Capital Area REALTOR® Fall 2019 by GCAAR

REALTOR

CAPITAL AREA

How GCAAR Works for You Advocacy • Professional Development • Mediation and Arbitration Business Resources • Contracts and Forms • Community Service

How GCAAR Works for You - 8 Tom Daley Named REALTOR® of the Year by GCAAR and Maryland REALTORS® - 14 Colin Johnson Named DCAR REALTOR® of the Year - 15 Dale Mattison Inducted Into NAR’s Omega Tau Rho Fraternity - 14 iBuyers in Today’s Real Estate Market - 32

Official publication of the Greater Capital Area Association of REALTORS®

FALL 2019

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• Commission paid same day as settlement • Full broker service • Seminars by industry leaders • Open your own branch at no extra cost

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CAPITAL AREA REALTOR • Sept/Oct 2016 ®

www.TaylorProperties.co/careers

R E ALTOR

CAPITAL AREA

Member Value – p. 8

FALL 2019

REALTOR® Awards – p. 14

features 8

Member Value Feature

Association News

Bright MLS Commuting Tips

GCAAR Happenings

Upcoming Events

GCAAR Happenings – p. 22

Room for All – p. 32

in every issue 4

Ask the President

Don’t Let This Happen to You!

Member Services Corner

GCAAR in the News

REALTORS ® Care

RPAC Investors

REALTOR ® Toolbox

Public Policy

NAR Director’s Report

Legal Hotline

Coaches’ Corner

Economic Outlook & Forecast

From the GCAAR Classroom: Advertising Compliance

Welcome New Members!

board of directors

ask the president

President Koki Adasi

President-Elect Danai Mattison Sky

Secretary Jan Brito

Treasurer Frank Snodgrass

I have been seeing a lot lately about NAR’s C2EX program – what exactly is it and do you see advantages in participating? Commitment to Excellence (C2EX) is the National Association of REALTORS®’ (NAR) cutting-edge program that empowers REALTORS® to demonstrate their professionalism and commitment to conducting business at the highest standards. I recently completed the course and I found it very beneficial. The course consists of a series of learning paths that allow you to increase your knowledge and enhance your skill sets in the elements of professionalism. I think the program is excellent and I encourage you to take full advantage of it. This year, I’ve had the honor of serving on NAR’s Commitment to Excellence Committee. NAR recently received the 2019 Learning! 100 award from Elearning! Media Group for the program. Read the article on page 46 in this issue. Editor’s Note: To get started, log in to www.C2EX.realtor and take the self-assessment that measures your proficiency in each of the elements of professionalism, known as the C2EX Competencies.

Immediate Past President Tom Daley

Chief Executive Officer Edward Krauze

Directors Avi Adler Harrison Beacher Thom Brockett Lee Goldstein Jody Goren Brandon Green Gwen Henderson

Justin Levitch Andres Serafini Ellie Shorb Christopher Suranna Kirsten Williams

R E A LTOR

CAPITAL AREA

Managing Editor Bobette Banks

Advertising Representative Arlene Braithwaite

Design & Layout Ecoprint Creative - www.ecoprint.com 4 CAPITAL AREA REALTOR ® — Fall 2019

I’m a new agent trying to work with first-time homebuyers. What do you think are some of the key things first-time homebuyers should consider when purchasing a home? Good question. I think they should decide why they want to buy, and it should not just be because rates are low. If they don’t have a strong reason or purpose to buy, the rates don’t matter. Do they want an easier commute… walkable access to shops and restaurants? Also, how long do they plan to be in the home? If it’s less than two years, they probably won’t recoup their costs. Another important thing to consider is can they afford the monthly payments and maintenance costs, often unexpected, that are part of being a homeowner. Finally, they need to work closely with you, their REALTOR®, because you have the tools and resources to help guide them through the process as smoothly as possible.

R E ALTOR

CAPITAL AREA

Capital Area REALTOR® Volume 6, Issue 4 Fall 2019 (USPS 017-467) is published five times a year by the Greater Capital Area Association of REALTORS® (GCAAR), 15201 Diamondback Drive, Suite 100, Rockville, MD 20850-3779. Periodicals postage paid at Gaithersburg, MD and additional mailing offices. Member subscriptions account for $10 of each member’s annual dues. Annual subscriptions are available to non-members for $25. Subscription inquiries may be sent to Capital Area REALTOR® at the above address. POSTMASTER: Send address changes to Capital Area REALTOR®, ATTN: GCAAR, 15201 Diamondback Drive, Suite 100, Rockville, MD 20850-3779. The Greater Capital Area Association of REALTORS® makes no warranties and assumes no responsibility for the accuracy of the information contained herein. The opinions expressed herein do not necessarily reflect the opinion of the officers, directors, or staff of the Greater Capital Area Association of REALTORS®. The Greater Capital Area Association of REALTORS® accepts submissions of articles and photographs and the items become the property of the Greater Capital Area Association of REALTORS®. The publisher reserves the right of full editorial authority and to decline publication of any article not deemed proper. Deadline for submissions, including camera-ready advertising, is the first of the month prior to publication. Reprint with permission only. Reprints may be obtained by contacting the Greater Capital Area Association of REALTORS® at 301.590.2000, via fax at 301.590.2248, or send an email to bbanks@gcaar.com. REALTOR® is a registered collective membership mark that identifies and may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its Code of Ethics. Copyright© 2019 by the Greater Capital Area Association of REALTORS®. All rights reserved.

STAY IN TOUCH

CAPITAL AREA REALTOR ® — Fall 2019 5

don’t let this happen to you! Submitted by Sandy Rosengarden, Executive VP, Century 21 Redwood Realty

You’re NoT

the Boss of Me…

or many REALTORS®, one of the main attractions of being a real estate agent is the ability to steer one’s own course, captain one’s own ship, be the master of one’s own destiny. For many REALTORS®, one of the main attractions of being a real estate agent is the ability to steer one’s own course, captain one’s own ship, be the master of one’s own destiny. We cherish our status as independent contractors - especially the “independent” part. So, anytime ANYONE makes demands of us, it’s not too surprising if our first reaction is, “You’re not the boss of me!” (or hopefully a somewhat more adult version of that sentiment).

demand that, in exchange for the benefits of membership, we agree to adhere to a Code of Ethics and submit ourselves to the governance of those associations when a complaint against us is made.

no action to disrupt or obstruct such processes.” Case #14-2 gives us an illustration of what is expected of every REALTOR® in cooperating with the “proper tribunals” of our organizations.

But the truth is that, while we each have broad freedom to choose how to do our business, we are not entirely unconstrained. Our brokerage will have certain policies and procedures we must follow. The jurisdictions in which we operate will require that we follow the applicable laws and regulations. And the voluntary associations to which we belong

Article 14 of NAR’s Code of Ethics states that “If charged with unethical practice or asked to present evidence or to cooperate in any other way, in any professional standards proceeding or investigation, REALTORS® shall place all pertinent facts before the proper tribunals of the Member Board or affiliated institute, society, or council in which membership is held and shall take

In this case, REALTOR® Stanley Stubborn was charged with a violation of the Code of Ethics. At the hearing, the complainant formally presented the charge and a considerable body of evidence to support it. Members of the panel questioned Mr. Stubborn. To each question, he responded that he was not guilty of the charge, but that specific

6 CAPITAL AREA REALTOR ® — Fall 2019

The Chairperson then advised Stanley Stubborn that the result of his refusal to answer was an addition to the original complaint: violating Article 14 by refusing to submit pertinent facts. A new hearing was scheduled to give Stanley time to prepare. One day prior to the new hearing, Stanley advised the Association that he would not attend the hearing because he objected to the nature of the questions and the requirement that he respond. The following day, the hearing was held without Stanley’s presence and the complainant presented their case.

answers to the questions put to him could conceivably do him an injustice. He felt that he should not be required to answer questions in a situation that was unfair to him. The Chairperson of the Hearing Panel advised Stanley that he was not before a court of law but a Committee of the Board in which his membership was based entirely on his willingness to follow the organization’s rules, and that those rules did not provide a “5th Amendment” right to avoid proper questions! The Chairperson specifically directed Stanley to respond, but, Stanley refused.

In Executive Session, the Hearing Panel concluded that even though defendants in Ethics cases are not required to attend hearings and offer a defense, because Stanley Stubborn had been given a direct and specific request to attend, his non-attendance constituted a violation of Article 14. (The case interpretation is silent on whether he was also found in violation of the other complaints, but you are welcome to hypothesize on that!) One of the many benefits we get from being REALTORS® is the recognition by the public that we adhere to a Code of Ethics in our real estate practice and that, if we violate those Ethics, the public has a way to hold us accountable through our Associations. Upholding Article 14 is central to keeping the public trust!

“One of

the many benefits we get from being REALTORS® is the recognition by the public that we adhere to a Code of Ethics”

Read Case #14-2 at https://www.nar.realtor/ code-of-ethics-and-arbitration-manual/ case-interpretations-related-to-article-14 CAPITAL AREA REALTOR ® — Fall 2019 7

How GCAAR Brings Member Value GCAAR members provide value to their clients in many ways, but how does GCAAR bring value to you? Here’s what fellow members have to say. For a breakdown, check out

How GCAARWorks for You Tony Launi Capital Area REALTORS® Federal Credit Union, Affiliate Member “I receive great customer service from the GCAAR staff: expertise, friendliness, and a quick turnaround to all of my questions. The technology that GCAAR works with makes it easy for the staff to be equipped to help its members. My business has experienced steady growth with the help of GCAAR. Loans and deposits are up to an all-time high! GCAAR knows the industry and knows REALTORS®. It’s a comfort knowing I have a resource like them to reach their members.”

