The Weekly Membership Newsletter of the Tennessee Assn. of REALTORS


CONTENTS
1. Understanding Generation Y
2. SURVEY: Web 2.0 and Your Business!
3. HOT LINE: Quit Claiming a Listed Property
4. HOT LINE: Accessibility of Principal Broker
5. HOT LINE: SOLD Signs on the Property
6. Instructor Academy 2008!
7. Rates Climb Just Over 6


1. Understanding Generation Y

We’ve all likely been to at least one seminar in the past couple of years to learn what we already knew: “All age groups are NOT the same!”

With the median age in the real estate business still hovering somewhere around 52, and the median age of first-time buyers at least a couple of decades younger, we need to know how other generations think!

A good start might be an article by Stacy Downs, published last week by RISMedia and titled “What Exactly Is Generation Y Looking for in a Home?”. The typical Generation Y homebuyer, in particular, seems to have some interesting likes and dislikes when buying property.

So, who belongs in Generation Y?

*** BEGIN QUOTE ***
Those born between 1978 and 1994. They’re also called Millennials, the Internet Generation, Echo Boomers, Nexters and the Digital Generation. Generation Y follows Generation X, a term coined by fiction writer Douglas Coupland to describe those born after boomers, roughly 1965 to 1978.
*** END QUOTE ***

To read the complete article, go HERE.

[SOURCE: RISMedia]


2. SURVEY: Web 2.0 and Your Business!

PLEASE help us out! We have developed a SIMPLE and QUICK 3-question survey – on how you use the Internet – that we would LOVE for all of our TAR DIGEST readers to complete. It will only take a few seconds of your time!

To take the survey on “Web 2.0 and Your Business,” please click HERE.

Thanks!


3. HOT LINE: Quit Claiming a Listed Property

QUESTION: I had a client call me today from Florida and she has to leave the country for a time. She has a lot that I have listed for her. She wants to quit claim the lot to her daughter. Do I need to get a new listing agreement signed?

ANSWER: YES. If the seller quit claims her property to her daughter but still wants to sell it, then you will need a new listing agreement that names the daughter as the owner of the property.

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


4. HOT LINE: Accessibility of Principal Broker

QUESTION: I am the Principal Broker of our firm. Some of the new agents in our office have come in from pre-licensing saying they were told that the broker must be present or immediately accessible from 8-5 each day. I know that we as Brokers must participate full time in the running of the office, but I want to clarify for them that it does not require immediate availability in the office all the time.

ANSWER: TREC Rule 1260-2-.01 discusses this issue. Pursuant to that rule:

(1) No licensee shall engage in any real estate activity in any office unless there is a principal broker who devotes his full time to the management of such office….
(3) A licensee may be engaged only by a principal broker who is
(a) engaged primarily in the real estate business; and
(b) accessible during normal daytime working hours.

This does NOT mean that you must be in the office every moment of every day. However, it DOES mean that the agents should be able to reach you within a reasonable amount of time during business hours. This can be via cell phone. However, you should be in the office a great deal of the time.

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


5. HOT LINE: SOLD Signs on the Property

QUESTION: When I represent the buyer of a property and another agent represents the seller of a property, can I, as the selling agent, place my SOLD sign on the property after closing with the permission of my client (who is now the owner of the property)? In addition, must I leave the sign of the seller’s agent or can I take it down and return it to the agent?

ANSWER: YES, for your first question. Pursuant to Standard of Practice 12-7 of the NAR Code of Ethics:

“Only REALTORS who participated in the transaction as the listing broker or cooperating broker (selling broker) may claim to have ‘sold’ the property. Prior to closing, a cooperating broker may post a ‘SOLD’ sign with the consent of the listing broker.”

AFTER closing, as long as you have the buyer’s (the new owner’s) permission, you can place a SOLD sign on the property as the buyer’s agent. If your client wants you to take the sign for the seller’s agent (the listing agent) back to them, we would recommend that you take the listing agent’s sign down but not remove it from the premises without getting the other agent’s permission to do so (or asking them to retrieve their own sign). That way you are covered and they cannot claim that you stole the sign.

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


6. Instructor Academy 2008!

Instructor Academy 2008 will be held July 24-25 in Nashville, TN. This is a two-day conference, planned especially for instructors, trainers, managers, education staff, and Association Executives …ANYONE who wants to improve their training know-how and skills!

The theme for 2008 is “E-Learning 2.0!”, and the entire conference is devoted to instructor-led distance learning — tools, trends, and techniques! This year’s conference features some prominent national instructor-trainers — Jane Bozarth (noted author, trainer, and speaker on distance-learning facilitation), and Michelle Moore (a popular national speaker and trainer for Remote-Learner.net) — and a great selection of workshops!

The conference program starts at 8:30AM on July 24, and ends at 2:30PM on July 25.

If you teach — ESPECIALLY if you plan to facilitate any e-learning courses — don’t miss this opportunity! You’ll leave with new skills, new ideas, AND some new friends to help YOU become a better instructor!

For more information, or to register, click HERE.


7. Rates Climb Just Over 6

Freddie Mac reports a jump in the 30-year fixed mortgage rate to 6.08 percent during the week ended May 29 from 5.98 percent the prior week, marking a two-month high triggered by investor concern over inflation. The 15-year mortgage rate climbed to 5.66 percent from 5.55 percent over the same period, while the five-year adjustable rate rose slightly to 5.62 percent from 5.61 percent. However, the one-year ARM slipped to 5.22 percent from 5.24 percent.

[SOURCES: Freddie Mac; Information, Inc.]


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