No separate admin fee

■ Free online marketing for listings

■ Free online contract forms

■ Free business cards

■ and many more....

Call today 443.253.4655 or 866.987.3937


Because of the impact of last year’s tax credits, year-over-year comparisons

remain challenging. Tax credits increased sales volume last year, making

current sales volume appear lackluster by comparison. Moreover, the tax

credits, disproportionately used by first-time buyers, skewed the

composition of housing purchased, which affects the validity of median

and average price comparisons.

One had to be under contract by April 30th of last year to qualify for the

most recent round of federal housing tax credits, but settlements could

take place thereafter. Legislation enacted in July 2010 extended the

closing deadline from June 30 to Sept. 30, 2010 for eligible homebuyers,

so we still must wait before year-over-year comparisons become easier

to interpret.

For now, most available data indicate that the housing market’s progress

has been lackluster. This is not surprising for a number of reasons,

including the fact that the broader economy slowed sharply beginning in

mid-March and has yet to fully regain its momentum. Moreover,

Maryland’s economy has slowed with gut-wrenching force, and according

to the most recent data available from the Bureau of Labor Statistics,

between May 2010 and May 2011, no state lost a higher proportion of its

employment than the Free State.

That helps explain why year-over-year unit sales declined nearly 20

percent between May 2010 and May 2011 in Maryland. Of Maryland’s 24

jurisdictions, 20 registered year-over-year sales declines. Those

jurisdictions that experienced an increase in unit sales over this period are

not primarily oriented around first-time buyers, which render year-ago

sales levels easier to attain. This group includes Garrett County (18%),

Caroline County (17%), Talbot County (11%) and Worcester County (6%).

The increase in sales in these counties suggests that the market for second

homes is beginning to recover. This also comes as little surprise, as

second home buyers typically do not face the challenge of having to sell a

home, and U.S. financial markets have rebounded significantly from their

Residential SalesAnirban Basu

Housing Market Recovery May Have Begun in Earnest

Weakness Lingers into May and June, but Forward Looking Data Point to Upturn


Residential SalesAnirban Basu

George’s County (-19%). These jurisdictions among others continue to

wrestle with large volumes of distressed sales, which have the effect of

reducing sales price levels as these units are sold at often large discounts.

Looking AheadDespite this sea of negativity, there are signs of progress. Pending sales

were up significantly in June on a year-over-year basis, an increase

approaching 35 percent. However, it is likely that June 2010 pending sales

were lower than they would have been due to the unavailability of tax

credits by then. Since one needed to be under contract by April 30th of

last year, sales that would otherwise have transpired last summer were

likely pulled forward into spring, which artificially inflates the year-over-

March 2009 cyclical lows. This has produced wealth (albeit with

accompanying financial market volatility) that is available for down

payments on second homes.

In June, unit sales declined 17 percent on a year-over-year basis. Twenty

jurisdictions registering posted drops in unit sales. Only two experienced

increased sales volumes over this period: Allegany County (9%) and

Worcester County (8%). One jurisdiction, Somerset County, registered no

change in sales volume over this period.

Average sales price declined 4.4 percent in June on a year-over-year basis

after falling 2.4 percent in May. However, average sales price increased in

June 2011 relative to the prior month. Average

sales prices were approximately $16,500 higher

in June compared with May.

Median sales price was off 5.8 percent in June

relative to year ago levels. (The corresponding

figure for May was -5.4 percent.) Between June

2010 and June 2011, 18 jurisdictions registered a

decline in median sales price. One could argue

that the loss in sales value is understated,

because the over-representation of first-time

homebuyers a year ago likely placed downward

pressure on sales prices a year ago.

A number of jurisdictions have experienced

particularly sharp declines in median sales

prices over the past year, including Baltimore

City (-32%), Allegany County (-26%) and Prince

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However, for the market to continue to heal, the broader economic recovery

must continue. Job growth nationally and in Maryland has softened recently,

likely in response to a host of factors ranging from high energy and food prices

to the crisis in Japan and concern regarding the federal debt ceiling.

Should the economy fail to recover the momentum it enjoyed late in 2010

and earlier this year, the housing market’s ultimate improvement will be

further delayed. Though mortgage rates remain low, which represents

an important source of support for the housing market, lending

standards remain highly disciplined and that is unlikely to change in the

near-term.

Anirban Basu, sage Policy Group, Inc.

Residential sales Continued from page 39

year comparison. That said, this should be considered a sign of

progress, particularly because 23 of Maryland’s 24 jurisdictions

experienced an increase in pending sales in June relative to last June.

