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April 2003 Newsletter
Presidents MessageA little Real Estate humor... Top ten things you don't want to hear from your real estate agent when you go to settlement on your new home:
I'm sure we have all heard jokes better than these or about actual statements made by our fellow agents (never by "us"). We all have been involved in transactions that have had an ethical question arise from the actions of the agents or the principles. In the last newsletter you were informed on the front page about NAR requirements for Ethics training. I am here to tell you, that you have a prime opportunity to attend one of the finest Ethics presentations given in the state of Maryland. Sign up today for the AACAR Real Estate Now convention at the Anne Arundel Community College on the 4th of June this year. Your $45 registration fee will give you 6 hours of continuing education (just register for the classes you want to attend — do it early!) not to mention a continental breakfast, lunch and finally a cocktail reception that will include drawings for various prizes donated by our friendly vendors...oh yes...a vendors exhibition of the latest and greatest ancillary services your industry have to offer. And while you are at it...start making plans for the Billy Goodall Scholarship Charity golf tournament. All of you who have not had time to volunteer for a committee to serve your Association can help by contacting those you do business with to have them offer sponsorships to help run this prestigious and worthwhile event. Finally, this is a serious time for our nation. Lives are affected, therefore, business is affected. Continue to have a positive outlook on your nation, your leaders and your business. Historically, Real Estate has ALWAYS led this nation in recovery from ALL situations. This will not change and you will be at the forefront of our positive response. Thank you.
You be the JudgeCase #1-26: Subordination of Client's Interests to REALTOR®'s Personal Gain (Adopted May, 2001.)REALTOR® B was a sales associate with XYZ, REALTORS®. To promote XYZ's in-house listings, the firm's principals offered $1,000 bonuses to the company's sales associates at time of closing on each of XYZ's listings they sold. Dr. Z, a recent transferee to the town, entered into a buyer representation agreement with XYZ through REALTOR® B. Dr. Z explained he had specific needs, foremost of which was any home he purchased be convenient for and readily accessible by Dr. Z's spouse who was physically challenged. "Part of my wife's physical conditioning program is swimming," said Dr. Z, "so in addition to everything else, I am looking for a home with a pool or room to build a pool." REALTOR® B knew there were a number of homes for sale meeting most of Dr. Z's general specifications, several of which were listed with XYZ. Over the next few days, REALTOR® B showed Dr. Z several properties in the Blackacre subdivision, all of which were listed with XYZ, including one with an outdoor swimming pool. Not included among the properties shown to Dr. Z were several similar properties in Blackacre listed with other firms, including one with an indoor pool. After considering the properties shown to him by REALTOR® B, Dr. Z made an offer on the home with the outdoor pool. His offer was accepted and the transaction closed shortly thereafter. Several months later, REALTOR® B received notice of an ethics complaint filed against him by Dr. Z. Dr. Z had learned about the home with the indoor pool from a colleague at the hospital who lived on the same block. The complaint alleged that REALTOR® B had put his interests, and those of his firm, ahead of Dr. Z's by promoting XYZ's listings exclusively and by not telling Dr. Z about a similarly-priced property with an indoor pool, which suited his family's needs better than the property he had purchased. The complaint went on to indicate that REALTOR® B had received a bonus for selling one of XYZ's listings and that Dr. Z suspected that REALTOR® B's failure to tell him about the home with the indoor pool was motivated by the opportunity to receive a bonus. At the hearing, REALTOR® B defended his actions stating that properties rarely meet all of potential purchaser's desires; that he had made Dr. Z aware of several properties that met most of his requirements, including one with an outdoor pool; and that Dr. Z must have been satisfied with REALTOR® B's service since he had purchased a home. Upon questioning by Dr. Z's attorney, REALTOR® B acknowledged that he knew about but had not shown the house with the indoor pool to Dr. Z. He conceded that a pool that could be used year round was better suited to the family's needs than one that could be used only four months each year. He also admitted his failure to tell Dr. Z about the house with the indoor pool had at least in part been motivated by the bonus offered by his firm. "But," he argued, "aside from the indoor pool, that house was no different than the one Dr. Z bought." The Hearing Panel concluded that REALTOR® B had been fully aware that one of Dr. Z's prime concerns was his wife's ongoing physical conditioning needs and REALTOR® B's decision to show Dr. Z only properties listed with XYZ and to not tell him about the home with the indoor pool had been motivated by the possibility of earning an in-house bonus. The Hearing Panel determined that REALTOR® B had placed his interests ahead of those of his client and had violated Article 1.
