The 9-25-12 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


UPCOMING TAR COURSES & EVENTS:
Sept. 27 – Oct. 31: GRI 406 Plus, Systems for Success (16 hrs. CE) – An E-Class distance-learning GRI course.
Oct. 3: GRI 403, Working More Effectively With Buyers (8 hrs. CE) – TAR Office, Nashville.
Oct. 4: GRI 409, Short Sale Techniques (8 hrs. CE) – TAR Office, Nashville. This is a new course and a GRI Elective!

To see a complete calendar of CE courses around the state, go to: http://tnrealtors.com/education/realtor-courses/

HOT LINES IN THIS ISSUE:
1. HOT LINE: Legal Right to a Commission?
2. HOT LINE: Assisting With Purchase in Another MLS?
3. HOT LINE: Seller Wants To Stay a While?

IN OTHER NEWS:
4. TAR Installs Its 2013 Officers
5. 2012 TAR Award Winners Announced
6. TAR on TV!
7. More Buyers Canceling Contracts
8. Tech Trends for 2013
9. Instructor Training Postponed
10. Rates at Record Lows Again!
11. To Ask a Hot Line Question

NOTE: If you are reading a hard-copy of this DIGEST, and want to access some of the links cited, simply go to http://www.tardigest.com to access the current issue with “live” links!


1. HOT LINE: Legal Right to a Commission?

QUESTION: I have a client and I listed their house. They also wanted me to find a new residence for them. I sent them several leads on houses, and finally they found a short sale they wanted to put an offer on. I met them and we drew up the offer, and they signed a buyer’s rep agreement effective through the end of the year. The offer was submitted to the listing agent and it was in first position in a multiple-offer situation. Prior to the offer being accepted, they elected to withdraw the offer. I sent them more leads on houses and recently was contacted by the client. They stated they had found a property (new construction) closer to where they wanted to be. I reminded them that they still had a buyer’s rep agreement with me. Would I have any legal standing to collect a commission on the new property?

ANSWER: The firm may have a breach of contract claim against the buyer if you have a buyer’s representation agreement. We would recommend discussing the issue with your broker. Your broker can then determine whether to pursue it. If so, we would recommend that you all speak to an attorney who can review the terms of the buyer’s representation agreement and advise as to the strength of the case.

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


2. HOT LINE: Assisting With Purchase in Another MLS?

QUESTION: I have a client that is moving to another part of the state (outside of my own MLS area). My client is asking that I write an offer on a property there. Are there any rules or laws that would prohibit me from writing this offer on property outside of my MLS/Board/etc.?

ANSWER: There are several things to keep in mind with this. First, you should make sure that you can appropriately represent this buyer on a property in that area. Otherwise, there could be some issues under TREC Rules and the Code of Ethics. The next issue is the cooperative compensation. If you are not a member of that local association, then you may not be entitled to a cooperative compensation. You need to resolve this issue before you agree to submit an offer. If either of these is an issue, you (and the buyer) may be better served referring them to an agent in that area and requesting a referral fee.

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


3. HOT LINE: Seller Wants To Stay a While?

QUESTION: I represented a buyer and have a signed contract stating that the seller is supposed to give possession of the property today. Now the seller is requesting a temporary occupancy agreement and $45 a day until closing. This was not in the original contract. How do I handle this situation? What options are available to my buyer?

ANSWER: Note that the TAR Legal Hotline cannot provide an interpretation of an executed contract. If your clients have any questions, they should speak with their own attorney. For your general information, however, any executed contract cannot be changed unless it is in writing and signed by both parties. Neither party is required to renegotiate unless they choose to do so.

