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

1. TREC Reports Most Common Complaints!
2. Gearing Up for April 10-11!
3. HOT LINE: Purpose of Disclaimer Notice?
4. HOT LINE Advisory: Agency Guide
5. Instructor Training This Week and Next!
6. Upcoming Courses & Events
7. Rates Under 5 Again

To ask a TAR Legal & Ethics Hot Line question, go HERE.

For other questions about this newsletter, please use the “CONTACT” form HERE.

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1. TREC Reports Most Common Complaints!

At the meeting of the Tennessee Real Estate Commission this past week, a breakdown of complaints to TREC was released, showing the primary issues involved in those complaints. The six most common issues were:

  • Misrepresentation — 20%
  • Fraud — 14%
  • (Lack of) E&O Coverage — 14%
  • Misconduct — 10%
  • Earnest Money — 10%
  • Disclosure — 8%

NOTE: The most common complaints to TREC — misrepresentation and fraud — are consistent with the Legal Scan conducted by the National Association of REALTORS (NAR) which reports, on a national basis, the primary causes of lawsuits involving REALTORS.


2. Gearing Up for April 10-11!

As we announced a couple of weeks ago…

The Tennessee Association of REALTORS joins with state and local associations around the country to promote the Nationwide Open House Weekend, April 10-11. Encourage your buyers to visit and your sellers to participate!

By next week, we will post some press releases and other materials on the TAR website that you can use to promote this weekend locally …and attract more buyers to your listings! This is a wonderful opportunity for everyone to capitalize on a nationwide event.

How is this weekend different than any other weekend in April? This is an incredible opportunity for consumers to shop for a new home while:

  • Affordability is good
  • Mortgage interest rates are low (but expected to rise)
  • Good supply of homes on the market
  • The Expanded First-time Homebuyer’s Federal Tax Credit is still available. The contract has to be in place by April 30, 2010.

Eventually, home prices and interest rates will climb, inventory will become scarce and the tax credit will be gone.

3. HOT LINE: Purpose of Disclaimer Notice?

QUESTION: Is the new Disclaimer Notice form (F14) a requirement or recommended to protect agent?

ANSWER: F14, the Disclaimer Notice, is simply a way for agents to protect themselves. It is a notification that the agents are not experts in those fields and if the clients or customers have questions and/or concerns about any of those issues, they should speak with a qualified professional for that advice.

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

4. HOT LINE ADVISORY: Agency Guide

The TAR Hot Line continues to receive a number of agency-related questions …many of which would be unnecessary if more members would take advantage of the FREE Guide to Tennessee’s Agency Law, available online as a downloadable PDF. You can get your copy by CLICKING HERE.

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

5. Instructor Training This Week and Next!

As noted below in Upcoming Events & Courses, we have three (3) instructor workshops being held this week and next:

Our two-day instructor-training program (“The Learning Centered Instructor”) is being held this Wednesday and Thursday, March 17-18. This may be the ONLY offering of this workshop in Tennessee for 2010! For more information, go HERE.

On Wednesday and Thursday of NEXT week (March 24 & 25), we are offering two subject-matter workshops for instructors of agency courses and contracts courses, to help everyone teach these two topics more accurately and consistently. For more information, go to the links for each of those workshops below.

6. Upcoming Courses & Events

March 17-18: GRI 2, Smart Marketing (16 hrs. CE) – Memphis.

March 17-18: The Learning-Centered Instructor Workshop (16 hrs. CE) – TAR Office, Nashville.

March 18 – April 21: E-Class GRI 4, From Offer to Contract to Closing (16 hrs. CE).

March 24-25: GRI 1, Professionalism in Real Estate (16 hrs. CE) – Chattanooga.

March 24-25: GRI 5, Systems for Success (16 hrs. CE) – Knoxville.

March 24: Workshop for Agency Instructors – TAR Office, Nashville.

March 25: Workshop for Contracts Instructors – TAR Office, Nashville.

April 7-8: GRI 1, Professionalism in Real Estate (16 hrs. CE) – Cool Springs, Franklin.

April 8 – May 12: E-Class GRI 5, Systems for Success (16 hrs. CE).

April – August: Leadership TAR 2010!

The complete 2010 schedule of Classroom and E-Class GRI Courses is online!

Watch each week’s TAR DIGEST for schedule changes and additions!

7. Rates Under 5 Again

Through the end of last week, Freddie Mac reported that mortgage rates remained under the 5 percent mark for the second consecutive week, with the average interest on a 30-year fixed loan coming in at 4.95 percent from 4.97 percent a week earlier. Meanwhile, interest on 15-year fixed loans averaged 4.32 percent versus 4.33 percent the previous week. Rates on five-year, adjustable-rate mortgages settled at 4.05 percent, a decline from 4.11 percent the previous week.

[SOURCE: Freddie Mac]

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