Reaction to Rise in Mortgage Rates Seen in New Home Sales

Consumer reaction to the recent rise in mortgage rates can be seen in the latest new home sales data released by the Census Bureau and Department of Housing and Urban Development. Sales dropped 13.4% to a seasonally adjusted annual rate of 394,000. June’s rate was revised downward to 455,000 from 497,000. July’s numbers were the lowest since October of 2012; however, they were 6.8% higher than at the same time last year.

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According to the most recent survey of wholesale and direct lenders performed by FreeRateUpdate.com, current conforming 30 year fixed mortgage rates increased and are now as low as 4.000% (APR 4.270%); 15 year fixed mortgage interest rates are as low as 2.750% (APR 3.383%) and 5/1 adjustable mortgage rates are as low as 2.375% (APR 2.651%). Borrowers must have good credit in order to be offered low rates from lenders.

Mortgage applications dropped 4.6% on a seasonally adjusted basis for the week ending August 16th, according to the Mortgage Bankers Association Market Composite Index. However, the seasonally adjusted Purchase Index rose 1%, a sign that consumers are still purchasing homes even as rates have slightly increased. Refinance applications are down with the Refinance Index dropping 8%, a total 62.1% lower than the peak reached during the week of May 3, 2013.

Among refinance applications is the HARP refi which is for underwater homeowners who have loans that were sold to Fannie Mae or Freddie Mac prior to June 1, 2009. HARP refinance loans, which are available until the end of 2015, have already helped 2.4 million homeowners as of March 2013. FHA 30 year fixed mortgage rates also increased and are now as low as 3.750% (APR 4.128%); FHA 15 year fixed rates are as low as 3.250% (APR 3.797%) and FHA 5/1 adjustable mortgage rates are as low as 2.625% (APR 2.899%).

Borrowers must remember that FHA closing costs (APR) are high because of the upfront mortgage insurance premium and other FHA fees. FHA recently updated their guidance for borrowers who have experienced serious financial conditions due to the economic recession. The situations, considered extenuating circumstances, will be taken into consideration as long as the borrower who is seeking FHA mortgage financing is now employed and paying their bills.

Those borrowers who meet these guidelines may be able to obtain FHA financingfor the purchase of a home in as little as one year after a bankruptcy, foreclosure, deed-in-lieu or short sale. In addition, effective October 15th, guidelines will exclude consideration of all medical collections and charge off accounts. Any FHA approved lender will be able to assist with complete clarification of these two new rules.

In addition, existing FHA mortgage holders still have the opportunity until the end of 2013 to refinance with the FHA streamline in order to receive reduced upfront and annual mortgage premiums. Jumbo 30 year fixed mortgage rates are as low as 4.125% (APR 4.402%), jumbo 15 year fixed rates are as low as 3.250% (APR 3.586%) and jumbo 5/1 adjustable mortgage rates are as low as 2.500% (APR 2.617%). Jumbo rates continue to be exceptionally low and are available for borrowers who have maintained a history of excellent credit. The borrower will also have to meet the lenders guidelines for employment, income and assets in order to receive loan approval.

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As overall mortgage rates have risen, jumbo loan rates have remained to be a bargain for the high end property buyer which has helped in the recovery of this sector of the housing market.

Mortgage rates are affected by MBS prices (mortgage backed securities) and move in the opposite direction. Speculation that the Feds will begin to taper QE3 in the fall of this year continues to drive markets. This continues to have an impact on mortgage rates which have both increased and decreased over the past week and continue to remain volatile.

FreeRateUpdate.com researches and reports advertised rates of active lenders within the FreeRateUpdate.com network.

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UBS Declares Coupon Payments on Four Monthly Pay ETRACS Exchange-realty Notes

UBS today announced coupon payments for four ETRACS exchange-traded notes (the “ETNs”), all traded on the NYSE Arca. The relevant coupon information is provided in the table below:

NYSE Ticker

ETN Name

Valuation Date

Ex- Date

Record Date

Payment Date

Coupon Amount

Payment Schedule

Current Yield* (annualized)

RWXL

ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN

07/30/13

08/08/13

08/12/13

08/20/13

$0.0942

Monthly

7.61%

DVYL

ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN

07/30/13

08/08/13

08/12/13

08/20/13

$0.1034

Monthly

6.84%

SDYL

ETRACS Monthly Pay 2xLeveraged S&P Dividend ETN

07/30/13

08/08/13

08/12/13

08/20/13

$0.1436

Monthly

5.21%

MORL

ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN

07/30/13

08/08/13

08/12/13

08/20/13

$0.1062

Monthly

25.99%

* Due to the monthly coupon payment schedule of these ETNs, “Current Yield (annualized)” equals the sum of the most recently announced Coupon Amount and the two immediately preceding Coupon Amounts, multiplied by four (to annualize such coupons), divided by the closing price of the ETN on its current Coupon Valuation Date, or, if the closing price is not available on that date, then the next available closing price, and rounded to two decimal places for ease of analysis. The Current Yield is not indicative of future coupon payments, if any, on the ETN. You are not guaranteed any coupon or distribution amount under the ETN.