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


4. TAR Installs Its 2013 Officers

The 2013 officers of the Tennessee Association of Realtors (TAR) were installed Friday night:
2013 TAR President – Randy Thomas, Kingsport
2013 TAR President-elect – Neal Clayton, Nashville
2013 TAR Secretary-Treasurer – Pat Beech, Memphis
2013-2014 Division 1 VP – Leon Dickson Sr., Memphis
2013-2014 Division 2 VP – Richard Courtney, Nashville
2013-2014 Division 3 VP – Amanda Stone, Knoxville

Remaining on the TAR Executive Committee for another year will be Immediate Past President Sue Turner, Division 1 VP Joan Smith, Division 2 VP Brian Copeland, and Division 3 VP Randy Durham.

Congratulations to all of our TAR Officers!!!


5. 2012 TAR Award Winners Announced

TAR’s Annual Convention this past week was also the site where several statewide honors were bestowed!

Fay Robinson from Pulaski, a past president of SMTAR and a past officer of TAR, was named TAR’s 2012 REALTOR of the Year for her ongoing contributions of time and talent to so many areas of REALTOR life!

Steve Brown, Vice President of Crye-Leike, was awarded the 2012 Presidential Award for his ongoing support and guidance of 2012 TAR President Sue Turner and so many others.

Attorney Todd Sholar was named 2012 State REALTOR Educator of the Year for his many contributions to REALTOR education over the years, both as an instructor and frequent adviser to many and as a volunteer on the TAR Forms Committee.

Finally, REALTOR Lyndon LaFevers from the Eastern Middle TN Association was named Outstanding GRI Student of the Year for achieving both his GRI designation and a record of outstanding involvement and leadership in his community.

As you see or interact with any of these individuals, please congratulate them!


6. TAR on TV!

While we were at the TAR Annual Convention in Kingsport — and what a Convention it was! — a local television program (Daytime Tri-Cities) interviewed inspirational speaker Beth Halloway, incoming TAR President Randy Thomas, outgoing TAR President Sue Turner and (from Miami Florida) the 2012 President of the National Association of Realtors Moe Veissi.

To watch the clip online, CLICK HERE.

NOTE: There is a 15-second commercial that you must watch before the 7.5-minute clip actually begins.


7. More Buyers Canceling Contracts

This past week, REALTOR Magazine Online published a brief article (“Why Are More Buyers Canceling Contracts?”) based on a MarketWatch story and new data from a recent survey.

According to the article, approximately “18 percent of signed contracts on existing home sales were canceled from May through July. What’s more, 36 percent of real estate professionals say they’ve experienced a problem with a contract, whether that be a delay, negotiations on the sales term, or a cancellation of the contract, according to the National Association of REALTORS.”

The article explores several reasons for the cancellations, including tighter lending requirements. To read the entire article, CLICK HERE.

[SOURCE: REALTOR Mag Online]


8. Tech Trends for 2013

This past week, Forbes Magazine asked the question, “What Will The Top Tech Trends Be In 2013?”

Their answers:
1. Cheap Tablets
2. Mobile Payments (paying with your phone or other device)
3. Wearable Computing
4. Cloud Computing

To read more about each of these, CLICK HERE.

[SOURCE: Forbes.com]


9. Instructor Training Postponed

Our two-day instructor-training program – The Learning-Centered Instructor, originally scheduled for Oct. 17-18 — must now be rescheduled.

This training will still be held later this fall, and the new date will be announced in the TAR DIGEST! Look for it!


10. Rates at Record Lows Again!

Last week, average interest on 30-year fixed mortgages according to Freddie Mac dropped to 3.49 percent, with an average 0.6 point, matching its all-time low!

And 15-year rates move downward to 2.77 percent, with an average 0.6 point, setting a new record low!

To see current mortgage rates, go to: http://www.mortgagenewsdaily.com/mortgage_rates/

To see THDA rates and programs, go to: http://tn-tennesseehda.civicplus.com/index.aspx?NID=8


11. To Ask a Hot Line Question…

To ask a TAR Legal and Ethics Hot Line question, go to: http://tnrealtors.com/services-support/legal-ethics-hotline/