The Weekly Membership Newsletter of the Tennessee Assn. of REALTORS


CONTENTS
1. SPECIAL: NAR-DOJ Settlement Reached!
2. Legislative Reports Available
3. HOT LINE: Who Owns the Listings?
4. FOLLOW-UP: Right of Redemption
5. New Series of E-Class GRI Courses Scheduled
6. Rates in Retreat


1. SPECIAL: NAR-DOJ Settlement Reached!

*** BEGIN QUOTE ***
On May 27, 2008, NAR and the U.S. Department of Justice reached a favorable settlement, concluding a two-year DOJ investigation followed by two and a half years of litigation, regarding NAR’s multiple listing policy as it pertained to the display of listings from the MLS on brokers’ virtual office Web sites, or VOWs.

What the Settlement Accomplishes

The proposed terms are a win for NAR, REALTORS, and consumers, and confirm that MLS members must be actively engaged in real estate brokerage by actually helping people buy or sell homes.

This will ensure that MLSs are used for what they were originally intended to do — to help real estate professionals find buyers for people who want to sell their homes. NAR has also agreed to adopt a revised Virtual Office Web site policy that NAR will request MLSs to adopt.
*** END QUOTE ***

For more information about the settlement, go to:
http://www.realtor.org/DOJ/

Good news with which to start the summer!

[SOURCE: NAR]


2. Legislative Reports Available

The 2008 General Assembly has just come to a close and TAR has had another successful year with our legislative agenda. If you would like to take a look at the nearly 200 bills and resolutions TAR staff and Governmental Affairs Committee members tracked in 2008 you may click HERE …and look under Legislative Reports for “2008 Final Bill Tracking.”

While you’re on the Legislative Affairs page, you may want to take a look at a previous legislative update, legislative report or learn about the Tennessee Condo Act or Copper Theft legislation. It’s all available and at your fingertips!

[SOURCE: TAR Governmental Affairs Dept.]


3. HOT LINE: Who Owns the Listings?

QUESTION: Who owns the listings in a firm, the broker or the owner? Who owns the broker’s listings: the broker or the owner?

ANSWER: The firm owns all listings, contracts and buyer’s representation agreements. This is true whether the agent working the file is a broker or an affiliate broker. Therefore, if the principal broker is leaving a company, he would have to get the permission of the owner before he could take his listings with him.

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


4. FOLLOW-UP: Right of Redemption

Following last week’s publication of a Hot Line Question and Answer regarding the right of redemption, a couple of members inquired as to whether that right only applies to tax sales and not to bank foreclosures.

TO CLARIFY: Most of the time, the right of redemption is waived in a deed of trust, so if the bank were to foreclose and sell the property, the owner has waived his statutory right of redemption so that it is no longer applicable to him.

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


5. New Series of E-Class GRI Courses Scheduled

Another E-Class GRI series has been scheduled for 2008. Each of our E-Class (distance-learning) GRI courses lasts for five weeks, is instructor-led, and requires no travel for students! The new series of courses kicks off on July 31:

7/31 – 9/3: E-Class GRI 1 – Professionalism in Real Estate
8/7 – 9/10: E-Class GRI 2 – Smart Marketing
8/14 – 9/17: E-Class GRI 3 – Financing the Successful Transaction
8/21 – 9/24: E-Class GRI 4 – From Offer to Contract to Closing
9/4 – 10/8: E-Class GRI 5 – Systems for Success
9/4 – 10/8: E-Class GRI 6 – Sticky Situations

For more information on E-Class GRI courses, or to register, go to:
http://www.eclasscourses.com


6. Rates in Retreat

After four weeks in an upward trajectory, Freddie Mac reports that long-term mortgage rates are falling again. The average interest on a 30-year fixed loan settled at 5.98 percent this past week, down 0.03 percent from the prior week. Rates on 15-year fixed mortgages, meanwhile, slipped 0.5 percent for the week to an average of 5.55 percent. Borrowing costs drifted slightly higher, however, on adjustable-rate products. Five-year ARMs bumped up 0.04 percent to 5.61 percent, while one-year ARMs moved up 0.06 percent to 5.24 percent.

[SOURCES: Freddie Mac; Information, Inc.]


You can always access back issues of the TAR DIGEST at: http://www.tardigest.com