Note: RWXL, DVYL, SDYL and MORL pay a variable monthly coupon linked to 2 times the cash distributions, if any, on the respective underlying index constituents, less withholding taxes, if any. Variations in the amount of monthly distributions will lead to large variations in the Current Yield as calculated above. As such, the Current Yield for each is not indicative of future coupon payments, if any, on these ETNs.

About ETRACS

For further information about ETRACS ETNs, go to www.etracs.com.

ETRACS ETNs are exchange-traded notes, an innovative class of investment products offering access to markets and strategies that may not be readily available to investors, and offer unique diversification opportunities in a number of different sectors. ETRACS ETNs may offer:

• Access to asset classes with historically low correlations to more traditional asset classes
• Convenience of an exchange-traded security
• Transparent exposure to a published index

ETRACS ETNs are senior unsecured notes issued by UBS AG, are traded on NYSE Arca, and can be bought and sold through a broker or financial advisor. An investment in ETRACS ETNs is subject to a number of risks, including the risk of loss of some or all of the investor’s principal, and is subject to the creditworthiness of UBS AG. You are not guaranteed any coupon or distribution amount under the ETNs. We urge you to read the more detailed explanation of risks described under “Risk Factors” in the product supplement and pricing supplement for the ETRACS ETN.

This material is issued by UBS AG or an affiliate thereof ("UBS"). Products and services mentioned in this publication may not be available for residents of certain jurisdictions. Past performance is not necessarily indicative of future results. Please consult the restrictions relating to the product or service in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker/dealer. Member of SIPC (http://www.sipc.org/).

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ETRACS ETNs are sold only in conjunction with the relevant offering materials. UBS has filed a registration statement (including a prospectus, as supplemented by a product supplement and pricing supplement for the offering of the ETRACS ETNs) with the Securities and Exchange Commission (the "SEC") for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and the applicable product supplement and pricing supplement by calling toll-free (+1-877-387 2275). In the US, securities underwriting, trading and brokerage activities and M&A advisor activities are provided by UBS Securities LLC, a registered broker/dealer that is a wholly owned subsidiary of UBS AG, a member of the New York Stock Exchange and other principal exchanges, and a member of SIPC. UBS Financial Services Inc. is a registered broker/dealer and affiliate of UBS Securities LLC.

Neither the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN nor the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN are sponsored, endorsed, sold or promoted by Dow Jones, CME or their respective affiliates. Dow Jones, CME and their respective affiliates make no representation or warranty, express or implied, to the owners of the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN, the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN or any member of the public regarding the advisability of trading in the Product(s). Dow Jones', CME’s and their respective affiliates’ only relationship to the Licensee is the licensing of certain trademarks and trade names of Dow Jones, the Dow Jones Global ex-U.S. Select Real Estate Securities Index, and the Dow Jones U.S. Select Dividend Index which are determined, composed and calculated by CME without regard to UBS AG, the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN or the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN. Dow Jones and CME have no obligation to take the needs of UBS AG or the owners of the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN or the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN into consideration in determining, composing or calculating “Dow Jones Global ex-U.S. Select Real Estate Securities Index^SM” or the “Dow Jones U.S. Select Dividend Index^SM”. Dow Jones, CME and their respective affiliates are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN or the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN to be sold or in the determination or calculation of the equation by which the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN or the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN are to be converted into cash. Dow Jones, CME and their respective affiliates have no obligation or liability in connection with the administration, marketing or trading of the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN or the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN or the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN currently being issued by UBS AG, but which may be similar to and competitive with the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN or ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the Dow Jones Global ex-U.S. Select Real Estate Securities Index^SM or the Dow Jones U.S. Select Dividend Index^SM. It is possible that this trading activity will affect the value of the Dow Jones Global ex-U.S. Select Real Estate Securities Index^SM , the Dow Jones U.S. Select Dividend Index^SM, the ETRACS Monthly Pay 2xLeveraged Dow Jones International Real Estate ETN, or the ETRACS Monthly Pay 2xLeveraged Dow Jones Select Dividend Index ETN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE DOW JONES GLOBAL EX-U.S. SELECT REAL ESTATE SECURITIES INDEX^SM, THE DOW JONES U.S. SELECT DIVIDEND INDEX^SM OR ANY DATA INCLUDED THEREIN AND DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY UBS AG, OWNERS OF THE ETRACS MONTHLY PAY 2XLEVERAGED DOW JONES INTERNATIONAL REAL ESTATE ETN, THE ETRACS MONTHLY PAY 2XLEVERAGED DOW JONES SELECT DIVIDEND INDEX ETN, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE DOW JONES GLOBAL EX-U.S. SELECT REAL ESTATE SECURITIES INDEX THE DOW JONES U.S. SELECT DIVIDEND INDEX^SM OR ANY DATA INCLUDED THEREIN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE DOW JONES GLOBAL EX-U.S. SELECT REAL ESTATE SECURITIES INDEX^SM, THE DOW JONES U.S. SELECT DIVIDEND INDEX^SM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES, CME OR THEIR RESPECTIVE AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN CME AND UBS AG, OTHER THAN THE LICENSORS OF CME.

Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. (“S&P”) and UBS AG have entered into a non-exclusive license agreement providing for the license to UBS, and certain of its affiliates, in exchange for a fee, of the right to use the S&P High Yield Dividend Aristocrats® Index, in connection with securities, including the ETNs. The S&P High Yield Dividend Aristocrats® Index is owned and published by S&P. The ETNs are not sponsored, endorsed, sold or promoted by S&P or its third party licensors. Neither S&P nor its third party licensors make any representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the S&P High Yield Dividend Aristocrats® Index to track general stock market performance. S&P’s and its third party licensor’s only relationship to UBS AG is the licensing of certain trademarks and trade names of S&P and the third party licensors and of the S&P High Yield Dividend Aristocrats® Index which is determined, composed and calculated by S&P or its third party licensors without regard to UBS AG or the ETNs. S&P and its third party licensors have no obligation to take the needs of UBS AG or the owners of the ETNs into consideration in determining, composing or calculating the S&P High Yield Dividend Aristocrats® Index. Neither S&P nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of the ETNs or the timing of the issuance or sale of the ETNs or in the determination or calculation of the equation by which the ETNs is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the ETNs. NEITHER S&P, ITS AFFILIATES NOR THEIR THIRD PARTY LICENSORS GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE S&P HIGH YIELD DIVIDEND ARISTOCRATS® INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P, ITS AFFILIATES AND THEIR THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. S&P MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE S&P HIGH YIELD DIVIDEND ARISTOCRATS® INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P, ITS AFFILIATES OR THEIR THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

The ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN (“ETN”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH (“Licensor”) and Licensor makes no representation or warranty, express or implied, to the owners of the ETN or any member of the public regarding the advisability of investing in securities generally or in the ETN particularly or the ability of the Market Vectors® Global Mortgage REITs Index to track the performance of the mortgage REIT market.

Market Vectors® Global Mortgage REITs Index (the “Index”) is the exclusive property of Market Vectors Index Solutions GmbH, which has contracted with Structured Solutions AG to maintain and calculate the Index. Structured Solutions AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Market Vectors Index Solutions GmbH, Structured Solutions AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. The ETN is not sponsored, promoted, sold or supported in any other manner by Structured Solutions AG nor does Structured Solutions AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. Neither publication of the Index by Structured Solutions AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by Structured Solutions AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Structured Solutions AG with regard to any investment in this financial instrument. Structured Solutions AG is not responsible for fulfilling the legal requirements concerning the accuracy and completeness of the financial instrument’s prospectus.

The ETN is not sponsored, endorsed, sold or promoted by Van Eck Associates Corporation (“Van Eck”). Van Eck makes no representation or warranty, express or implied, nor accepts any responsibility, regarding the accuracy or completeness of this Informational Material, or the advisability of investing in securities or financial instruments, or in the ETN.