Russ Carter Senate Realty “GCAAR is a one-stop shop, the “go to” spot for everything. They are available, provide SentriLock services, discounted Bright MLS rates, and all of the resources I need to succeed. The continuing education classes are excellent and the topics of non-CE classes are very useful: TOPA, Landlord Tenant language, and 1031 Exchanges. I have never had to use an outside resource because GCAAR provides everything. Many don’t realize the true benefit of what they get from GCAAR. The staff is so friendly and helpful. I am thankful they have a DC office; it is very important. The DC staff is always available; they take my calls; and are helpful.”

8 CAPITAL AREA REALTOR ® — Fall 2019

Cuvator “Q” Armstrong Silvia International Realty “As a member of GCAAR, I enjoy the benefits of the education resources available to members. One can complete all licensing requirements, as well as professional development courses at GCAAR. I also appreciate that GCAAR’s Government Affairs team keeps a watchful eye on regulations that might have bearing on the real estate industry or the public.”

Martha Martinez Long & Foster Real Estate “I think GCAAR is an excellent resource. Not only for new agents getting into the business – guiding them on how to be successful, but also for seasoned agents – helping them learn the new legal changes and providing them with the tools and resources to grow their business and take it to another level. By joining GCAAR committees, agents get valuable information to help their clients and the consumers in their areas.”

Ed Wood City Houses “GCAAR has been my greatest resources. I spent 10-15 years on various GCAAR committees including the Contract and Clause (now Forms) Committee. GCAAR provides excellent education and day-to-day support. One way GCAAR can help its members is by showing the public what we do and the work we put into helping sellers and buyers - not just all of the work coordinating all of the pieces between offer negotiation and settlement, but also through our community involvement.”

CAPITAL AREA REALTOR ® — Fall 2019 9

Business Resources

How GCAAR Works for You

Contract and Forms – free downloadable and writable forms and contracts. SentriLock – secured electronic lockbox system available only to REALTORS®. REALTOR® Discount and Benefits – for products and services you use most (i.e., Bright MLS, Inman Select) REALTOR® Store – for your open house and marketing needs.

Advocacy The real estate industry faces an ever-changing legislative and regulatory landscape on the local, state, and national levels. GCAAR is your voice, protecting private property rights and the right to own, use, and transfer property. We support affordable and fair housing initiatives to promote home ownership for all. GCAAR also works with the District of Columbia Association of REALTORS®, Maryland REALTORS®, and the National Association of REALTORS® to support their efforts on these important issues.

10 CAPITAL AREA REALTOR ® — Fall 2019

Member Services

• Professional Development – designations courses such as GRI, CIPS, CRS, and a multitude of credit and non-credit enrichment opportunities, and state and national Leadership Academies help you differentiate yourself from the competition. We offer evening and Saturday classes too. • Mediation and Arbitration Services/Ombudsman – save you time and legal fees. • Networking – expand your connections through education and association events and tap into social media outlets that help broaden your business. • Saturday Hours – our Rockville office is open from 10 a.m.-3:00 p.m. on Saturdays (excluding holiday weekends). Please note: our DC office is now open the first Saturday of each month (excluding holiday weekends). • REALTORS® Federal Credit Union and Capital Area REALTORS® Federal Credit Union – provide personal and professional financing resources for members and their families. • Committee and Community Service Opportunities – getting involved with GCAAR and the community are great ways to hone your leadership skills, build your network, and market yourself and your business. • Room Rentals – prime spaces for meetings and events in Montgomery County and DC at discounted rates. • Publications – find out what’s happening in the real estate industry at all levels through GCAAR’s own Capital Area REALTOR® magazine, and address the latest tools via nar.realtor, mdrealtor.org, dcrealtors.org, and gcaar.com. • Just for You – take advantage of the Legal Hotline, broker/manager forums, and town halls exclusively for GCAAR members.

Are you using all of your REALTOR® benefits?

Visit us at gcaar.com/membership and on social media. Facebook Facebook.com/GCAAR2 Twitter @GCAARNow LinkedIn linkedin.com/company/gcaar Instagram instagram.com/gcaar

CAPITAL AREA REALTOR ® — Fall 2019 11

Member Services Corner 2020 GCAAR Annual Dues Deadline Is Saturday, November 30, 2019

Your 2020 GCAAR annual dues invoice was posted online at gcaar.com on October 1. GCAAR does not keep credit card account information on file; all payment account details must be submitted each billing cycle. GCAAR accepts all major credit cards (American Express, Discover, MasterCard, and Visa), personal/corporate checks, and money orders. We do not accept cash payments for dues. GCAAR does not take payments over the phone.

Payment options include: • Paying with a credit/debit card online at gcaar.com, where your invoice may be viewed, printed, and paid using our secure online payment system. You will receive an instant email receipt if payment attempt is successful. • Mailing payment to our Rockville location: GCAAR Attn: Annual Dues 15201 Diamondback Drive, Suite 100 Rockville, MD 20850 • Paying in person at either of our office locations (Rockville or Washington, DC). Please consult our website for hours of operation. (Our Rockville location is open most Saturdays to provide service to our members.) Please note: Our DC office is now open the first Saturday of each month (excluding holiday weekends).

Payment must be received at GCAAR offices or paid online at gcaar.com by Saturday, November 30, 2019. Payments postmarked on or before November 30, 2019, and received after this date will not be considered timely. The easiest, quickest, and most secure way to pay your dues is online at gcaar.com. As of December 1, 2019, all outstanding accounts will incur a $25 late fee. If payment is not received by close of business on Tuesday, December 31, 2019, a $150 reinstatement fee will be placed on outstanding accounts. At that time, membership privileges, including SentriLock card services and zipForm® access, will be suspended until full payment is received. For billing inquiries, or a hardcopy invoice, please contact our Member and Billing Services Department at 301-590-8781 or membershiprecords@gcaar.com.

GCAAR thanks you for your continued support!

12 CAPITAL AREA REALTOR ® — Fall 2019

GCAAR in the news ➲ Montgomery County Home Values Reach

10-Year High WDVM 25, September 19, 2019

August housing stats referenced

➲ Jobs Boom Lifts Washington, DC House Prices

to Highest on Record Financial Times of London, September 18, 2019

2019 GCAAR President Koki Adasi quoted

➲ Enticed by Low Mortgage Rates? Here Are Other

Factors You Should Weigh When Determining Whether to Buy The Washington Post, September 16, 2019

2019 GCAAR President Koki Adasi quoted

➲ The Fall Housing Market Expected to Be

More of the Same The Washington Post, September 10, 2019

July housing stats referenced

➲ ‘Going to Bed Hungry’: the Harrowing Reality

of Poor Children Living in DC The Guardian, August 29, 2019 GCAAR housing stats referenced

➲ Montgomery County Home Prices Reach

10-Year High WTOP, August 19, 2019 July housing stats referenced

➲ Home Sales Prices in DC and the Surrounding

Area Hit New July Highs Curbed DC, August 13, 2019 July housing stats referenced

➲ DC Home Sales Hit Record Median Price

for June Curbed DC, July 18, 2019 June housing stats referenced

➲ Bidding Wars Are Heating Up. Here’s How to Win

Your Dream Home CNBC, July 12, 2019

GCAAR Board Member Harrison Beacher featured

➲ Median Sales Price for DC Homes Reaches

10-year May Record Curbed DC, June 17, 2019 May housing stats referenced

➲ DC’s Median Home Price Tops $600K, Up 56%

from 2010 WTOP, June 17, 2019

May housing stats referenced

CAPITAL AREA REALTOR ® — Fall 2019 13

association news Tom Daley Named REALTOR® of the Year by GCAAR and Maryland REALTORS® GCAAR and Maryland REALTORS® have named Thomas (Tom) Daley, as their REALTOR® of the Year for 2019. Daley received the Maryland REALTORS® award September 12 at its annual conference. The REALTOR® of the Year Award recognizes a member who has demonstrated exceptional service to the Association and the highest standards of business conduct, practices, civic activity, and commitment to education. Daley, who is GCAAR’s Immediate Past President, has been active on the local, state and national levels, serving on a range of committees, including four times as a local National Association of REALTORS®’ (NAR) Director. He is a licensed Associate Broker and Vice President with TTR Sotheby’s International Realty in Washington DC, Maryland, and Virginia, and holds the Graduate REALTOR® Institute (GRI) and Military Relocation Specialist (MilRES®) designations. Daley’s community service activities have included support of Friendship Place, Washington Ireland Program, Sitar Arts Center, and the Meridian International Center. He also has been an adjunct faculty member in Georgetown University’s Master in Real Estate program. In 2018, Daley received NAR’s Outstanding Leadership Recognition Award as well as TTR Sotheby’s Community Leadership Award for his leadership within the brokerage and civic work. “I am completely humbled to receive these awards. I am committed to the great work both of these associations are doing, and I am proud to represent them.” Congratulations, Tom!

