The 11-20-12 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


UPCOMING TAR EVENTS:
Nov. 21 – Knoxville: Tips, Tools, & Technologies for Your Business (GRI 406, 8 hrs. CE). For more info, CLICK HERE.

Happy Thanksgiving, Everyone!

HOT LINES IN THIS ISSUE:
1. HOT LINE: Obliged To Pay Prior Listing Agent?
2. HOT LINE: Holding Open House Prior to Listing?

IN OTHER NEWS:
3. Getting Up-To-Date on Technology
4. Realtor Ring Day Needs YOU!
5. Rates Set New All-Time Low
6. Leadership TAR 2013
7. Recognizing the Trends in Your Own Market
8. Need Holiday Cash?
9. USEFUL LINKS
10. No DIGEST Next Week

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: Obliged To Pay Prior Listing Agent?

QUESTION: I had a client looking at a piece of property. We made an offer on the property, but it was rejected by the seller. Several months later, my buyer noticed a sign on the property that the City was going to tear it down. We contacted the City, and they said we would need to contact the owner about purchasing it. The listing is no longer active. Do I owe anything to the previous listing agent if my buyer purchases this property?

ANSWER: If the listing is no longer in place, then you likely have no obligation to the former listing agent. Under the Code of Ethics, you are permitted to contact the seller directly if the listing has expired. If there is a carry-over period, then the seller may owe the prior listing agency a commission. If there is a question as to whether the company still represents the seller, we would recommend contacting that company to determine whether they still represent the seller in any way.

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


2. HOT LINE: Holding Open House Prior to Listing?

QUESTION: Is there a problem with an agent putting their sign up and holding an open house on a listing that is not on the market yet? I thought you had a couple of days to get listing paperwork turned in while a sign is in the yard, but holding an open house seems problematic.

ANSWER: There is not anything in the Broker’s Act, TREC Rules, or Code of Ethics that addresses this specific situation. An agent is required to have written permission of the seller in order to place a sign in the yard and/or to advertise the property for sale. This does not necessarily have to be a listing agreement, but it generally is.

HOWEVER, we would not recommend holding an open house until there is a listing agreement in place. This is for several reasons. First, it may be misleading to the public if you are not the listing agent and are having an open house. Secondly, you are taking on a great deal of liability without a listing agreement in place. Finally, your local MLS or association may have some rules concerning this, so we would recommend contacting them as well.

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


3. Getting Up-To-Date on Technology

This coming Wednesday, Nov. 21, Brian Copeland will be teaching Tips, Tools and Technologies for Your Business, an 8-hour course, in Knoxville, TN, at the Knoxville Area Association of REALTORS. While this is a GRI module (GRI 406), you don’t have to be a GRI student to attend! It’s accredited for 8 hours of CE and is a great survey of some neat tools that you can use to enhance your career and income! For more information or to register, CLICK HERE.

This is the last GRI course on our schedule for 2012. By Dec. 1, we will publish our 2013 schedule of GRI courses, and some exciting new things will be featured in our 2013 offerings! Stay tuned….


4. Realtor Ring Day Needs YOU!

Once again, it’s time for Tennessee Realtors to prove that we are indeed the “Volunteer State”!

The Salvation Army is working with associations across the country for the Third Annual Realtor Ring Day on December 7th. For one day Realtor members will volunteer to stand next to the Salvation Army Red Kettles and ring a bell for donations.

To join this effort, contact your local association office to see if and how your own local association will get involved!

We hope to see Realtors across the state spend a couple of hours each standing by the kettles and encouraging donations. What has worked well in the past is to have a real estate office agree to take on a site, scheduling individuals or teams for a shift. Rest assured, bell ringing is easy, all you need to do is show up, smile and ring a bell during your shift!

This is a great way to help our neighbors who are struggling during these difficult economic times. The Salvation Army will use money collected locally in a way to best serve the specific community or area where the money is collected.


5. Rates Set New All-Time Low

Long-term fixed mortgage rates fell to unprecedented lows this past week, reports Freddie Mac. Average interest on 30-year loans hit 3.34 percentthe lowest since record keeping began in 1971 — down from 3.40 percent a week earlier! The 15-year mortgage, meanwhile, dropped to 2.65 percent from 2.69 percent.

[SOURCES: Philly.com; Freddie Mac]


6. Leadership TAR 2013

Applications are now being taken for the 2013 Class of Leadership TAR!!!

In Leadership TAR, we prepare emerging REALTOR leaders in Tennessee. Participants work together in three retreats to build their leadership skills and self-awareness, to join and build a network of peers in leadership roles across the state, and to learn more about the issues and challenges facing the REALTOR organization and the real estate industry.

The 2013 Leadership TAR Retreat Dates are March 10-11, June 5-6, and August 14-15. All of the retreats will be held at Montgomery Bell State Park in 2013.

Any TAR member may apply for Leadership TAR! The deadline for application is JANUARY 15, 2013. A panel of Leadership TAR alumni who have served in various leadership roles at TAR will select the members of the 2013 Class from applications received. Enrollment is limited to ensure a good retreat experience for everyone.

For more information, and a downloadable application form, go to: http://tnrealtors.com/education/leadership-tar/


7. Recognizing the Trends in Your Own Market

A new RISMedia article by Tricia Andreassen lays out a practical game-plan for “dialing into” what’s happening in your own market:

*** BEGIN QUOTE ***
Five years ago, many of us were focused on working niche markets like new homes, but when the market shifted, the new home market fizzled out. Now the market is shifting again with news on the street that there is going to be less REO inventory and more short sales. The move-up buyer market is strong because interest rates are spurring folks to action. With this in mind, you have to be ready for these active trends and shifts in your market. Here are seven key things to pay attention to in order to find the emerging trends in your market and create marketing momentum behind them…..
*** END QUOTE ***

Tricia’s tips are worth reading. To do so, CLICK HERE.

[SOURCE: RISMedia]


8. Need Holiday Cash?

A little over a month ago, we published news about a unique opportunity to earn a little spending money over the holidays — Cash for Cases!

That opportunity is STILL OPEN!

This is a way for you to make a few extra dollars, by sending in any case studies or descriptions of problem situations you’ve encountered in real estate! As one TV commercial says, “And who wouldn’t like more cash!?!”

We’ve already had several “winners”!

Anyone can submit a “case”! For details on this opportunity, go to:
http://instructorresources.wikispaces.com/Cash+for+Cases


9. USEFUL LINKS

For CE classroom courses around the state, go to:
http://tnrealtors.com/education/realtor-courses/

For online CE courses, go to:
http://tnrealtors.com/education/online-courses/

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

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


10. No DIGEST Next Week

Due to staff travel over the holidays, there will be no DIGEST next week. Your next issue of the TAR DIGEST will be the 12-4-12 issue!