The 7-26-11 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


CONTENTS
1. The NAR Bus Visits Tennessee!
2. LAST WEEK To Save on Your TAR Convention!
3. Developing a CEO Mindset
4. HOT LINE: Suing for a Commission?
5. HOT LINE: Responding to Questions About Race?
6. Upcoming GRI & Other Courses
7. Attend a TREC Seminar for Free CE
8. Little Change in Mortgage Rates
9. Useful Web 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.


1. The NAR Bus Visits Tennessee!

In March 2011, the NATIONAL ASSOCIATION OF REALTORS leadership team began a multi-city bus tour to promote the benefits of home ownership and the need to keep homeownership and housing policy at the top of any public policy agenda.

Each stop on the tour, part of the Home Ownership Matters Campaign, has been designed to engage both REALTORS and consumers in a dialogue on the housing issues that matter most to them.

Last week, the NAR bus stopped in Memphis, and on Monday of this week visited Nashville!

[SOURCE: NAR]


2. LAST WEEK To Save on Your TAR Convention!

This year’s TAR Convention offers several outstanding national speakers new to TAR events as well as topics designed to give your business a needed boost! And the setting for the Convention couldn’t be prettier!

Register NOW to save $$$! The Registration Rate for Members increases by $55 after JULY 29 …THIS WEEK!

ALSO: Remember that our reseved room block at the Hotel in Savannah expires on AUGUST 16 …so make your hotel reservations soon to guarantee a room and get it at the lowest rate!

You can get more information, or register online, at: http://tnrealtors.com/meetings/convention/schedule.php


3. Developing a CEO Mindset

A recent article  by Judy Silvia (“Developing a CEO Mindset as the Foundation to Your Success”), on the BrokerAgentSocial website, does a good job of explaining why so many real estate agents “become victims to their own businesses.” She then describes the changes that an agent must make to approach their business more successfully:

*** BEGIN QUOTE ***
…real estate agents must accept that they share many similarities with small business owners, and like these owners, must become the CEO of their business. For starters, real estate agents set out in their business for many of the same reasons as small business owners: forge their own path; make their own schedule; unlimited income earning potential; and to be their own boss. However, without warning, they fall prey to the tyranny of the urgent and unimportant details, and become slaves to their business and career.
*** END QUOTE ***

To read the entire article, CLICK HERE.

[SOURCE: BrokerAgentSocial]


4. HOT LINE: Suing for a Commission?

QUESTION: If a REALTOR wants to go after a commission from a client how do they proceed? Do they just get an attorney?

Case in point: REALTOR’s buyers signed a Buyer’s Exclusive Buyer Representation Agreement (Designated Agency) which expires 12/31/11. The REALTOR stays in constant contact, shows buyers many properties, makes an offer on one, but cannot get the sellers to agree to price. Two weeks later, the REALTOR finds out the buyers called the listing agent, told the listing agent they have not signed Agreement with any REALTOR and wants to see the property. Listing agent writes an offer, and the seller accepts. Now the buyer’s agent wants to sue for commission.

ANSWER: There are two routes which can be taken. The first would be to request a procuring cause hearing with the local board. However, this is not always a guarantee. It would be up to the local board to determine whether the agent was indeed the procuring cause of this transaction.

The second route is to sue the buyer for breach of the buyer’s representation agreement. We would recommend that the principal broker speak with an attorney who can review the buyer’s representation agreement and can advise as to the likelihood of success on a matter like this.

REMEMBER: The firm would be the one to instigate a legal action, not the individual agent. Furthermore, the company must have an attorney if it is an LLC, corporation and certain types of partnerships.

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


5. HOT LINE: Responding to Questions About Race?

QUESTION: We have a home listed in a neighborhood that the majority of the home owners are of a specific minority. I keep getting asking the question, “Is this a black neighborhood?” My agents have been saying, “It’s a nice neighborhood” and they do not know the answer to that question.  Can you please give me the correct legal and ethical answer to that question?

ANSWER: These are the difficult questions. Clearly you cannot disclose the racial makeup of a neighborhood and still be in compliance with the Fair Housing laws. We would not even make the comment that it is a “nice” neighborhood as this is entirely too subjective and could be seen as a “codeword” for racial makeup. We would simply respond that the Fair Housing laws prevent you from commenting on this issue.

You can suggest that they return to the neighborhood several times to get a better feel for the neighborhood, speak with the neighbors, and potentially speak with the local police department if they have certain concerns about it.

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


6. Upcoming GRI & Other Courses

July 28: 2011 TREEF Faculty Conference – TAR Office, Nashville. This is not an instructor training course, but rather a series of briefings and workshops for current instructors. For more information or to register, CLICK HERE.

Aug. 4: GRI 4, From Offer to Contract to Closing (16 hrs. CE) – MAAR Office, Memphis. For more information or to register, CLICK HERE.

Aug. 4 – Sept. 7: GRI 2, Smart Marketing (16 hrs. CE) – An E-Class distance-learning course. For more information or to register, CLICK HERE.

Aug. 8: 2011-2012 Residential Core Course (6 hrs. CE) – Winchester, TN. For more information or to register, CLICK HERE.

Aug. 9: 2011-2012 Residential Core Course (6 hrs. CE) – GNAR Office, Nashville, TN. For more information or to register, call 615-254-7516.

Aug. 11: 2011-2012 Residential Core Course (6 hrs. CE) – SMTAR Office, Columbia, TN. For more information or to register, call 931-381-5556.

The complete 2011 schedule of GRI courses (both Classroom and E-Class) is online HERE.

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


7. Attend a TREC Seminar for Free CE

The Tennessee Real Estate Commission (TREC) Seminar will be at the Central West Tennessee Association in Jackson, TN, on Wednesday, July 27, from 1PM-3PM, and at the Memphis Area Association on Thursday, July 28, from 9AM-11AM and 1PM-3PM.

Attend any of these sessions and earn 2 hours of CE …for FREE!

[SOURCE: TREC]


8. Little Change in Mortgage Rates

Freddie Mac reports only slight movement in mortgage interest. The 30-year fixed rate nudged up to 4.52 percent last week from 4.51 percent, compared to 4.56 percent a year ago; and the 15-year fixed rate bumped up to 3.66 percent from 3.65 percent a week earlier, compared with 4.03 percent a year earlier. The five-year adjustable-rate mortgage slipped to 3.27 percent from 3.29 percent a week earlier and from 3.79 percent last year; while one-year ARMs moved up to 2.97 percent from 2.95 percent the prior week but fell from 3.70 percent a year ago.

[SOURCES: Freddie Mac; Information, Inc.]


9. Useful Internet Links

Click on any of the following to access:

Back Issues of the TAR DIGEST
Tennessee Assn. of REALTORS
TAR Education
TAR on LinkedIn
TAR on Facebook
Follow TAR on Twitter
Online Risk Reduction Resources
Online Resources for Association Leaders
Tennessee Real Estate Commission