Dale Mattison Inducted Into NAR’s Omega Tau Rho Fraternity Dale Mattison, 2002 GCAAR President, was inducted into the Omega Tau Rho Fraternity at the Maryland REALTORS® Conference on September 12. The National Association of REALTORS® (NAR) Executive Committee established the Omega Tau Rho Fraternity in 1950 as a special organization for past officers. A native Washingtonian and team leader for Long & Foster’s The Mattison Group, Mattison has over 40 years of real estate experience. He has held numerous positions in the REALTOR® organization at the local, state, and national levels, including: Chair of GCAAR’s RPAC Committee and member of several GCAAR committees, including: Strategic Planning, Electronic Forms, Nominating, and Public Policy. On the state level, he served as District Vice President of Maryland REALTORS® and President of the Washington, DC Association of REALTORS®. Nationally, Mattison served on the NAR Board of Directors as Regional Vice President, and on NAR’s Professional Standards Committee as Chair and committee member for a number of years. Mattison also was named REALTOR® of the Year for GCAAR and the Washington, DC Association of REALTORS® in 2002. The award recognizes exemplary dedication and service, and the high esteem in which recipients are held by fellow members of the REALTOR® organization. “To be recognized by the National Association of REALTORS® and Maryland REALTORS® for my work in the real estate industry is indeed a great honor for me. The industry has been good to me over the years, and I have been proud to represent it.” Congratulations, Dale! . 14 CAPITAL AREA REALTOR ® — Fall 2019

Colin Johnson Named DCAR REALTOR® of the Year The District of Columbia Association of REALTORS® (DCAR) has named Colin Johnson as its 2019 DCAR REALTOR of the Year. The REALTOR® of the Year Award recognizes a member who has demonstrated exceptional service to the Association and the highest standards of business conduct, practices, civic activity, and commitment to education. Johnson was the 2017 DCAR President, and he has played an instrumental role in numerous substantial legislative and association developments. He was one of the biggest advocates behind the historic TOPA (Tenant Opportunity to Purchase Act) single-family exemption, passed in 2018, and a major part of the push to pass the First-Time Homebuyer Tax Benefit. Outside of the District Council building, Johnson helped oversee the purchase and early stages of construction of the DC office owned jointly by GCAAR and DCAR. Johnson’s association involvement began on the local level as a member of the Young Professionals Network (YPN) Committee, and he quickly ascended to Chair of the committee before being named as a Presidential Appointee to the DCAR Board of Directors. In addition to his work with his state and local associations, Johnson has served on National Association of REALTORS®’ committees, including as Vice Chair of the MLS Forum in 2019. “I’m extremely grateful to have been given the opportunity to advocate on behalf of REALTORS® and homeowners in the District. I look forward to future opportunities to serve at the local, state, and national association levels.” Congratulations, Colin!

SentriLock Town Hall July 25 As part of an ongoing commitment to showcase our member resources, GCAAR welcomed Dan Kinzie, Senior Customer Development Manager for SentriLock, on July 25. Dan went over the features of the new mobile app, demonstrated different ways to make the most of the tool, and also answered questions from members. •

Above: L-R: Dan Kinzie; Katalin Peter, VP of Public Policy; Kate Gordon, Chief Operating Officer; Ed Krauze, Chief Executive Officer. Top right: Dan Kinzie Right: L-R: Rainie Avant, Member Services; Dan Kinzie; Karissma Ragland, Member Services.

CAPITAL AREA REALTOR ® — Fall 2019 15

REALTORS® Care REALTORS® Care Silent Auction Celebrates 10 Years at REALTOR® Fest REALTORS® Care, GCAAR’s Community Service Committee, celebrated its 10th annual Silent Auction at REALTOR® Fest on July 8. The REALTORS® Care Committee displayed more than 130 auction items, raising nearly $15,000. Attendees rallied to get their bids in before the auction closed, generating a flurry of activity at the end of the day.

THANKS to the Community Service Committee,

Silent Auction subcommittee, sponsors, and donors for making this year’s Silent Auction a tremendous success!

16 CAPITAL AREA REALTOR ® — Fall 2019

bright MLS commuting tips Four Ways You Can Share Nearby Transportation and Commuting Times in Bright MLS

Bright MLS Article

et’s face it, next to price, location is a key driving factor inFour a client’s decision on choosing their next home. Ways You Can Share Nearby Transportation and Commuting Times in Bright MLS Whether you’re the listing or selling agent, knowing the distance to nearby public transportation, a client’s job, face it, next to price, location is a key driving factor in a client’s decision on choosing their and other places of interest in relation to a property for sale Let’s or home. lease is you’re critical. are four toolsto nearby Bright next Whether the listingBelow or selling agent, knowing the distance public MLS transportation, a client’s job, and other places of interest in relation to a property for sale or lease is critical. Below are four tools Bright MLS offers to help you find nearby public offers to help you find nearby public transportation and determine commute times based on your client’s needs.• transportation and determine commute times based on your client’s needs. 1. Find the Listings Close to Metro Stations with Map Search

1. Find the Listings Close to Metro Stations with Map Search

You have a client interested in homes located near a particular metro station. However, they did not specify which neighborhood or address. No problem. With Bright’s Map Search, you can enter the desired Metro Station in the Jump to Address search box and get a map view of all the homes for sale near that metro station.

2. Utilize the Transportation Field to Find Listings Near Public Transportation You can help sellers promote their listing’s access to public transportation and assist buyers with their potential commuting needs through the Transportation field available in Search and Listing Management. With this optional field, you can specify the approximate distance from a given property to various modes of transportation, such as an airport, bus stop, or commuter rail.

3. DriveTime Search With Bright’s DriveTime search, your clients can find properties for sale within a certain distance from their place of work, child’s daycare or school. Simply, enter the time of day and places your buyers commute to on a regular basis. The typical area that falls within their preferred commute time will show on the map, along with the listings that fall within that area.

4. Homesnap Pro’s Search by Commute

With Bright’s DriveTime search, your clients can find properties for sale within a certain distance from their place of work, child’s daycare or school. Simply, enter the time of day and places your buyers commute to on a regular basis. The typical area that falls within their preferred commute time will show on the map, along with the listings that fall within that area.

4. Homesnap Pro’s Search by Commute Through Bright’s mobile app, Homesnap Pro, you can search, view, and filter listings based on commute times straight from your smartphone. Homesnap Pro’s Search by Commute tool is powered by real-time traffic information and enables you to enter multiple addresses to determine the best route between frequent places traveled.

Through Bright’s mobile app, Homesnap Pro, you can search, view, and filter listings based on commute times straight from your smartphone. Homesnap Pro’s Search by Commute tool is powered by real-time traffic information and enables you to enter multiple addresses to determine the best route between frequent places traveled. For additional tips, training videos, and articles on using the various transportation and commuting tools available in Bright, visit support. brightmls.com. For additional tips, training videos, and articles on using the various transportation and commuting tools available in Bright, visit support.brightmls.com.

CAPITAL AREA REALTOR ® — Fall 2019 17

Thanks to Our 2019 REALTOR® Fest Sponsors Platinum Wells Fargo

Gold Bright MLS Dotloop

Silver CitiBank Counselor’s Title EagleBank Embrace Home Loans Envoy Mortgage Movement Mortgage Paragon Title & Escrow Company Samson Properties Silent Beacon Super

Bronze Bank of America, Capital Area REALTORS® Federal Credit Union, Capitol Title, Coldwell Banker, Compass, Fairway Independent Mortgage Corporation, Federal Title & Escrow Company, First Savings Mortgage, HomeTeam Inspection Services, HMS Home Warranty, KVS Title, McLean Mortgage Corporation, Montgomery Home Improvement, Red House Staging & Interiors, SunTrust Mortgage, Village Settlements 18 CAPITAL AREA REALTOR ® — Fall 2019

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Realtor Party ®

Thank You to Our 2019 Major and Large RPAC Investors

Platinum “R” GCAAR Dale Ross Golden “R” Bonnie Casper Ed Krauze Carole Maclure Frank Pietranton, Jr. Bonnie Roberts-Burke

Christopher Suranna Holly Worthington Crystal “R” Jamie Coley Fred Kendrick Mike Moran Paragon Title & Escrow Sterling “R”

Koki Adasi Avi Adler Wendy Banner Stacey Barton Fred Bates Harrison Beacher Jan Brito

Sterling “R” Chuck Burger Carol Calomiris Catherine Czuba Tom Daley Lynette Flavin Greg Ford David Getson Scott Goldberg Katherine Gordon Brandon Green Harold Huggins Keith James Franklin Jamison Colin Johnson Angela Jones Alana Lasover Justin Levitch Kymber Lovett-Menkiti Peg Mancuso Jennifer Marshall Dale Mattison Shelly Murray Marjorie Rosner Daniel Schuler Andres Serafini Dianah Shaw Jason Sherman Ellie Shorb Danai Mattison Sky Brenda Small Jennifer Smira Natalee Snider

Frank Snodgrass Marty Stanton Kirsten Williams Edward Wood Capital Club ($250-$999) Alana Aschenbach Sunita Bali Elizabeth Blakeslee Zachary Bodine

Russell Brazil Thom Brockett Jamica Browne Nathan Carnes Dontae Carroll Eunice Chu Lindsay Clark Lori Connor Gabriela Cruz Chris Darby Lauren Davis Joe Detrick Tony DeVol Michael Fowler Jeffrey Ganz Lee Goldstein Todd Greenbaum Jacqueline Grenning Gwen Henderson Nancy Itteilag Robert Jenets Billy Kinberg

Melissa Lango Cheryl Leahy Linda Lizzio Peter Locker KT Maclure Hank May Thomas Muldoon Barbara Nalls John Nalls Katalin Peter John Peters Jean Poitevien John Pruski CJ Rader Michael Rankin Matthew Rogers Christopher Saabye Joseph Sabelhaus Dana Scanlon Jill Schwartz Tony Shore P. Joy Siegel Colleen Cogan Smith Annemarie Stephens As of August 20, 2019

Why I Invest in RPAC- Scott Goldberg “Decisions are made by those who show up. I invest in RPAC because our team actively participates on both a policy and political level to select those who govern and effectuate the decisions they make. Being part of the process has benefited both consumers and professionals in making owning and leasing property easier, safer and more affordable.”

Make the investment today! Invest online at: gcaar.com 20 CAPITAL AREA REALTOR ® — Fall 2019

REALTOR® TOOLBOX While September is officially REALTOR® Safety Month, these tips complied by Bright MLS are helpful year round.