VAN ECK AND ITS AFFILIATES DO NOT GUARANTEE THE ACCURACY AND/OR COMPLETENESS OF THE INDEX OF ANY DATA INCLUDED THEREIN AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS, AND MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY OWNERS OF, ETN, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE ETN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL VAN ECK OR ANY OF ITS AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

UBS specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. © UBS 2013. The key symbol, UBS and ETRACS are among the registered and unregistered trademarks of UBS. The “Dow Jones Global ex-U.S. Select Real Estate Securities Index^SM” and the “Dow Jones U.S. Select Dividend Index^SM” are products of Dow Jones Indexes and marketing names and licensed trademarks of CME Indexes, and have been licensed for use. “Dow Jones®”, “Dow Jones Global ex-U.S. Select Real Estate Securities Index^SM”, “Dow Jones U.S. Select Dividend Index^SM” and “Dow Jones Indexes” are service marks of Dow Jones Trademark Holdings, LLC (“Dow Jones”) and have been licensed for use for certain purposes by UBS AG. “S&P®”, “Standard & Poor’s®”, “S&P 500®”, “S&P 500® Dividend Aristocrats®” and “Dividend Aristocrats®” are trademarks of Standard & Poor’s Financial Services LLC and have been licensed for use by UBS. The Securities are not sponsored, endorsed, sold or promoted by S&P and S&P makes no representation regarding the advisability of investing in the Securities. Other marks may be trademarks of their respective owners. All rights reserved.

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Notes to Editors

Headquartered in Zurich and Basel, Switzerland, UBS is a client-focused financial services firm that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. By delivering a full range of advice, products and services to its private, corporate and institutional clients, UBS aims to generate sustainable earnings, create value for its shareholders, and become the choice of clients worldwide.

UBS is present in all major financial centers worldwide. It has offices in more than 50 countries, with about 36% of its employees working in the Americas, 35% in Switzerland, 17% in the rest of Europe, the Middle East and Africa and 12% in Asia Pacific. UBS employs about 62,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

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NEW RULES FOR SHORT SALES

DSN-Paul

by Benny L. Kass

Negotiation of a short sale deficiency agreement or any other type of mortgage collection forbearance with a sellers’s mortgage lender is not within the scope of a real estate license. This is the decision of the Maryland Real Estate Commisison, and accordingly there are now new rules governing how Maryland real estate agents can handle short sales. Such a determination by other State Real Estate Commissions could impact agents and brokers all over the United States.

Here’s the Maryland background. On May 16, 2013, Governor Martin O’Malley signed into law the Maryland Mortgage Assistance Relief Services Act. Commonly referred to as MARS.

That law – patterned after the Federal Trade Commission’s MARS Rule – is designed to protect homeowners in financial trouble. Whenever the economy falters, predators come out to prey on unsuspecting and worried homeowners by offering false mortgage relief services.

The FTC rule specifically prohibits any mortgage relief company – which now could include Maryland real estate agents – from collecting any fees until they have provided the homeowner with a written offer from their mortgage lender that is acceptable to the consumer. Additionally, anyone engaged in mortgage relief must disclose such matters as (1) they are not associated with any government, (2) the lender may not agree to the proposed plan, and (3) if the homeowner is told to stop paying the mortgage, they must also be told that they could lose their home and damage their credit rating.

Short sales are included in the definition of “mortgage relief”, since the home is sold for less than the balance owed on the mortgage and the lender agrees to accept the sales proceeds. Two years ago, however, the FTC announced that it would not pursue the provisions of the Federal MARS rule against real estate brokers engaged in short sales, if they are licensed and in good standing under state licensing requirements.

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The new Maryland MARS act changes this. The Maryland Commissioner of Financial Regulations – the agency authorized to enforce the law – has determined that “negotiation of a short sale deficiency agreement or any other type of mortgage collection forbearance with a seller’s mortgage lender” is not within the scope of a real estate license.

“As short sales have become more prevalent,” said Steven Long, Assistant Executive Director of the Maryland Department of Labor, Licensing, and Regulation, ” questions have arisen as to which parties may provide assistance in executing short sales and how those parties may be compensated.”

Maryland real estate agents may enter into contracts with a homeowner to market their house for a short sale, and may conduct a comparative market analysis (referred to as a Broker’s Price Opinion). However, there are a number of restrictions and conditions.

On July 22, 2013, the Maryland Real Estate Commission issued guidelines for handling short sale transactions. Agents will have to comply with the MARS Act if they do any of the following:

• collect any moneys in addition to the customary commission;
• assist a seller in negotiating with the lender to obtain approval of a short sale;
• represent to the public that they are “experts” in short sales;
• make representations that they can obtain a short sale;
• provide advise regarding the benefits of a strategic default, or
• make predictions with regard to the likelihood of a deficiency or the payment of relocation costs involved in a short sale.

Does this also impact real estate agents other states? Unless the Federal Trade Commission changes its decision, they will not enforce the federal MARS act. However, all agents must take note of the decision by the Maryland Real Estate Commission that involvement in many aspects of short sales is outside the scope of the real estate license.

Accordingly, all real estate agents – wherever they are located – should comply with the various requirements of the MARS rule. For more information on the Maryland act ; and on the MARS Rule

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