NAR LogosWould you like to show your designation logos in your ads, on your website, on your business cards, etc.? Well, you can download crisp, clean logo files from the National Association of REALTORS® website. Just go to: http://www.realtor.org/NARGraph.nsf/Logos?OpenView.Here you will find the REALTOR® logo, GRI logo, Equal Housing Opportunity logo, and more. Don't keep using those fuzzy scanned images — spruce up you advertising with free downloads from www.realtor.org!
Upcoming EventsThe Anne Arundel County Chapter of the Women's Council of REALTORS® will be presenting "April Showers Bring May Mold" on Monday, April 14, 2003 at AACAR. There will be a Continental Breakfast from 10:00 — 10:15am (sponsored by Cheryl Odell-Duffy of Universal Title — Severna Park) followed by a 1.5 hour Continuing Education class on Mold, taught by Walter Clews of Amerispec from 10:15am til 11:30am. Please RSVP by Wednesday, April 9th to Barb Zietz at 410-757-7946 or Cheryl Odell-Duffy at 410-647-0815, ext. 10. Cost is $10.00 for WCR members and $15.00 for non-members.
AACAR welcomes new membersAffiliate Members
Jeff Corelitz, Carrollton Bank, Timonium REALTOR® Members
Noreen Boettinger, Century 21/Results, Baltimore
Forms at MARNow you can download most forms (including Anne Arundel County) on the Maryland Association of REALTORS® website. Just go to www.mdrealtor.org, click on the tab that says "Forms/Online Publications", and you can download documents by Association.
April is Fair Housing MonthThis April marks the 35th Anniversary of the 1968 Fair Housing Act. In recognition of Fair Housing Month and this landmark occasion, the National Association of REALTORS® is asking you to make Diversity your business. Take a diversity training class; learn another language; study the demographics in your area. With minority buying power in America at over $1 trillion and minorities accounting for 30% of first-time homebuyers, it is good business for REALTORS® to develop the skills to reach the growing multicultural market of prospective homeowners. For more information on NAR's Diversity program, go to www.realtor.org/diversity.
Don't Forget!!It is now Daylight Savings Time, and your Anne Arundel County lockboxes are now set to open from 10am to 10pm. Please make your appointments during those hours, or you will not be able to gain access to the keys unless it is your lockbox and you have the shackle code. The timed access will change back to 9am to 9pm when Standard Time returns in the fall.
Save the date!!The 5th Annual Real Estate Now Convention will be held on June 4, 2003 at the Anne Arundel Community College at 101 College Parkway in Arnold. There will be a complete schedule and registration form in next month's newsletter, and forms will also be mailed to your home. Make plans to attend and get up to 7½ hours of Continuing Education, attend the Trade Show with over 50 vendors, receive a Continental breakfast, a lunch, and hors d'oeuvres galore at the Cocktail party. Have all your credit hours? We will have non-credit classes from MRIS and Top Producer, and a REALTOR® safety class. This year we have classes on Mold, Smart Growth, Working with the Elderly, The Americans with Disabilities Act, New Homes, Environmental Issues, and an Industry Leader Panel monitored by AACAR President Ron Anderson — just to name a few. The fast track is in place, and for those of you who have had your real estate license for over 10 years, you can get all of your necessary credits in one day. Haven't fulfilled your NAR Ethics requirement? You can get it the Convention. A whole day's worth of education, activities, networking, food, and fun — all for $45.00! So, in keeping with our "Racing" theme this year —
We have what you need! Stop on by and see our new inventory! Check out the clearance merchandise! We're open 9 - 5, Monday thru Friday, right inside AACAR!
April's Item of the Month Also in stock — license plate holders, ADC Map books, ADC Wall Maps, Info Tubes, Sign Riders, and much more!
Billy Goodall Golf TournamentThe 17th Annual Billy Goodall Charity Golf Tournament will be held on July 14th, 2003. Save the date now, so you don't miss out on this wonderful event. There will be more info on our website, www.aacar.com as it becomes available, and registration forms in next month's newletter.
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