The 10-18-11 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


CONTENTS
1. A Dip in Housing Supply
2. Leadership TAR 2012 Announced!
3. Safety Tip: Lock Up, Remove Prescription Meds
4. HOT LINE: Do Clients Belong to the Firm?
5. HOT LINE: What To Keep in the Files?
6. HAPPENINGS – This Week And Next
7. Rates Rise From Record Lows
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. A Dip in Housing Supply

REALTOR.COM reports a 20 percent drop in the number of homes for sale to just over 2.19 million during the 12 months ended in September, marking the lowest level since 2007. While this might normally be a good sign (indicating that increased sales are finally shrinking the bloated inventory), real estate agents attribute the decrease to owners who do not want to sell at a discount and instead are removing their homes from the market. Weak demand, a “shadow” inventory of 1 million-plus homes and minimal opportunities for buyers and sellers to negotiate amid shrinking inventory will keep prices down.

[SOURCES: Wall Street Journal; Information, Inc.]


2. Leadership TAR 2012 Announced!

The 2012 Leadership TAR Program dates and description are now on the TAR website at:
http://tnrealtors.com/main/education/leadership_tar/

ALSO on the same page is a link to the Application Form for anyone who wishes to be a member of the 2012 Class of Leadership TAR!

Any TAR member may apply for Leadership TAR! A panel of Leadership TAR alumni who have served in various leadership roles with TAR will select the members of the 2012 Class from applications received by Jan. 15, 2012. Enrollment is limited to ensure a good retreat experience for everyone, so early application is encouraged. [NOTE: Program tuition should not be sent with the application. Tuition will not be due and payable until March, after participants are selected.]

Leadership TAR is a retreat-based training program that prepares emerging leaders in the state and local associations, encourages them through retreat-based instruction, and helps them sharpen their skills and personal goals, for the future of our association and profession. Completion of all three Leadership TAR Retreats — April 19-20, June 8-8, and Aug. 2-3 — is required for recognition as a “Leadership TAR Graduate”.


3. Safety Tip: Lock Up, Remove Prescription Meds

With prescription drug thieves targeting Open Houses, REALTORS say home sellers need to hide or lock up their medications. Buyers generally open medicine or kitchen cabinets while browsing homes, so REALTORS recommend that sellers store medicines in a ceramic container or place them under other items to both hide them and to make noise when opened. Other good hiding places include under the bed or in the back of a bottom cabinet. Sellers also should discard unused or unwanted medications.

[SOURCE: Information, Inc.]


4. HOT LINE: Do Clients Belong to the Firm?

QUESTION: When an affiliate leaves the firm, do his prospects and/or clients become the property of the firm that he left while he was affiliated?

ANSWER: Any listings, contracts, or buyer’s representation agreements belong to the firm, not the individual agent. If an affiliate broker leaves the company, then he/she may only take the listings, contracts and/or buyer’s rep agreements with them if they have the permission of the principal broker. Pursuant to TREC Rule 1260-2-.02(3), “When a licensee terminates his affiliation with a firm, he shall neither take nor use any property listings secured through the firm, unless specifically authorized by the principal broker.” A buyer’s representation agreement would be comparable to a property listing agreement; both are contracts between the firm and a consumer.

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


5. HOT LINE: What To Keep in the Files?

QUESTION: Are we required by law to keep a copy of the earnest money check in the file?

ANSWER: We are not aware of any specific requirement that you must keep a copy of the earnest money check in the file, however, we would recommend it. TREC has a list of requirements which must be included in the file under the Frequently Asked Questions Section of the manual which states:

According to the TREC, these records must contain, at a minimum, the following:  listings; offers (even those that do not become contracts); contracts; closing statements; agency agreements; agency disclosure documents; property disclosure forms; correspondence; notes; and any other relevant information.Official Manual of the Tennessee Real Estate Commission, 2008 Ed., pp. ix-x.

This could include copies of the earnest money checks.

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


6. HAPPENINGS – This Week And Next

Oct. 20-21: GRI 6, Sticky Situations (16 hrs. CE) – WCAR Office, Brentwood. For more information or to register, CLICK HERE.

Oct. 20-21: The Learning-Centered Instructor Workshop (16 hrs. CE) – TAR Office, Nashville. This is our 2-day instructor-training program. For more information or to register, CLICK HERE.

Oct. 24: GRI 407, Homeownership Options for Tennessee’s Workforce (6 hrs. CE) – GNAR Office, Nashville. For more information or to register, call 615-254-7516.

Oct. 25: TransactionDesk Basic (3 hrs. CE) – TAR Office, Nashville. For more information or to register, CLICK HERE.

Oct. 25: Contracts 101 (4 hrs. CE) – TAR Office, Nashville. For more information or to register, CLICK HERE.

Oct. 27: REALTOR Town HallHave a question for NAR Leadership? On October 27, 2011, members of the 2011 NAR Leadership Team will hold an online Town Hall to answer member’s questions and provide an update on the recent housing conference, the REALTOR Party Initiative and other issues. Look for more information about registering for the Town Hall on: http://www.REALTOR.org

Oct. 27-28: GRI 1, Professionalism in Real Estate (16 hrs. CE) – MAAR Office. Memphis. For more information or to register, CLICK HERE.

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

For information on the NEW 2012 GRI Program, go to: http://tnrealtors.com/main/education/gri_in_2012/

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


7. Rates Rise From Record Lows

Average interest on 30-year fixed mortgages spiked up to 4.12 percent this past week, according to Freddie Mac. A week earlier, the rate dipped below 4 percent for the first time, declining to 3.94 percent. Rates on 15-year fixed loans, meanwhile, averaged 3.37 percent, rising from 3.26 percent the previous week.

[SOURCES: Freddie Mac; Information, Inc.]


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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