REALTOR Safety Month: 10 TIPS FOR STAYING SAFE ®

How do you ensure your personal safety on the job? Here are the Top 10 tips we compiled from our subscribers for REALTOR® Safety Month.

#1 - BeFORaware SALE of your surroundings. SAFETY FIRST!

#1: LET SOMEONE KNOW WHERE YOU ARE

#6: KEEP YOUR PHONE HANDY

Communicate your schedule of where you’re going to be and for how long with family, friends, and colleagues so your whereabouts are always known.

Always keep your phone within reach. Use a safety app designed for real estate professionals, such as the Safety Timer by Homesnap Pro.

#2: KNOW YOUR CLIENT AHEAD OF TIME

#7: HAVE AN EXIT STRATEGY

Do your homework: research the person you are meeting with, and ask for a copy of their driver’s license when you do. Meet any new clients at the office or in a public place before taking them to a property by yourself.

Allow a client to enter a room before you so that you are always between them and the nearest exit. Avoid going upstairs, into a basement, or into a closed-off room with anyone you don’t know. Park your vehicle in a spot where you can easily drive away.

#3: BE AWARE OF YOUR SURROUNDINGS

#8: MAINTAIN SAFETY PROTOCOLS

Stay alert, remaining vigilant of what’s around you. Familiarize yourself with wherever you are headed in advance, and avoid any potentially dangerous or secluded locations. When you go into a showing, lock the door behind you.

Have a plan in place for every showing. Make sure you, your office, and your loved ones have protocols in place that will alert them if you are in trouble.

#4: BRING A BUDDY

#9: BE PREPARED

Take someone with you to open houses and to any showing or appointment with a client you haven’t met before.

Know how to protect yourself. Take self-defense courses or carry something with you that you can use to fend off an attack.

#5: TRUST YOUR GUT

#10: DON’T TAKE CHANCES

If something doesn’t feel right, it probably isn’t. Remove yourself from any situation that feels unsafe.

Your life and your safety are more important than a commission! Avoid any situation where a person is asking to see a property immediately, especially if the property is vacant.

CAPITAL AREA REALTOR ® — Fall 2019 21

GCAAR happenings REALTOR® Fest 2019 Racks Up Record Attendance Numbers

Over 1,000 real estate professionals earned continuing education (CE) credits and sharpened their professional development skills at REALTOR® Fest, GCAAR’s annual education summit, held July 8 at the Bethesda North Marriott. Attendees enjoyed the lively trade show with over 130 vendors! Because it was a DC renewal year, DC licensees were able to knock out many of their required classes in one day! Virginia and Maryland licensees also benefitted from key class offerings. Thanks to all of our sponsors, exhibitors, instructors, and attendees for their support of this year’s event! Don’t miss REALTOR® Fest 2020 at the Bethesda North Marriott on July 6.

YPN Bad Axe Throwing Event June 6 GCAAR’s Young Professional Network (YPN) gave attendees a new way to work off steam at their first axe-throwing event held at Bad Axe Throwing in DC. An enthusiastic crowd demonstrated their showing prowess while networking with fellow axe throwers for a very fun event! Many thanks to our sponsors: Allied Title & Escrow, First Home Mortgage, and McEnearney Associates.

22 CAPITAL AREA REALTOR ® — Fall 2019

Rebuilding Together® Highlights YPN Volunteering and Professionalism Event August 21 GCAAR’s Young Professional Network (YPN) kept busy over the summer as it teamed up with other local area associations to sponsor the Volunteer Leadership and Expanding Your Business seminar on August 21. Held at the Filene Center at Wolf Trap, the panel discussion was moderated by GCAAR Board member Harrison Beacher, and included 2019 GCAAR President Koki Adasi, and 2019 President-Elect Danai Mattison Sky. n

Above: L-R: Piper Knoll, 2019 GCAAR President Koki Adasi, 2019 President-Elect Danai Mattison Sky, GCAAR Board member Harrison Beacher, Drew Fristoe, and Alicyn DelZoppo. Above: Danai and Koki with 2019 GCAAR Secretary Jan Brito.

GCAAR Regains Title at Second Annual Charity Basketball Game GCAAR defended its championship title against the District of Columbia Association of REALTORS® (DCAR) at the second annual charity basketball game presented by 123 Junk on September 7 at St. Albans School in DC. The associations “took it to the hoop” in an action-packed game that went down to the wire. After much shooting, dribbling, and even some dunking, GCAAR came out on top 83-67. Proceeds went to support two local charities, A Wider Circle and SOUL. “We had so much fun last year; we had to have another basketball game this year to defend our title,” said 2019 GCAAR President Koki Adasi. “Thanks to the efforts of our hard-working team, we did.” “We were happy to be able to support two great organizations as well,” said 123 Junk’s Kevin Wheeler. Also, thanks to the GCAAR team, especially Kayla Yingling, for all of their help.” Attendees also enjoyed the vendor fair hosted by the event sponsors First Savings Mortgage, KVS Title, ProTec Inspection Services, RGS Title, and Town and Country Movers. Food was courtesy of The Bean Bag. n

CAPITAL AREA REALTOR ® — Fall 2019 23

public policy

Montgomery County and Maryland Montgomery County Council Passes Accessory Dwelling Unit Legislation The Montgomery County Council has unanimously passed legislation that allows the creation of detached accessory apartments as a limited use in more residential areas of the county. It also eases accessory dwelling unit requirements regarding parking, dwelling unit size, recency of building construction, and lot size. The legislation, ZTA 19-01, will also allow an accessory structure built before May 31, 2012 to be used as an accessory dwelling unit (ADU) without regard to setbacks, if it was legally constructed and there is no increase to the footprint or height of the structure. •

Maryland Board of Public Works Moves I-270/I-495 Plan Forward The Maryland Board of Public Works - made up of Governor Larry Hogan, Comptroller Peter Franchot, and Treasurer Nancy Kopp - voted to change the phasing of the project and advance the I-270/I-495 Project. The new phasing schedule will be: Phase 1 - Northern Section of I-270, Phase 2 - Montgomery County portion of I-495, and Phase 3 - Prince George’s County portion of I-495. GCAAR’s Public Policy Committee has been following the project since its introduction by the Governor, but has not yet taken a formal position. The Committee will continue to monitor it and review pertinent facts as it moves forward. •

Montgomery County Council Reappoints Casey Anderson as Chair of Planning Board, Names Partap Verma to Board On Tuesday, June 25, 2019, the Montgomery County Council voted unanimously to reappoint Casey Anderson as Chair of the Montgomery County Planning Board. The Council also unanimously chose Partap Verma to fill the vacant Board seat. Verma is a lawyer from Silver Spring who co-founded the local advocacy group Friends of Forest Glen and Montgomery Hills. •

24 CAPITAL AREA REALTOR ® — Fall 2019

public policy District of Columbia DC Accounting Clarification Legislation Moving Forward Over the past legislative session, REALTORS® from DCAR and GCAAR have been working to move forward legislation to amend the District of Columbia Code to allow payment of a real estate commission to be made to a legal business entity. Currently, payment can only be made directly to a licensee, which does not account for legal real estate teams and other business entities. Now, the DC Council is moving forward with the “Accounting Clarification for Real Estate Professionals Amendment Act of 2019,” which would allow payment to any legal business entity, similar to the law in Maryland and Virginia. If passed, this legislation serves to make the lives of not only real estate professionals simpler, but also the tax professionals they work with. The legislation is expected to move forward this fall.

DC REALTORS® Show Support for Statehood On September 19, the House of Representatives Committee on Oversight and Reform held a hearing on a bill that would make the District of Columbia the 51st state in the country. DC Congresswoman Eleanor Holmes Norton (D) presided over the hearing as its honorary chair. DC REALTORS® were on hand to show their strong support of the measure. The hearing room, and outside viewing spaces, were filled with local leaders and elected officials. DC Mayor Muriel Bowser (D) made a strong statement on the critical importance of statehood stating, “this is America and Americans are entitled to equal protection under the law and that’s why we are demanding Statehood.” The National Association of REALTORS® is one of the only major trade associations in the country that recognizes DC as a state. While the process is still a long one towards statehood, the hearing is one of the closest steps Congress has taken in more than 25 years.

GCAAR/DCAR member David Bediz with DCAR Past President Bonnie Roberts-Burke. CAPITAL AREA REALTOR ® — Fall 2019 25

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FHA Condo Ruling Legislation Passes The National Association of REALTORS® (NAR) recently commended the Department of Housing and Urban Development (HUD) for finalizing new Federal Housing Administration (FHA) condominium loan policies. The changes, many of which NAR has championed for over a decade, should yield thousands of new homeownership opportunities and help alleviate affordability restraints affecting markets across the country. This ruling also creates a big win for REALTORS® and their clients, particularly in places like the DC metro area where condo sales are prevalent. Specifically, the new guidance extends certifications from two years to three, allows for single-unit mortgage approvals, provides more flexibility with owner/occupancy ratios, and increases the allowable number of FHA loans in a single project. •

2019 REALTORS® Conference & Expo - Imagine the Possibilities Conference: November 8-11 • Expo: November 8-10 Imagine a conference where you can network with your peers, get the latest information on the hottest real estate trends and resources, and learn the keys to earning more money in real estate! You don’t have to imagine…you will get all of this and much more at the 2019 REALTORS® Conference & Expo, Nov. 8-11 in San Francisco, CA!

What’s New This Year Streamlined REALTORS® Expo! New Hours: November 8-10 Based on exhibitor feedback the REALTORS® Expo is being streamlined from four days to three. The trade show floor will now be open Friday, November 8 through Sunday, November 10. One Place to Come Together Network on a more personal level with your peers from DCAR, NVAR, GCAAR, Maryland REALTORS® and West Virginia REALTORS® at our Region 3 Caucus meeting. This year’s centralized location for both the Conference & Expo and Governance Meetings means everyone can come together for networking more easily.

