The Weekly Membership Newsletter of the Tennessee Assn. of REALTORS
Editor: Pug Scoville


CONTENTS
1. PDS = Price Denial Syndrome!
2. HOT LINE: Whose Interests Take Priority?
3. HOT LINE: Paying for New Curtains?
4. 2008 Governor’s Housing Summit
5. New REALTORS Emeritus!
6. Leadership TAR Application Deadline!
7. Rates Drop Again
8. UPCOMING EVENTS & COURSES


1. PDS = Price Denial Syndrome!

REALTOR Magazine Online published a new article this past week (“Do Your Sellers Suffer from PDS?”) featuring tips from popular speaker and trainer David Knox:

*** BEGIN QUOTE ***
Many sellers are suffering from an unfortunate condition called Price Denial Syndrome, said real estate trainer David Knox, of David Knox Productions in Minneapolis.

These sellers tend to resist the reality that they must lower the listing price of their home, unwilling to accept that the days of the boom market are gone….

Common symptoms of Price Denial Syndome include blaming you for suggesting a price reduction and trying to justify why buyers would pay the higher price.
*** END QUOTE ***

To read more, including Knox’s suggested responses to FIVE common objections, go HERE.

[SOURCE: REALTOR Magazine Online]


2. HOT LINE: Whose Interests Take Priority?

QUESTION: A broker is representing a prospective tenant and the tenant has interest in a particular piece of property. The broker has talked to the owner about a commission rate that he desires and, if he does not get that particular rate, he will take the tenant to another property. Is this legal and/or ethical?

ANSWER: Probably NOT, unless he is acting at his client’s explicit instruction.

Under the Broker’s Act, a licensee who acts as an agent in a transaction is required to “Be loyal to the interests of the client.  A licensee must place the interests of the client before all others in negotiation of a transaction and in other activities, except where such loyalty duty would violate licensee’s duties to a customer under S 62-13-402 or a licensee’s duties to another client in a dual agency.”  Therefore, the licensee is required to place his client’s interests ABOVE his own.

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


3. HOT LINE: Paying for New Curtains?

QUESTION: I know cash gifts are not permitted, but is it okay for the agent for the Buyer to replace, at her own expense, the curtains
that were inadvertently removed by the Seller? The Seller will not replace them.

ANSWER: This is fine as long as you do not give them a cash gift.

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


4. 2008 Governor’s Housing Summit

All TAR DIGEST readers are invited to register for the 2008 Governor’s Housing Summit, hosted by the Tennessee Housing Development Agency (THDA) on Dec. 1-2, 2008. Registration is $50, and registration closes NOVEMBER 24! [Attendance will be capped at 550.]

The purpose of this Summit is to promote affordable housing. Speakers and attendees will share what works, with the goal of repeating successes in additional areas of the state. Tennessee’s economic growth is dependent on its workforce. George McCarthy, Senior Program Officer in Development Finance and Economic Security at the Ford Foundation, will talk about a program that focuses on using homeownership to build assets for low-income families and their communities. This work centers on improving housing and housing finance markets to increase the chances that existing low-income homeowners succeed in building wealth.

The meeting opens with lunch Dec. 1 and closes after lunch Dec. 2 with an optional bus tour in the afternoon.

Continuing Education (CE) credit has been approved by the Tennessee Real Estate Commission for several sessions.

For more information, go HERE.
To register online, go HERE.

[SOURCE: THDA]


5. New REALTORS Emeritus!

Congratulations to the following Tennessee REALTORS, who were all recognized at the recent NAR Annual Convention in Orlando, FL, as new REALTORS Emeritus! A REALTOR Emeritus is “Any person who has held membership in the National Association as a REALTOR, REALTOR-ASSOCIATE, or a combination of both, for a cumulative period of 40 YEARS in one or more Associations of REALTORS”.  If you see any of these individuals, please congratulate them on their achievement:

Wendell Alexander (Reelfoot Regional Assn.)
Max Carroll (River Counties Assn.)
Ken Frady (Chattanooga Assn.)
Frank Goodlett (Clarksville Assn.)
John Green, Jr. (Williamson Co. Assn.)
Aubrey Harvey (Clarksville Assn.)
Gloria Sutton (Chattanooga Assn.)

If you want to know how to weather a recession, the above individuals have undoubtedly weathered SEVERAL …successfully!

[SOURCE: NAR]

_____________________________________________________
6. Leadership TAR Application Deadline!

Applications for the 2009 Class of Leadership TAR must be received BY DECEMBER 1, 2008, less than two weeks away!

For more information, see the application form, that you will find in the NEWSROOM section of the TAR website, at:
http://tnrealtors.com/main/newsroom/

_____________________________________________________
7. Rates Drop Again

Freddie Mac reports that the (average national) 30-year fixed mortgage rate dropped to 6.14 percent during the week ended Nov. 13 from 6.20 percent the prior week, marking the second consecutive weekly decline. The 15-year fixed mortgage rate fell to 5.81 percent from 5.88 percent, while the five-year adjustable mortgage rate slipped to 5.98 percent from 6.19 percent. However, the one-year ARM climbed to 5.33 percent from 5.25 percent.

[SOURCES: Information, Inc.; Freddie Mac]


8. UPCOMING EVENTS & COURSES

Nov. 19-20: GRI 6 – Sticky Situations (Memphis)

Nov. 20: TREEF Meeting (TAR Office)

Dec. 1: DEADLINE for Applications for the 2009 Class of leadership TAR

Dec. 3: 2009-2010 Core CE Course Instructor-Training (TAR Office)

Dec. 10: Leadership Session for Local Association Presidents & Presidents-elect for 2009 (TAR Office)

Dec. 11: Governmental Affairs Training Session (TAR Office)

To register for any GRI courses (E-Class or Classroom) or Instructor-Training offerings, or for more information about any of them, go HERE.


TAR’s Home Page: http://tnrealtors.com

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