The 9-6-11 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


CONTENTS
1. Are You Sabotaging Your Own Success?
2. HOT LINE: Agency Disclosure with an Unrepresented Buyer?
3. HOT LINE: Lines 76-78 on the F9?
4. A NEW GRI Program for TN in 2012!
5. Upcoming GRI & Other Courses
6. Rates Remain At or Near Historic Lows
7. No DIGEST Next Week
8. 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. Are You Sabotaging Your Own Success?

We hear more and more stories of REALTORS getting “burned out” in the current real estate environment. A new article on RISMedia by Dr. Maya Bailey (“Marketing Strategies: Are You Sabotaging Your Own Success?”) could help put things into perspective:

*** BEGIN QUOTE ***
It’s a prevailing idea in our society that if you want to be successful, you have to work hard, struggle and strive. Many of my clients have done that and reached a place of “burnout.” Then they are faced with the dilemma of wanting to move forward, while also having a very unpleasant memory of what it was like before.

They need to work hard at reprogramming the self limiting belief, “To be successful you have to work very hard,” and replace it with an empowered belief, such as “I am committed to working smarter, not harder.” [emphasis added]
*** END QUOTE ***

To read more, CLICK HERE.

[SOURCE: RISMedia]


2. HOT LINE: Agency Disclosure with an Unrepresented Buyer?

QUESTIONS: On the F1 form (Confirmation of Agency Status), if the buyer is unrepresented, how is that completed on the form? Is Form 1a (Notification of Change in Status or Agency Relationship) required? If a company policy requires that when a buyer is unrepresented that the agent defaults to a facilitator status, is an addendum to the listing agreement required when using TAR forms?

ANSWERS: 1. If a buyer is unrepresented, the seller is on the left side. The agent will place their name on the left side with the seller’s name and check the appropriate type of agency on that side. The buyer’s name will go on the right side with no agent name. Then the fact that the buyer is unrepresented is checked on the right.

2.  Form F1a is not required. However, we have had questions about what form to use when changing agency status. This form will accomplish this.

3. It is permissible for a company to have a policy dictating that, when a party is unrepresented, the agent will default to a facilitator. This policy is certainly not required by TN law, but it is permissible. If this is the company policy, then the listing agreement and/or buyer’s representation agreement will need to be modified either through special stipulations or through an addendum to include this language. The TAR forms do not provide for this.

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


3. HOT LINE: Lines 76-78 on the F9?

QUESTION: On the F9 (Purchase and Sale Agreement), lines 76, 77 & 78, what exactly needs to go on those lines?

ANSWER: On line 76, place the name of the attorney or closing company which buyer would like to use. On line 77, place the name of the attorney or closing company which seller would like to use. These may be the same.  On line 78, place the name of the title company which will be used. If the buyer is paying for the title insurance, then – under RESPA – the buyer gets to choose which title company is to be used.

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


4. A NEW GRI Program for TN in 2012!

The GRI Program in Tennessee has been totally redesigned for 2012 and beyond, to give students BOTH shorter up-to-date courses AND much greater flexibility and choice (through Elective options) in how you structure your GRI studies to fit your personal career and business goals!

At least 90 total hours of GRI-Accredited courses are still required for the GRI designation (including the six required one-day courses).

To earn the GRI in 2012 and beyond, students will complete all six of the following brand new GRI Courses:

  • GRI 401: Doing Things the Right Way: Ethics & Professionalism (8 hrs.)
  • GRI 402: Staying In Business and Out of Court (8 hrs.)
  • GRI 403: Working Effectively With Buyers (8 hrs.)
  • GRI 404: Working Effectively With Sellers (8 hrs.)
  • GRI 405: Mastering Forms and Contracts (8 hrs.)
  • GRI 406: Tips, Tools & Technologies For Your Business (8 hrs.)

The above Required Courses will all be offered as one-day classroom courses, and all of these are fully CE-accredited. A three-week (8 hr.) E-Class version of each of these courses will ALSO be offered. Students may “mix and match” classroom and E-Class courses, taking some of their required courses one way and some in the other format, or all of them either way.

Early-bird tuition for any 8 hr. Classroom or E-Class GRI course will be $95, one-half of our pre-2012 tuition for two-day GRI courses.

Taking the six required courses above gives a student a total of 48 hours toward his/her GRI designation. Students can earn the remaining 42 hours of GRI Elective Credits they need in a variety of ways, customizing their education to fit their particular career needs and interests!

We are giving students a LOT of options for the needed 42 hours of GRI Elective Credits. To learn more, see: http://tnrealtors.com/main/education/gri_in_2012/

NOTE: Students who have taken courses prior to 2012, but who did not complete their designation requirements before the new program begins, will NOT LOSE A SINGLE HOUR of GRI credit! For more details, see “Transition Issues” at: http://tnrealtors.com/main/education/gri_in_2012/


5. Upcoming GRI & Other Courses

Sept. 9: TransactionDesk Advanced (3 hrs. CE) – MAAR Office, Memphis. For more information or to register, call 901-818-2421.

Sept. 13-17: 2011 TAR Annual Convention (10 hrs. CE) – Savannah, GA. For more information or to register online, go to: http://tnrealtors.com/meetings/convention/schedule.php

Sept. 22 – Oct. 26: GRI 4, From Offer to Contract to Closing (16 hrs. CE) – an E-Class distance-learning course. For more information or to register online, CLICK HERE.

Sept. 28-29: GRI 2, Smart Marketing (16 hrs. CE) – TAR Office, Nashville. For more information or to register online, CLICK HERE.

Sept. 29: E-Pro Day 1 Course (7 hrs. CE) – CAAR Office, Chattanooga. For more information or to register, call 423-698-8004.

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!


6. Rates Remain At or Near Historic Lows

Freddie Mac’s Primary Mortgage Market Survey showed mortgage rates declining amid continued weak economic and housing data this past week. While the 30-year fixed held steady at 4.22 percent, the 5-year ARM set a new all-time record low having fallen for the eighth consecutive week and now standing at 2.96 percent.

Attributed to Frank Nothaft, Freddie Mac’s vice president and chief economist, “The economy grew at a slower rate of 1 percent in the second quarter than was originally reported due to a smaller increase in inventories and fewer exports. In addition, consumer confidence in August fell to the lowest reading since April 2009, according to The Conference Board.”

[SOURCE: Freddie Mac]


7. No DIGEST Next Week

Due to the TAR Annual Convention, the TAR DIGEST will not be published next week. The next TAR DIGEST will be the 9-20-11 Edition!


8. 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

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