Featured Speakers November 8 Ken Schmidt Ken Schmidt will share his insights on non-traditional communications and customer relations through his leadership of one of the most celebrated turnarounds in corporate history at Harley Davidson.

November 9 Earvin “Magic” Johnson NBA legend Earvin “Magic” Johnson will be the keynote speaker at this year’s General Session. Currently serving as chairman and chief executive officer of Magic Johnson Enterprises, this successful entrepreneur’s story is not to be missed!

November 10 Billie Jean King Hear tennis great Billie Jean King at the Inspirational Program on Sunday, November 10, and meet her the day before at the NAR Booth on November 9. Billie Jean has long been a champion for social change and equality, creating new inroads for all genders in sports and beyond during her legendary career.

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CAPITAL AREA REALTOR ® — Fall 2019 29

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

QUESTION: Does an individual occupying, but not on a lease, have TOPA rights? ANSWER: The short answer is yes. One of the most challenging aspects of TOPA (Tenants Opportunity to Purchase Act) is that there are no regulations published for interpreting the applicability of this law. As such, we are left to determine at which time a seller “decides” to transfer the property and to whom the applicable TOPA rights are to be provided. In the “single-family” (including condos, coops, and single-family with accessory dwelling) realm, you are likely best served to provide the Notice of Intent to Sell to anyone 18 years old or older either occupying or having a right to occupancy at the time seller decides to sell.

QUESTION: I have a question about the delivery of the Home Inspection Contingency Notice and/or Addendum (GCAAR Form 1344). I sent the notice along with other documents, but failed to include a copy of the inspection report. The following day, the

30 CAPITAL AREA REALTOR ® — Fall 2019

listing agent notified me that the report was missing and I promptly sent it to her. The inspection contingency had not expired and we were well within the inspection contingency timeframe. The listing agent has not responded to my buyer’s request and says that she has three (3) days from the day the inspection report was sent to her, not the inspection notice. Which document determines delivery? ANSWER: Paragraph 2A (“Inspection Contingency”) of the Addendum of Clauses-A (GCAAR Form 1332) requires Delivery of “the report(s) from the inspection(s) of the Property together with a Home Inspection Notice,” so I would say the document sent second in time would determine the Delivery date. I would have some concern that an argument (albeit not a strong one in my opinion) could be made that, since the two were not sent together, that neither transmission constitutes proper Delivery. Therefore, if you are still within the original notice timeframe, you may want to consider sending both together just to be safe.

QUESTION: I have read conflicting things; do DC rental security deposits need to be held in an interest-bearing account?

QUESTION: Is the REA Addendum (GCAAR Form #900) required for new construction in Montgomery County?

ANSWER: Yes, a landlord in DC is required to

ANSWER: The Government Regulations, Easements

hold the security deposit in an interest-bearing account. 14 DCMR §§ 308.3 states “All monies paid to an owner by tenants for security deposits or other payment made as security for performance of the tenant’s obligations shall be deposited by the owner in an interest-bearing escrow account established and held in trust in a financial institution in the District of Columbia insured by a federal or state agency for the sole purposes of holding such deposits or payments.”

and Assessments Disclosure and Addendum (REA) form (GCAAR Form #900) is a compilation of required disclosures and representations required by residential sellers under Maryland State and Montgomery County law, except the Seller Disclosure Disclaimer, which is a separate form (GCAAR Form #912). If the builder is using a contract other than the GCAAR Sales Contract (GCAAR Form #1301) and it contains these disclosures and representations, then the REA addendum would not be required. Otherwise, the REA Addendum should be used.

DISCLAIMER: The answers provided here are the opinion of the authors, are for informational purposes, and are only for GCAAR members. Neither Counselors Title, LLC, nor Pardo & Drazin, LLC, is providing legal advice, but rather providing a general statement of law. No lawyer/client relationship is – or will be – established as a result of this material. Readers are encouraged to retain their own counsel for their specific questions. Answers may have been edited for formatting purposes.

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COACHES’ CORNER

Room For All iBuyers in Today’s Real Estate Market

ike everything else in life, the real estate industry is changing. Just like electronic signatures have replaced us having to run around retrieving “wet” signatures, consumers are looking for a way to make the home selling and home buying process a bit easier. Enter, iBuyer. iBuyer companies are seen as a “disrupter” to the real estate industry. Their claim is that they offer a simpler, more convenient alternative to the “traditional home sale,” (working with a real estate agent to list their house). However, truth be told, several of the iBuyer companies do work with agents. The major players in the iBuyer space include: • Opendoor • Knock • Zillow Offers • Redfin Now The iBuyer model has gotten some agents and brokerages worked up, but let’s take a look at what all the fuss is about. A good place to start is with the consumer experience, because that’s what is most important. The consumer should have an amazing experience regardless of the method used.

32 CAPITAL AREA REALTOR ® — Fall 2019

Sellers who decided to go the iBuyer route state convenience as the number one motivating factor. The majority of the sellers had small children and pets and didn’t want the inconvenience of keeping

the house in “show condition” every time they walked out the door. Others needed the proceeds from their current house to purchase a new house. iBuyer allowed them to write an offer without a sale of home contingency. Two valid reasons. It didn’t matter to the sellers that they paid an average fee of eight percent plus the cost of repairs. It didn’t matter if they left money on the table by accepting a lower price on their home. What did matter was the perceived convenience of the transaction. Is the convenience worth the cost? For some people it is. For others, not so much. This option probably won’t work for the majority of home sellers because they want to get every possible dollar out of their house. You can possibly see the advantage of working with an iBuyer company in a slow market. It’s a guarantee. But in a hot market where multiple offers are common, it’s difficult to understand why a seller would go with an iBuyer company. It’s clear to see that there is space in the industry for both models. It all depends on the needs of the consumer. Instead of worrying about the impact of iBuyer companies, real estate agents need to be clear on the value they bring to the transaction. Once they are clear on their value, they need to learn how to communicate that value to the consumer. Don’t assume the consumer knows what’s involved in a real estate transaction. Educate them on the process. Discuss their options of using a discount broker, an iBuyer company and a full-service company. Help them understand the prosand cons of each. Let’s not lose sight of what we do. REALTORS® help people move forward when their lives shift. Think about how you can make the home buying and home selling process easier for them. When working with sellers, help them understand that your goal is to get their house sold for the highest possible price, in the shortest amount of time, with the least amount of disruption to their lives. •

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CAPITAL AREA REALTOR ® — Fall 2019 33

economic outlook & forecast By Nadia Evangelou, NAR Research

A Midyear Review:

The State of Housing in the Washington, DC Area

With interest rates trending down since the end of 2018, and likely to remain below last year’s level for the rest of 2019, more Americans are expected to be able to become homeowners.

In the first half of 2019, homebuyers benefited from lower mortgage rates and home price growth. With interest rates trending down since the end of 2018, and likely to remain below last year’s level for the rest of 2019, more Americans are expected to be able to become homeowners. Millions of owners were also able to benefit from refinancing at these lower rates. Moreover, home prices continued to rise, but not as fast as they had over the past few years. Unexpectedly, however, after peaking at 4.9 percent in November 2018, mortgage rates fell to 3.8 percent by June 2019, a decline of over a full percentage point. Additionally, in July, the Federal Open Market Committee (FOMC) cut their rate by 25 basis points. However, longer-term rates such as mortgage rates are not expected to drop significantly, since mortgage rates had already declined in the anticipation of this latest decision by the Fed. Looking ahead, the National Association of REALTORS® is forecasting the 30-year fixed rate mortgage to average 4.0 percent for 2019 and 4.1 percent for 2020, respectively. Nationwide, home sales fell in the first half of 2019. Specifically, home sales decreased by 4 percent on average compared to the same period a year earlier across the United States. Sales activity is running at a pace similar to 2015 levels despite incredibly attractive mortgage rates and lower price growth. Home prices

34 CAPITAL AREA REALTOR ® — Fall 2019

are still rising, but at a slower rate than in 2018. In the first six months of 2019, home prices rose 4 percent on average compared to 5 percent a year ago. It is interesting to see that while the rest of the economy has been booming, the housing market has remained soft in 2019. Taking a closer look at the housing market in Montgomery County, home sales dropped further while prices rose at a slower pace than nationwide. Home sales dropped 7 percent and prices increased 1 percent on average compared to a year earlier. Thus, as of June, housing market underperformed in Montgomery County compared to nationwide. However, in the District of Columbia, home prices increased 4 percent similar rate as nationwide. Compared to the growth rate in 018, home prices rose at a higher rate in 2019 since home prices increased 3 percent in the first half of 2018.

Moreover, home prices continued to rise, but not as fast as they had over the past few years.

