The Weekly Membership Newsletter of the Tennessee Assn. of REALTORS


CONTENTS
1. Poll Says It’s a Good Time To Buy!
2. HOT LINE: Right of Rescission?
3. HOT LINE: Payment for Covering Business?
4. HOT LINE: On-Site Agent Seeking My Client?
5. TAR Is Now On Facebook!
6. Instructor-Training Workshop – May 7-8
7. Rates Fairly Steady at 5.88
8. ALERT: To Continue Receiving the TAR DIGEST…


1. Poll Says It’s a Good Time To Buy!

*** BEGIN QUOTE ***
Now is a good time to buy, say 59 percent of those surveyed in an Associated Press-AOL Money & Finance poll.

But long-term confidence in the housing market doesn’t keep some home owners from having concerns about the current situation.

* 67 percent think it is harder for first-time home buyers than it was five years ago.
* 60 percent say they will delay buying a home for two years.
* 11 percent are certain or very likely to buy soon.
* 40 percent believe housing prices will rise soon
* 35 percent think the prices of homes in their neighborhood are about right
* 50 percent of home owners in the Northeast say houses are still overpriced,
* 10 percent of those in the Midwest think homes are underpriced.
*** END QUOTE ***

[SOURCES: Associated Press; REALTOR Magazine Online]


2. HOT LINE: Right of Rescission?

QUESTION: I have clients from Florida looking at property. Does Tennessee have any right of rescission?

ANSWER: Tennessee does not have a statutory right of rescission in the common sense of the word. Some states will allow a buyer to change their mind and terminate the contract within a particular time frame. Tennessee does not have this statute. However, if the loan is a federally funded loan, the buyer can decide to rescind the loan, but he would STILL be responsible for buying the house.

[SOURCE: TAR’s Legal & Ethics Hot Line Attorneys]


3. HOT LINE: Payment for Covering Business?

QUESTION: What if you have an agent covering your business while you go out of town that is not a partner, team member or assistant – is it ok to pay a flat fee to that agent for “holding down the fort” while you are gone? Example: You answer my phone calls, show property in my absence, work any deals with sellers and I’ll pay you $200.00 dollars for your time.

ANSWER: It is possible to compensate an agent who is covering for you in your absence, BUT the compensation MUST be paid through the company for performing any duties which require a license.

[SOURCE: TAR’s Legal & Ethics Hot Line Attorneys]


4. HOT LINE: On-Site Agent Seeking My Client?

QUESTION: I took a buyer I was representing to a new home community and registered him. Later, when my buyer returned to the community to look at properties, the on-site agent for the developer told the buyer that they can provide the buyer with better service and a better deal. Is this legal?

ANSWER: This will depend upon several factors. If you have a written, signed buyer’s representation agreement in place with the buyer, then another agent cannot knowingly encourage the buyer to break the contract with you. This constitutes interference with a contract which is in violation of BOTH the Broker’s Act AND the NAR Code of Ethics.

If you do NOT have a written exclusive agreement to represent the buyer (and the on-site agent is a REALTOR), then this action may still be in violation of Article 15 of the NAR Code of Ethics, providing that REALTORS “shall not knowingly or recklessly make false or misleading statements about competitors, their businesses, or their business practices.”

[SOURCE: TAR’s Legal & Ethics Hot Line Attorneys]


5. TAR Is Now On Facebook!

Yes, your own state association of REALTORS now has its own Facebook page!

As anther way to connect with our “digitally-adept” members (and, more importantly, enable you to connect with each other!), TAR has its own presence on Facebook.

Be one of the first to become a TAR “fan”! If you have a Facebook account, click HERE to access the TAR page. If you’re not already on Facebook, you can sign up for your own page (it’s FREE) while you’re there.


6. Instructor-Training Workshop – May 7-8

Our popular instructor-training workshop – “THE LEARNING-CENTERED INSTRUCTOR” – is scheduled for May! If you want to improve as an instructor, trainer, or speaker, this is YOUR opportunity!

This two-day instructor-training program is sponsored by TAR and TREEF AND is now accepting registrations! Enrollment is limited to ensure adequate practice for participants. The workshop will be held May 7-8 in Nashville.

Recent attendees have included company trainers, local association instructors, pre-licensing instructors and others …ANYONE who wants to polish their teaching and/or speaking skills.

For more information, or to register, click HERE! Don’t wait …sign up soon!


7. Rates Fairly Steady at 5.88

Mortgage rates currently sit at 5.88 percent, and analysts say they are unlikely to fall any further for the rest of the year. Interest on 30-year fixed loans is only down a quarter of a point, as the credit markets have cut the link between it and yields on 10-year Treasuries; and while skittish investors have moved to Treasuries to trim the yields, mortgage lenders have not eased lending standards.

Mortgage rates are likely to close 2008 at about 6 percent as investors in bonds focus on rising inflation and drive interest rates higher. Long-term rates will also increase due to the additional supply of Treasuries as Congress borrows to raise money for the growing federal budget deficit.

[SOURCES: Information, Inc.; Kiplinger.com]


8. ALERT: To Continue Receiving the TAR DIGEST…

The Tennessee Association of REALTORS is officially launching a new delivery service for your weekly newsletter, the TAR DIGEST, beginning May 1, 2008! After May 1, the TAR DIGEST will ONLY be sent to those who have subscribed through this website, even if you have received it before now!

If you’re received this version of the TAR DIGEST by email, you have ALREADY successfully subscribed to the new service! Thanks!

To subscribe to the new service, anyone else in your office should go to www.tardigest.com and look down the left-hand column of the page for “Get News By E-Mail“. They should click on that link and follow the instructions. After entering their email address, they will receive an email from with a link that MUST then click to ACTIVATE their subscription.

We do NOT have the ability to add anyone to the new list of subscribers. Readers must subscribe themselves to continue receiving the DIGEST!


For information on using the TAR Legal & Ethics Hot Line, look under “More TAR Services” at the TAR website: tnrealtors.com