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


CONTENTS
1. All Husk and No Corn?
2. A Special Reason to Attend NAR Convention!
3. HOT LINE ADVISORY: Follow-Up on Seller Financing
4. HOT LINE: Owner Wants To Change Listing Agents?
5. HOT LINE: Hosting Open House For Agent in Different Firm?
6. GRI and Other Courses
7. Rates At Record Low Levels
8. IMPORTANT LINKS

To ask a TAR Legal and Ethics Hot Line question, CLICK HERE.

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

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1. All Husk and No Corn?

Occasionally, an article catches our eye due to title alone! One such article, “Are You All Husk and No Corn? 4 Tips to Make the Most of Your Online Presence” by Nick Sweeney, appeared in RISMedia this past week, with good practical advice to match the title!

*** BEGIN QUOTE ***
Whatever reason you were given, you were inspired to go out and secure yourself a Web presence. You may have even signed up for Facebook and, up-to-date you, a Twitter account.

You get it. You’ve got the tools. You’re with it.

The trouble is, your online presence is vapid and empty.
*** END QUOTE ***

To read the entire article, CLICK HERE.

[SOURCE: RISMedia]


2. A Special Reason to Attend NAR Convention!

Our own Mary W. Sharp, a Memphis REALTOR with Crye-Leike REALTORS in Germantown, has been selected as one of the six national finalists for the REALTORS Got Talent Contest, to be held at the National association of REALTORS Convention in New Orleans this November!

Each contestant will perform at the REALTORS Got Talent Contest on Sunday, Nov. 7, from 7:00pm-8:30pm in New Orleans, just before the Earth, Wind & Fire Concert! At the end of the performances, the audience will be asked to text their votes and the winner will be announced. The winner will receive $2,000 and all five runners-up will receive $500 each. What a perfect finale to the NAR Convention!

Our hearty congratulations to Mary for this tremendous honor! If you haven’t heard Mary sing, and you should, this is your chance!

[SOURCE: NAR]


3. HOT LINE ADVISORY: Follow-Up on Seller Financing

TAR continues to investigate issues surrounding seller financing under the federal SAFE Act and the Tennessee Residential Lending, Brokerage and Servicing Act. Our legal counsel has been in touch with NAR’s legal counsel, the lobbyists for NAR, and the Tennessee Department for Financial Institutions seeking clarification and guidance for REALTORS on this issue as well as continuing their own research of this complex matter. Stay tuned to the Digest for additional information as it becomes available.

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


4. HOT LINE: Owner Wants To Change Listing Agents?

QUESTION: There is an owner interested in talking to me about listing his property. His property is currently listed with another agent. There is a 30-day out in his listing agreement with the other agent. Can I talk with the seller prior to the expiration of this 30-days?

ANSWER: It will depend upon whether there is still an agency relationship between the other firm and the seller or if it is simply in the carry-over clause provision.  Article 16 of the NAR Code of Ethics states:

REALTORS shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS have with clients.

Standard of Practice 16-4 states:

REALTORS shall not solicit a listing which is currently listed exclusively with another broker. However, if the listing broker, when asked by the REALTOR, refuses to disclose the expiration date and nature of such listing; i.e., an exclusive right to sell, an exclusive agency, open listing, or other form of contractual agreement between the listing broker and the client, the REALTOR may contact the owner to secure such information and may discuss the terms upon which the REALTOR might take a future listing or, alternatively, may take a listing to become effective upon expiration of any existing exclusive listing.

You’ve indicated that the listing contract had a provision in which either party can terminate with 30 days notice. You should not say anything other than “I can discuss future relationships with you once your current agreement has been resolved.” Once they have terminated the relationship, then you can have something which would become effective upon the official expiration of the current agreement. Do NOT advise them to terminate their current agreement or how to do so.

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


5. HOT LINE: Hosting Open House For Agent in Different Firm?

QUESTION: Can an agent host an open house for an agent from another agency?

ANSWER: We would not recommend it for several reasons. First, if you do open houses for agents with other firms, you could be violating several provisions of the Broker’s Act. First, it may constitute misrepresentation since you do not work for that agency. Secondly, you do not represent that seller. By holding the open house for them, it appears to the public that you are the listing agent. Third, this could be in violation of your independent contractor’s agreement with your firm or against company policy. Fourth, you will be taking on added liability.

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


6. GRI and Other Courses

Oct. 14-15: GRI 4, From Offer to Contract to Closing (16 hrs. CE) – Cool Springs/Nashville Area. For more information or to register, CLICK HERE.

Oct. 14 – Nov. 17: GRI 5, Systems for Success (16 hrs. CE) — an E-Class distance-learning course. For more information or to register, CLICK HERE.

The complete 2010 schedule of GRI Courses (both Classroom and E-Class) is online HERE.

In addition to GRI Courses:

Oct. 6: RESPA Really Matters (4 hrs. CE) – Clarksville. For more information or to register, call 931-552-3567.

Oct. 6: Agency in Tennessee (4 hrs. CE) – Clarksville. For more information or to register, call 931-552-3567.

Oct. 18: Homeownership Options for Tennessee’s Workforce (6 hrs. CE) – Gray (Northeast TN). For more information or to register, call 423-477-0040.

Oct. 20: NAR Ethics Course, for 2009-2012 Cycle (3 hrs. CE) – Springfield.  For more information or to register, call 615-384-0816.

Oct. 21-22: Mediation Training – TAR Office.  For more information or to register, CLICK HERE.

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


7. Rates At Record Low Levels

Average interest on 30-year fixed mortgages fell this past week to 4.32 percent, matching the lowest level on record. Interest on 15-year loans, meanwhile, declined to 3.75 percent, also setting an all-time low. Investors have been flocking to the safety of Treasury bonds since the spring, which has driven down their yields and helped to keep rates at or near the lowest levels in decades.

[SOURCES: Freddie Mac; Information, Inc.]


8. IMPORTANT LINKS

Click on any of the following to access:

Back Issues of the TAR DIGEST
Tennessee Assn. of REALTORS
TAR Education
Tennessee Real Estate Commission