While home prices continue to rise, many would-be buyers struggle with affordability. That seems to be the main reason behind the current slowdown in sales activity. At the same time, inventory has been on the rise from a year earlier, keeping the price growth at a lower rate. The number of active listings increased 2 percent on average from a year earlier. However, in the mid-to-lower priced homes, the imbalance between strong demand and insufficient supply still persists. While affordability seems to be the main reason for the slower activity in the housing market, the upcoming months will show if other factors, such as strong pent-up demand or lack of confidence, also contribute to low number of sales. Inventory dropped 1 percent in Montgomery County while it rose 11 percent on average in the District of Columbia. It is interesting to see that although there were fewer units available in the market in Montgomery County in 2019, prices grew at a slower rate than a year earlier. In contrast, with a strong demand in the District of Columbia, these additional units were not enough to slow down the pace of the price growth in the area. Overall, the state of housing in the first half of 2019 is more inventory, but at an imbalance with the strong demand, fewer sales, and higher prices. The housing activity earlier in the year provides clues about the rest of the year. In particular, the spring selling season is crucial since about 40 percent of the year’s sales take place March through June. Thus, what to expect for the rest of the year? The outlook looks to be brighter than originally anticipated at the beginning of the year. Continued economic expansion, rising home sales and increase in wage growth are some of the expectations for the second half of 2019. The National Association of REALTORS® is forecasting that sales will slightly decline (-0.2 percent) while home prices will increase 4 percent by the end of 2019. •

CAPITAL AREA REALTOR ® — Fall 2019 35

from the GCAAR classroom By Thom Brockett

From t

This Ad Could Cost You $5000 Or More!

mpliance he GCAAR Classroom – Advertising Co

Advertising Compliance

! This Ad Could Cost You $5000 Or More the name of the licensee and the broker used in any ad

rticle 12 of the National Association of al es that re hics stat ® R) Code of Et TORS® (NA must be exactly as it appears on the individual license. of REAL REALTORS Code of Ethics states sociation e National As(NAR) Article 12 of th tate al es a re s” as statu our nd “be est and truthful a ll be hon thatation reals sha estate communications shall estate communic ons in the DMV builds on these basic dicti uris the j h of . Eac rent appa s readily and truthful and “our status” as a If the isheck issued to Jonathan Paul Jones, for , professional ihonest mission C Comlicense The er/Fall 2013 edition of their newsletter, example, that to ummprofessional . In the S requirementsreal is the way the name must appear in all bove estate isREC readily appar) used the mock advertisement a Real Estate Commission (M the Maryland ent. he out t y ab unit ads. Unless the licensee has filed the paperwork and mm Each of the jurisdictions in ucat the e the DMV real estate co ign to ed launch an ongoing informational campa lize register a nickname or DBA (doing o utito ted tfee s op C ha MRE ars, paid the ix ye ast s builds on these basic requirements.In the the p For laws governing real estate advertising. an er th rath kers g agents and brobusiness as) with the individual commissions (and it catin laws by 2013 edition of edu their newslete the rnings” to enforc “courtesy waSummer/Fall about to change. yland law. This is Mar r by ed fo allow ties enal the Maryland Real Estate appears on their license) -- John Paul Jones, J.P. Jones, ter, The Commission Check, es or other p ss the fin asse JPJ, or arni even John Commission (MREC) used the mock advertisement and Jones would not be acceptable to ngs ing w issu , the commission directed its’ staff to stop the commission eting t me ugus eir A p therefore subject to fines and At th and above to launch an ongoing informational campaign substantiated, could result in fines of u egin the formal complaint process that, if ad b inste ions iolat nificant vBrokerages must also be identified by the penalties. to educate the real estate communitye ab about the ple a lawsd has two sig ove sam to five thousand dollars per violation. Th name as it appears on their license. Maryland further governing real estate advertising. For the past six fine. that could lead to a ten thousand dollar stipulates that a brokerage logo is insufficient to meet years, MREC has opted to utilize “courtesy warnings” g regulations is to ly with advertisin omp to c eded s ne hat i all t compliance requirements, rather, the actual name of that eve to enforce the laws by educating agents and brokers beli ople Many pe sic requirement in a ba is is ber in the ad. While th the brokerage num hone nd p me a ’s na oker e br as itt, appears on the brokerage license de th inclu than assess the fines or other penalties allowed rather at are often missed. Firs inia, there are a number of fine points th Virg , and d, DC ylan Mar must be spelled outhe in all ads. ears on t for by Maryland law. This is aboutoker to change. used in any ad must be exactly as it app the name of the licensee and the br individual license. One of the most significant requirements of all adverAt their August meeting, the commission directed e name must he way th t is t , tha mple r exa s, fo begin tising regulations is all advertising must be approved its’ staff to stop issuing andJone instead nathan Paul to Jowarnings is issued e license If th egister a to r id the fee paperwork and pa the filed has nsee lice s the by the broker-of-record or their designee prior to pubnles ds. U the formal complaint process that, if substantiated, appear in all a lication. This is usually not much of an issue for display could result in fines of up to five thousand dollars per ads placed in print publications or brokerage supviolation. The above sample ad has two significant vioplied websites. However, the rules make no distinction lations that could lead to a ten thousand dollar fine. Many people believe that all that is needed to comply with advertising regulations is to include the broker’s name and phone number in the ad. While this is a basic requirement in Maryland, DC, and Virginia, there are a number of fine points that are often missed. First,

36 CAPITAL AREA REALTOR ® — Fall 2019

For the past six years, MREC has opted to utilize “courtesy warnings” to enforce the laws by educating agents and brokers.... This is about to change.

One of the most significant requirements of all advertising regulations is all advertising must be approved by the broker-of-record or their designee prior to publication.

between a print ad and a Sunday morning Facebook post inviting “friends” to visit you at your open house from 1-4. The rules require that the spontaneous, social media, open house invitation be approved by the broker before sharing. Regulations also require that the brokers’ name, contact information, and other broker advertising requirements such as the inclusion of the REALTOR® or Fair Housing logos need to be part of the ad. If space is an issue, an agent may sometimes meet the spirit of the law by using the “one-click rule,” after first getting approval of the broker. Understanding the various rules and regulations of NAR, the broker, and various licensing jurisdictions is what the GCAAR’s CE course, Advertising Compliance, is all about. This class covers the different requirements of the three jurisdictions in the DMV, how they relate to the requirements of Article 12 of the Code, the use and limitations of the “one-click rule,” as well as, the compliance requirements of Bright MLS. We explore the latest tools provided by the various commissions and associations to help licensee remain in compliance, and discuss issues such as virtual staging, Photoshop and other photographic techniques, and team requirements that have come under the scrutiny of the various commissions in recent years Stay ahead of the advertising rules and regulations and learn how to keep your money in your bank account and out of the hands of the regulators. Join us for the next offering of our three-hour MD, DC, and VA approved elective class, Advertising Compliance.

D ISTR IC T OF C O L U MB I A 202.506.2828

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LEADING THE INDUSTRY SINCE 1981

THOM BROCKETT is a member of the GCAAR Board of Directors, an adjunct professor at Montgomery College, and a licensed broker in Maryland, DC, and Virginia. He has consulted with the Maryland Real Estate Commission on the MREC Agency and MREC Supervision CE programs and serves as a subject-matter-expert for the CE Shop.

CAPITAL AREA REALTOR ® — Fall 2019 37

Looking to open more doors? This is getting your buyers home. Putting more buyers into homes is not a far-fetched idea when they get the financing and support they need. We’re ready to help you turn more buyers into homeowners: with low-down-payment options, personalized start-to-finish support, and a simpler online mortgage application. Let’s connect. We’re looking forward to working with you — meeting buyers’ needs, delivering great experiences, and staying on track to help you sell more homes.

Rockville, MD Allyson Riggs, Branch Manager 301-956-1562 NMLSR ID 455121 Bethesda, MD Tara McKnight, Branch Manager 410-332-5302 NMLSR ID 532661 Washington, DC-Uptown Steve Palladino, Sales Manager 202-895-5161 NMLSR ID 457661 Washington, DC-Downtown David Latimer, Branch Manager 202-414-3345 NMLSR ID 459866

This information is for real estate, legal and financial professionals only and is not intended for distribution to consumers. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©2019 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS4895579, Expires 07/2019 38 CAPITAL AREA REALTOR ® — Fall 2019

Mark Your Calendars for Upcoming Fall Events Bowling Event - November 14 Back again at Lucky Strike Bethesda, join us for a fun evening of bowling before we kick off the busy holiday season.

Legislative Breakfast - December 16 Meet your county, state, and Congressional officials and learn about issues that matter to you and your industry.

YPN Ugly Sweater Event - December 16 Don your holiday sweaters as YPN winds down the year at its annual fundraising event.

CAPITAL AREA REALTOR ÂŽ â&#x20AC;&#x201D; Fall 2019 39

Growing through technology. Partnership wi Experience.

Did you know that as a Realtor partner with Envoy Mortgage you have access to benefits that could help you build your book of business? Benefits Search optimized, mobile-friendly single-property websites Open house app, capture every lead that comes through the door Print marketing with MLS integration Co-branded, targeted distribution Multiple loan products for your diverse client base Commitment to meet your closing dates and contingencies Find out how to opt-in and partner with us! Margie Hennessey Branch Manager | NMLS # 206973 2273 Research Boulevard Suite 701 Rockville, MD 20850

40 CAPITAL AREA REALTOR ® — Fall 2019

Copyright ©2019 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. Distribution to general public is prohibited. This is considered an advertisement as defined by 12 CFR 226.2(A)(2). All rights reserved.

Welcome New Members! We’re Glad You’re Here When you joined GCAAR, you joined a premier REALTOR® organization. Our New Member Orientation will help you understand what your membership can do for you. Sign up to attend an upcoming New Member Orientation class today. Please review the schedule below and email education@gcaar.com with the date you’d like to attend. Keep in mind, all new members must take the orientation within 180 days of joining GCAAR. Failure to attend will lead to suspension of your membership.

2019 New Member Orientation Schedule for the Remainder of the Year ADDRESS FOR DC CLASSES:

ADDRESS FOR ROCKVILLE CLASSES:

1615 New Hampshire Avenue, NW, 3rd Floor Washington, DC 20009

15201 Diamondback Dr., Suite 100 Rockville, MD 20850

n Thursday, November 14

Rockville

10:30 a.m. - 4:00 p.m.

Dana Hollish Hill

n Saturday, November 23

Rockville

8:30 a.m. - 1:15

Bob Pettis

n Wednesday, December 4

10:30 a.m. - 4:00 p.m.