Moreover, the active inventory of unsold homes has fallen from 40,641

in June 2010 to 37,592 one year later. Months of available inventory,

which stood at 8 months in May, dipped below 7 months in June. This

is a sign of emerging equilibrium, which will ultimately translate into

stable prices. Once that occurs, the urgency among prospective buyers

should build, which will translate into greater momentum than we

presently observe.

Here’s what you can expect from attending GRI – ■ networking and referral opportunities

■ increased knowledge on a wide array of topics and skill enhancements

■ confidence building through in-depth knowledge, skills training and better understanding of industry practices

■ earn a national designation which has proven greater income potential

■ receive continuing education credits, and

■ earn credits toward your broker/associates broker’s license.

Why wait?

GRI – The Next Level

For class schedules and program details, visit www.mdrealtor.org. Click the Education tab and scroll to REALTOR® Institute (GRI), GRI Overview.


May 2011 vs. 2010

UnITS AvERAgE PRICE

2011 2010 Change 2011 2010 Change

29 48 -39.60% $83,715 $117,034 -28.50%

450 528 -14.80% 333,259 339,298 -1.80%

473 579 -18.30% 134,382 163,956 -18.00%

596 746 -20.10% 240,520 251,075 -4.20%

72 106 -32.10% 287,609 339,134 -15.20%

21 18 16.70% 139,509 188,378 -25.90%

114 146 -21.90% 292,254 275,990 5.90%

77 96 -19.80% 211,733 208,063 1.80%

132 158 -16.50% 219,415 265,009 -17.20%

26 32 -18.80% 251,562 288,817 -12.90%

235 293 -19.80% 244,254 262,653 -7.00%

26 22 18.20% 225,937 378,309 -40.30%

233 288 -19.10% 250,409 264,162 -5.20%

218 319 -31.70% 404,522 393,107 2.90%

10 14 -28.60% 269,900 308,286 -12.50%

884 1,139 -22.40% 467,285 421,129 11.00%

738 863 -14.50% 172,594 209,740 17.70%

32 41 -22.00% 422,931 323,790 30.60%

5 18 -72.20% 126,400 154,400 -18.10%

86 119 -27.70% 279,743 308,490 -9.30%

41 37 10.80% 425,862 391,508 8.80%

101 143 -29.40% 154,823 189,595 -18.30%

61 88 -30.70% 162,286 159,559 1.70%

145 137 5.80% 316,776 283,408 11.80%

4,805 5,978 -19.60% $280,579 $287,169 -2.30%

Figures reflect resales and new properties. Residential resales

are reported by MRIs® and local boards Mls systems.

COUnTy

Allegany

Anne Arundel

Baltimore City

Baltimore County

Calvert

Caroline

Carroll

Cecil

Charles

Dorchester

Frederick

Garrett

Harford

Howard

Kent

Montgomery

Prince George’s

Queen Anne’s

Somerset

St. Mary’s

Talbot

Washington

Wicomico

Worcester

TOTAL

June 2011 vs. 2010

UnITS AvERAgE PRICE

2011 2010 Change 2011 2010 Change

38 35 8.6% $107,270 $111,817 -4.1%

539 599 -10.0% 341,165 375,425 -9.1%

471 648 -27.3% 151,391 167,750 -9.8%

635 744 -14.7% 254,912 290,127 -12.1%

101 113 -10.6% 310,694 302,286 2.8%

29 35 -17.1% 149,869 181,729 -17.5%

153 162 -5.6% 304,598 300,543 1.3%

74 96 -22.9% 201,074 247,051 -18.6%

151 168 -10.1% 242,261 269,027 -9.9%

24 28 -14.3% 383,375 223,827 71.3%

258 283 -8.8% 247,238 273,966 -9.8%

25 32 -21.9% 295,000 259,500 13.7%

258 298 -13.4% 247,970 296,767 -16.4%

312 353 -11.6% 415,663 429,215 -3.2%

16 17 -5.9% 238,400 329,618 -27.7%

1,042 1,327 -21.5% 489,432 466,864 4.8%

783 984 -20.4% 187,381 203,619 -8.0%

43 63 -31.7% 333,829 362,512 -7.9%

16 16 0.0% 139,700 105,750 32.1%

99 118 -16.1% 264,741 288,019 -8.1%

50 59 -15.3% 357,106 479,615 -25.5%

134 156 -14.1% 152,279 175,104 -13.0%

60 90 -33.3% 148,081 157,930 -6.2%

161 149 8.1% 288,051 295,818 -2.6%

5,472 6,573 -16.8% $297,112 $310,579 -4.3%

Figures reflect resales and new properties. Residential resales

are reported by MRIs® and local boards Mls systems.