Mary Chieppa

n Saturday, December 7

Rockville

8:30 a.m. - 1:15 p.m.

Thom Brockett

n Wednesday, December 18 Rockville

10:30 a.m. - 4:00 p.m.

Dana Hollish Hill

Certified Residential Specialist (CRS) Designation Class Coming January 30 A CRS Designation provides the superior knowledge, connections, and tools you need to be more productive. Look for more information on the benefits of a CRS Designation in the next issue of Capital Area REALTOR®. Topic: Tax Strategies for the Real Estate Professional Instructor: Chris Bird Register today at gcaar.com/Class and Events Calendar

CAPITAL AREA REALTOR ® — Fall 2019 41

Stay connected at gcaar.com

WELCOME to the Greater Capital Area Association of REALTORS®

We are pleased that you have chosen to join our organization. GCAAR is your voice for real estate issues in DC and Montgomery County, MD. It offers venues for networking and allows you to connect with your peers and exchange best practices. We invite you to take full advantage of your benefits as a member.

NEW MEMBERS

MAY

Soodeh Abshari Samson Properties

Casey Aguilar RE/MAX Elite Services

Remy Blac RE/MAX Excellence Realty

Jennifer Brown Weichert REALTORS®

Rajendra Chhetri Ghimire Homes

Jason Flores RE/MAX Plus

Robinson Flores RE/MAX Plus

Reginald Fuller Weichert REALTORS®

Hortencia Herrera-Perea Coldwell Banker Residential

Linda McKenith Coldwell Banker Residential

Nicole Mehrazar Coldwell Banker Residential

Julian Pendarvis Keller Williams Capital Properties

Patricia Rosales McMillan Weichert REALTORS®

Piero Sarmiento-Alosill Long & Foster Real Estate

Bishnu Thapa Ghimire Homes

Carlton Vaughn Long & Foster Real Estate

JUNE Ola Akinkuowo Homeland Realty Services

Natalie Armijo Keller Williams Capital Properties

Aleasha Arthur RE/MAX Professionals

Shannon Baldwin Keller Williams Capital Properties

John Becci Max Home Inspections

Eric Becoin Century 21 The Real Estate Centre

Janet Bernard Coldwell Banker Residential

Jessica Bobo Coldwell Banker Residential

Kathryn Bohlender Long & Foster Real Estate

Sandra Botelho Weichert REALTORS®

Maryam Boyer Keller Williams Capital Properties

Sherron Bradley Redfin Corporation

Veronica Brooks Deausen Realty

Chaevolia Brown Sterling Keller Williams Realty Centre

Lashon Brown Woodman Weichert REALTORS®

Ellen Cain Washington Fine Properties

Joseph Campagna Freedom Mortgage

Tyler Charuhas Silent Beacon

Jennifer Cho Century 21 New Millennium

42 CAPITAL AREA REALTOR ® — Fall 2019

Anne Chong The Genau Group

Zaryab Choudhry Corner House Realty

Jessica Corbett Samson Properties

Trevor Crowley Long & Foster Real Estate

Chris Crummitt Picture Perfect

John Cummins Keller Williams Capital Properties

Frank D’Angelo Nomadic Real Estate Broker Services

Carlos Diaz 1-800-Got-Junk?

Enrique Escolero Douglas Realty

Treshawnna Fayson TriStar Realty

Niven Fenstermacher Pearson Smith Realty

Matthew Fields Keller Williams Capital Properties

Sharon Fitzgerald Samson Properties

Alycia Foley Compass

Daniel Follo Long & Foster Real Estate

Rick Galliher 1-800-Got-Junk?