COUnTy

Allegany

Anne Arundel

Baltimore City

Baltimore County

Calvert

Caroline

Carroll

Cecil

Charles

Dorchester

Frederick

Garrett

Harford

Howard

Kent

Montgomery

Prince George’s

Queen Anne’s

Somerset

St. Mary’s

Talbot

Washington

Wicomico

Worcester

TOTAL


Lawrence Yun, NAR chief economist, notes that job creation will be the biggest factor moving forward. “Job growth creates demand for commercial space, and the economy should be adding between 1.5 million and 2 million jobs annually both this year and in 2012, with the unemployment rate falling to 8.0 percent by the end of next year,” he said. “Given the minimal new supply in recent years, the rising demand means vacancy rates will be trending down in the commercial real estate sectors. Individual markets are now stabilizing and in some cases rising.”

In an NAR commercial lending survey, 65 percent of REALTORS® report lending conditions have tightened in 2011, and six out of 10 respondents failed to complete a transaction this year due to financing problems. Regional banks provide the majority of commercial loans, followed by private investors. National banks are a distant third. “Just as in the residential sector, lending problems are the biggest issue impacting commercial real estate,” Yun noted.

For more detailed information about Commercial Real Estate Research and Economic Outlooks Reports, go to www.realtor.org/research/research/reportscommercial. Next release: The Commercial Real Estate Outlook for the 3rd quarter of 2011 will be released on August 25, 2011, 10am ET.

For an Overview of our extensive NAR Commercial Benefits for Members, go to www.realtor/org; click on “REALTORS® & Business Specialties”; click on “Commercial;” and under “Member Toolbox” click on “Your Commercial Benefits.”

Aimee M. Bader, Esquire, staff Attorney of legal Affairs


National Association of REALTORS® (“NAR”) research suggests that nationwide, the commercial real estate market continues to move closer toward recovery. This follows reports from REALTORS® observing more activity in the commercial market during the second half of 2010.

Occupancy rates for office and industrial properties are increasing in most major cities across the U.S., and the apartment sector remains strong, with a solid net absorption and rents expected to increase four percent nationally in 2011 and five percent in 2012. Metro areas may even see double-digit rent increases.

Affordable prices are proving an attractive incentive for commercial buyers, translating into increased sales. Unfortunately, tightened lending standards continue to pose a challenge, as national banks are wary of lending. NAR economists believe investment funds through private equity and real estate investment trusts will play a bigger role as the commercial market recovers.

Locally, Baltimore Metro area 2011 second quarter vacancy rates are 14.5 percent for offices, 15.9 percent for industrial, 10.0 percent for retail, and 4.2 percent for multifamily properties. These rates track national averages fairly closely, at least in some categories. National second quarter office vacancy rate was 16.3 percent; industrial was 13.9 percent; retail was 13.1 percent and multifamily was 5.8 percent.

From the second quarter of this year to the second quarter of 2012, NAR forecasts a decline in vacancy rates of 1.0 percentage point in the office sector, 0.9 percentage point in industrial real estate, 0.5 percentage point in the retail sector and 1.1 percentage points in the multifamily rental market.

Commercial ConnectionAimee M. Bader, Esquire

Commercial Real Estate Markets Stabilizing, Demand Growing

Commercial ConnectionAimee M. Bader, Esquire

Home of Unlimited Opportunity

Weichert® Works

*Weichert.com received Bronze Award in the Real Estate category of the 10th annual International iNOVA Awards competition for its website, Weichert.com. Interactive Media Awards (IMA) Outstanding Achievement Award 2010 **2010 ASTD BEST Award from the American Society for Training & Development. Weichert is among 31 organizations from across the world to receive the award and ranked 12th overall out of the more than 100 organizations that entered the competition. Each Weichert franchised office is independently owned and operated. © 2011 Weichert Real Estate Affiliates, Inc. All rights reserved.

Equal Opportunity Employer

For over 40 years, Weichert, Realtors® has been providing the best quality tools, training and support for its sales associates. Today we are coast to coast with over 400 company and franchised offices and 18,000 agents strong.

The Weichert Difference· Award winning Sales Training*

· A Unique Lead Network providing quality leads to associates.· Weichert.com, an award winning Top 5 Real Estate Brokerage Website**

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· Time-proven Listing and Marketing systems to make you more successful.

Isn’t it time you let Weichert Work for you?Call a local Weichert office or visit Weichert.com.

RDL 272 WEI Realtor Ad_new direction MD.indd 1 6/20/11 8:47 AM

Make a Pit StopAT BOOTH #166

TO LEARN MORE! SEPTEMBER 12-14, 2011

OCEAN CITY, MARYLAND

MRIS.COM

Documents

August2011/September 2011