Muluken Gezahegn Long & Foster Real Estate

Michael Gillespie Long & Foster Real Estate

Jessica Harrington Capital Metro Properties

Gwendolyn Harris RentSmart

Charles Heller Long & Foster Real Estate

Bryan Hill Keller Williams Capital Properties

Phuong Hoang Fairfax Realty Premier

Morgan Horner The Virtual Realty Group

Anthony Howard SAG Realty Group

Stacy Hurney Old Line Properties

Ladonia Johnson Keller Williams Capital Properties

David Jones Senate Real Estate Services

HeeCheol Kang JTec Properties

Joshua Kashes Long & Foster Real Estate

Michael Kemp Keller Williams Capital Properties

Bai Kla Homes & Casas Realty Group

Collette Kutil Compass

Loan Lam Real Living at Home

Lashon Lissimore Redfin Corporation

Peter Lopuch Help-U-Sell Federal City Realty

Daniel Love Real Estate Connection

Rodriguez Maddox Bennett Realty Solutions

Akhil Mahajan Long & Foster Real Estate

Paige Majd Long & Foster Real Estate

NEW MEMBERS Barbara Frost

Eddrika Russell

Robert Armstrong

Long & Foster Real Estate

Compass

Keller Williams Capital Properties

Quasar Property Management & Real Estate

Charles McCain

Ameer Gilani

Phillip Martin

Julian Sadler

Corey Artis

Coldwell Banker Residential

The Virtual Realty Group

Coldwell Banker Residential

Compass

Erin McMahon

Deborah Gonzalez

Sevasti Sarvinas-Nagel

Carrie Balsam

Long & Foster Real Estate

Keller Williams Preferred Properties

Long & Foster Real Estate

Keller Williams Realty Reston

Camelia Mehrkar

Loretta Grieco

Ravi Shah

Carol Beach

Long & Foster Real Estate

Keller Williams Realty Centre

Long & Foster Real Estate

Frank Mena

Timothy Smith

Jeanette Benjamin

Howard Griner

Long & Foster Real Estate

Freedom Mortgage

Franco Mesarina

Tamara St Hill

Berkshire Hathaway HomeServices/PenFed Realty

TriStar Realty

Roland Mitchell

Chase Properties

Bulwark Home Inspection

Deanah Mitchell Keller Williams Flagship of MD

Babak Movahedi Suited Realty

Cheryll Nebblett Heymann Realty

Deirre Oliver Gleason Realty

Penine Orao Weichert REALTORS®

Ivan Parada Execuhome Realty

Dheeresh Patel Keller Williams Realty

Suzanne Patton LH Realty

Laura Pawlowski Keller Williams Realty Centre

Dimitri Piskapas Long & Foster Real Estate

Susan Powell

Keller Williams Capital Properties

Reno Pratt Knot6 Real Estate Services

Alexandru Raduacnu RE/MAX Town Center

Brian Reap Weichert REALTORS®

Elizabeth Replogle Century 21 New Millennium

Kellye Richardson Keller Williams City Wide Realty

Laura Rodriguez Real Living at Home

Ehtesham Tataei Shadee Thomas Lake Keller Williams Realty Centre

Mohammad Torkashvan Weichert REALTORS®

Michael Warren Murrell Inc. REALTORS®

Kimberly Webster Keller Williams Capital Properties

Shanna White Nomadic Real Estate Broker Services

Sanjeewa Wickramasekera Taylor Properties

Michael Wiley Weichert REALTORS®

Peter Yanni Freedom Mortgage

Victoria Zambrano Envoy Mortgage

Min Jie Zeng Union Plus Realty

Min Zhang Prostage Realty

Bingxu Zhou Prestige Realty

Long & Foster Real Estate

Redfin Corporation

Arthur Blanda

Mary Grinnell

Urban Land Company

Home Buyer Connections

Bruce Bradley

Haider Haimus

Keller Williams Capital Properties

Spring Hill Real Estate

Ryan Brennan

Robert Hartling

Senate Real Estate Services

RE/MAX Allegiance

Lindsay Brown

Ryan Hehman

Keller Williams Capital Properties

Century 21 The Real Estate Centre

ShellyAnn Brown

Karim Henry

Keller Williams Capital Properties

Sourceone Realty

William Bundy

Benjamin Hergenroeder

Move 4 Free Realty

Keller Williams Capital Properties

Cesar Canedo-Arguelles

Diane Hurley

Long & Foster Real Estate

Compass

Catherine Carlstedt

Linetta Jackson

Coldwell Banker Residential

Redfin Corporation

Melissa Carter

Harry Jacobs

TriStar Realty

Taylor Properties

Alex Caver

Rosalind Jimason

RE/MAX Allegiance

Coldwell Banker Residential

Anna Chow

Kristine Jiminez

Keller Williams Capital Properties

Stephen Cobb

Tarsha Johnson

Long & Foster Real Estate

Fairfax Realty Elite

Steve Compere

Shana Jones-Mba

GreenLine Real Estate

Sheinah Copeland Long & Foster Real Estate

Christina Drennan

JULY

Taylor Properties

Margaret Dunne

James Addy

Compass

Fidelity Direct Mortgage

Jill Enomoto

Vanessa Adjei

Coldwell Banker Residential

TriStar Realty

Alex Firestone

Jennete Alexander Sherman

Keller Williams Realty Centre

Premiere Realty

Linda Frame

Elizabeth Amini

RE/MAX Allegiance

TTR Sotheby’s International Realty

Irene Friedlander Century 21 New Millennium

Berkshire Hathaway HomeServices/ PenFed Realty

Nisha Kaur Stein & Associates

Christopher Knotts Keller Williams Capital Properties

Shannon Lauterstein PB & J Kingstowne

Peter Lim Thin Line Home Inspections

Ryan Lim TriStar Realty

continued on page 44 CAPITAL AREA REALTOR ® — Fall 2019 43

NEW MEMBERS Yuehao Lin

Afiong Ukoh

Chatel Real Estate Inc

eXp Realty

Erika Lopez

Katherine Vann

Fairfax Realty Premier

Compass

Linda Lotto

Hilda Vidaurre-Flores

Keller Williams Realty McLean

Fairfax Realty Select

Natasha McIntyre

Mario Villafan

Coldwell Banker Residential

Spring Hill Real Estate

Orinthal McIntyre

Keyhana Wakefield

Long & Foster Real Estate

Keller Williams Capital Properties

Suellen Melendez

Joelle Wang

Weichert REALTORS®

Keller Williams Capital Properties

Carina Mendes

Andrea Washington

TriStar Realty

Angela Milgrim Compass

Luis Montes Nitro Realty

Yan Jin Ni Long & Foster Real Estate

Ebele Okonkwo Long & Foster Real Estate

Ada O’Neal Coldwell Banker Residential

Rachael Oxford-Corl

Neighborhood Assistance Corp. of America

Julian Watson RE/MAX Town Center

Karolina Webb Long & Foster Real Estate

Rachel Weber Compass

Shirley Yousefie Vantage Realty

Mingfei Zhang Coldwell Banker Residential

Coldwell Banker Residential

Phylicia Parrish Taylor Properties

Alexa Perez-Ayalde Pearson Smith Realty

Luz Reyes Samson Properties

Jinkal Saini Weichert REALTORS®

James Shao House Matters

David Silva Keller Williams Capital Properties

Ann Smith Long & Foster Real Estate

Nigara Abate Long & Foster Real Estate

Noha Abdelsalam Long & Foster Real Estate

Alexander Anand Keller Williams Capital Properties

Jose Avalos Carr REALTORS®

Susan Belford Long & Foster Real Estate

Michelle Betor Optime Realty

Adonieki Blake

Maria Smith

Coldwell Banker Residential

TDK Real Estate

Edward Blanchard

Sukumar Srinivasan

Weichert REALTORS®

Long & Foster Real Estate

Lucy Blundon

Baozhu Sun

Washington Fine Properties

Independent Realty

Marion Branch

Dereje Tefera

Exit Landmark Realty

Long & Foster Real Estate

Natasha Bremmerman

Jamie Trotter

Keller Williams Capital Properties

Real Living at Home 44 CAPITAL AREA REALTOR ® — Fall 2019

AUGUST

Ethel Brown Samson Properties

Tara Bryant Redfin Corporation

Ashley Byrd Long & Foster Real Estate

Charnise Carter Realty One Group Performance

Marjorie Carter Weichert REALTORS®

Yang Chen TriStar Realty

Georges Chokote eXp Realty

Susan Collings Long & Foster Real Estate

Reyhan Craddock Washington Fine Properties

Mxali Davidson-Roberts PB & J Kingstowne

Khalid Dixon Capital Residential Realty

Ria Dougherty TTR Sotheby’s International Realty

Stephen Edelman The ONE Street Company

Alysa Francis Compass

Vicki Freshley Long & Foster Real Estate

Garland Gantt G&G Group

Jamie Hall Compass

Edivia Henderson RE/MAX Allegiance

Vaughn Hunter RE/MAX PROS

Dinesh Jindia Weichert REALTORS®

Dominique Kelley Weichert REALTORS®

Angie Kennard Northrop Realty

Michael Kuhn Long & Foster Real Estate

Jagan Lalmansingh Keller Williams Capital Properties

Michael Lewandowski Coldwell Banker Residential

Tian Liang

Faith Song

Evergreen Properties

Giant Realty Inc

Edval Lopes

Christa Sutherland

Weichert REALTORS®

RE/MAX Realty Centre

Helbert Lopez

Sharen Sylvester

Helbert Lopez

Exit Deluxe Realty

Tanya Lyles

Katalin Szallo

Keller Williams Realty

Smart Realty

Bryan Malickson

Mussie Tesfaye

Nexthome Your Way

Heymann Realty

Rasheedah Malone

Royston Thomas

Weichert REALTORS®

Coldwell Banker Residential

Catherine Martin

Po-Chiang Ting

Compass

Coldwell Banker Residential

Suhailly Matos Albino

Challon Torres-Durphy

Keller Williams Capital Properties

RE/MAX Realty Centre

Theodore Megginson

A’Shanti Weathers

M&M Real Estate Properties

Keller Williams Realty

Tiffany Mickey

Timothy Yee

eXp Realty

Ekaterina Mikhaylova Long & Foster Real Estate

Janet Million

Coldwell Banker Residential As of August 20, 2019

TTR Sotheby’s International Realty

Brandon Moore Keller Williams Capital Properties

Andrew Nugent Keller Williams Capital Properties

Giovanny Osorio Samson Properties

Zhi Pan TriStar Realty

Carl Pearrell Compass

Craig Pooler

PURCHASING OR REFINANCING A HOME? YOU NEED A SETTLEMENT ATTORNEY. THAT’S WHAT WE DO. Real Estate. Real Law. Real Attorneys.SM

Redfin Corporation

Michelle Randolph Long & Foster Real Estate

Irma Rodriguez Zitro Pro Realty

Mark Seabrooks Frontier Realty Group

Brittnee Sellers Keller Williams Capital Properties

Sharon Senzano Century 21 New Millennium

Ryan Shrum RE/MAX Allegiance

www.villagesettlements.com Click “Ask a Question” 24-Hour Law Line: (301) 406-8972 177 Kentlands Blvd. suite 200 GaithersBurG, Md 20878 Phone: 301-590-9300 Fax: 301-590-1166

5283 CorPorate dr. suite 301 FrederiCK, Md 21703 Phone: 301-698-9300 Fax: 301-698-9162

7500 Greenway Center dr. suite 640 GreenBelt, Md 20770 Phone: 301-486-0799 Fax: 301-486-7670

CAPITAL AREA REALTOR ® — Fall 2019 45

NAR’s C2X Program Wins Award The National Association of REALTORS® (NAR) has been selected as a 2019 Learning! 100 Award Winner for its Commitment to Excellence Program, also known as C2EX. The self-guided assessment and training course generates customized learning paths in 10 competencies of professionalism (11 for brokers), including technology, client service, and professional reputation, among others. Program completion leads to an endorsement from NAR that members use to show peers and clients that they conduct their business at the highest professional standard. Go to www.C2EX.realtor to get started. •

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46 CAPITAL AREA REALTOR ® — Fall 2019

Dilyana Mazur 202-750-1618 dilyana@hellosuper.com

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premier 10770 Columbia Pike, Suite #250 Silver Spring, Maryland 20901 301-439-9500 David Michalski Founder / CEO dave@fairfaxrealty.com

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Ana Soto Sales Manager asoto@fairfaxrealty.com

In Business Watermelonsince is one 1989 of summer’s best summer treats. Watermelons are not a fruit, but a vegetable instead? They belong to the cucumber family of vegetables. Source: https://blog.vitalchek.com/vital-records/20-fun-facts-about-summer/

Technology

• Dotloop • Customized Mobile Apps • In-House Print Center • Lead Generating Systems

Training • Social Media Training • Seminars with Industry Leaders • Mentor & 1-1 Coaching Programs • Continuing Education Courses

Support • Full-time Broker Support • Use of 8 convenient locations • Marketing | Graphic Design • Email Blasts of Listings | Open Houses

Larry Anderson Director of Education & Real Estate Coach CRB, ABR, GRI, CRS, SRS, E-Pro, SFR,GREEN, BPOR, SRES, REEA, TRC

CAPITAL AREA REALTOR ® — Fall 2019 51

A home that exceeds expectations deserves a mortgage to match.

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We’ve got a mortgage to fit your needs. Call us today. Joe Giampetroni Lending Manager 301-509-6905 joe.giampetroni@citi.com citi.com/joegiampetroni NMLS# 415239

Christian Dale Home Lending Officer 301-412-8551 christian.dale@citi.com citi.com/christiandale NMLS# 460674

Michael Pak Home Lending Officer 703-608-3838 michael.j.pak@citi.com citi.com/junepak NMLS# 195640

Terms, conditions and fees for accounts, programs, products and services are subject to change. This is not a commitment to lend. All loans are subject to credit and property approval. Certain restrictions may apply on all programs. Offer cannot be combined with any other mortgage offer. This offer contains information about U.S. domestic financial services provided by Citibank, N.A. and is intended for use domestically in the U.S. A Citibank deposit account and automated monthly transfers of the mortgage payment from a Citibank personal deposit account using automated drafting will be required to receive Citibank mortgage relationship pricing. Ask a mortgage representative for details on eligible balances and the qualifying closing cost credit or rate discount. Availability of the Citibank mortgage relationship pricing for Citibank account holders is subject to change without notice.

Available for clients with a minimum of $500,000 or more in investable post-close assets, and at least $50,000 in traditional assets must be on deposit with Citi at least 10 days prior to closing. This amount may be part of the $500,000 eligibility requirement. Real estate, loan proceeds, stock options, restricted stock and personal property will not be counted as part of the $500,000 or more investable post-close assets or the $50,000 in traditional assets. Net cash value of life insurance can be counted as part of the $500,000 but not part of the traditional assets. Investable assets are defined as deposit accounts (checking, savings, money market, Certificates of Deposit), unrestricted stocks, non-vested stock and restricted stock, bonds and retirement accounts held by the individual who is personally liable on the loan. These asset types held in revocable trust may be used provided the trust document meets the Trust Policy. 100% of the face value of all assets, except non-vested stock and restricted stock, may be used to calculate the amount of funds available to meet the eligibility criteria. For non-vested stock and restricted stock, the borrower must be 100% vested within 1 year of closing and a maximum of 70% of value may be used to calculate qualifying equity. Additional conditions apply.

©2019 Citibank, N.A. NMLS# 412915. Member FDIC and Equal Housing Lender. Citi, Citi and Arc Design and other marks used herein are service marks of Citigroup Inc. or its affiliates, used and registered throughout the world.

GCAAR Realtor Fest Ad 08272019 v2.indd 1

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