The 3-5-13 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming DEADLINES & EVENTS
2. HOT LINE: Countering on Requested Repairs?
3. HOT LINE: Dealing With Divorcing Couple?
4. HOT LINE: Notification to Backup Offeror?
5. IN OTHER NEWS…
6. Special Notes to Readers
7. USEFUL LINKS


1. Upcoming DEADLINES & EVENTS

March 8: DEADLINE for registrations for the TAR Spring Conference (March 25-26) at the Early-Bird rate of $75! Registration goes up by $50 between March 9 and March 19, and there is NO ONSITE REGISTRATION. You can get more info & register for this one NOW at: http://tnrealtors.com/meetings-and-events/spring-conference/

March 14 – April 3: GRI 402, Staying In Business & Out of Court (8 hrs. CE) – An E-Class distance-learning offering of this course. For more information or to register, CLICK HERE.


2. HOT LINE: Countering on Requested Repairs?

QUESTION: With regard to the home inspection – the buyer sends the seller the list of repairs requested; the seller counters; the buyer then re-counters; the seller does not accept the re-counter. Can the buyer then accept the first counter of the seller or is the contract over?

ANSWER: Although the TAR Legal Hotline cannot make a determination as to whether there is an enforceable contract in place in your sitaution, we can – for your own knowledge – provide some very general contract law. Under most circumstances, if an offer is countered, the previous offer is dead. That means it can no longer be accepted. However, if the seller wants to counter with his previous offer, he may do so. In the Purchase and Sale Agreement, there is a resolution period during which the parties are required to negotiate in good faith any repairs to the property. The Forms Committee intended for both the buyer and seller to negotiate for the entire resolution period and neither party had the right to terminate during this time. If the parties could not reach a resolution during this period, then the contract would terminate.

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


3. HOT LINE: Dealing With Divorcing Couple?

QUESTION: I am listing a house for a couple going through a divorce. Both have signed the listing agreement, but the husband will not agree to accept any offers that have come in on it. The wife is now going to consult and attorney regarding this situation. Am I obligated to let the husband know this?

ANSWER: We would recommend advising the wife that you will need to advise the husband that she has told you that she will be speaking with her attorney. You have a fiduciary duty to BOTH husband and wife since they have both signed the listing agreement with your firm.

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


4. HOT LINE: Notification to Backup Offeror?

QUESTION: I have a listing where the seller accepted a backup offer. The first buyer’s contract fell through, and I am looking for a form to notify the backup offeror.

ANSWER: You can use form F26, Notification form, and complete number 12 (Other), stating that this serves as notification that the Primary Agreement has been terminated or has become null and void, thereby placing this Agreement in the primary position.

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


5. IN OTHER NEWS…

We note with sadness the recent passing of two veteran instructors in the real estate industry. Andrew Wooten, a popular safety instructor from Florida who has spoken at TAR and local association events in the past, died while swimming this past week during a cruise in the Caribbean. Tina Daniel, a national CRS instructor and a GRI instructor for many years in Tennessee, died suddenly from a heart attack at her home in Arkansas. Both will be greatly missed.

Some time ago, we set up a separate email list (), where members and AEs could post important happenings across the state (deaths, major awards, etc.) that folks might want to know about. Emails from that list are ONLY sent to members or staff who have requested a (free) subscription to that list …and ONLY subscribers can send “family news” items to that list! IF YOU WOULD LIKE TO BE ADDED to the Family News email list, please go to: http://lists.tarnet.com/mailman/listinfo/familynews

REALTOR Magazine wants your help in identifying nominees for the 2013 Good Neighbor Awards. The program recognizes REALTORS whose extraordinary commitment to community service has made their communities better places to live. Five winners will receive a $10,000 grant for their community cause, travel expenses to the NAR Convention, and extensive publicity to benefit their cause. Also, five honorable mentions will receive $2,500 grants. Deadline for entry is Friday, May 20, 2013. You can also find all this information and more at: http://realtormag.realtor.org/good-neighbor-awards

Happy St. Patrick’s Day! You don’t have to be lucky to save money when you take CE courses online with The CE Shop. You can save 17% on your next order in March! Enter STDAY17 at checkout to receive your discount! Enroll today: http://tarnet.theceshop.com/


6. Special Notes to Readers

TO BROKERS: A growing number of members are not receiving the TAR DIGEST or other news from NAR and TAR by email. This happens whenever somebody’s email server (personal or company) goes “offline” unexpectedly, as happens to almost everyone. Unfortunately, email addresses are not reactivated automatically once the server problem is fixed …we need to do so manually. THEREFORE, we ask every broker to print out a copy of this DIGEST and distribute it o your agents. If anyone is not receiving the TAR DIGEST by email, please email your request — with your FULL NAME and EMAIL ADDRESS to:

TO ALL READERS: With this issue of the DIGEST, we’re making a few changes to serve you better. Our two most requested items are our periodic Hot Lines and Ethics Challenges. Future TAR DIGESTs therefore will feature EITHER several Hot Line Questions (like this issue) OR an Ethics Challenge that you can tackle to see if your solution matches the correct one! We’ll summarize the rest of the news in an “IN OTHER NEWS…” section, to make the DIGEST easier and quicker to read! Thanks for your ongoing support!


7. USEFUL LINKS

To access current and past TAR DIGESTS: http://www.tardigest.com

Follow TAR on Twitter at: http://twitter.com/tnaor

TAR’s LinkedIn page: http://www.linkedin.com/groups?gid=852077&trk=hb_side_g

TAR’s page on Facebook: http://www.facebook.com/pages/Nashville-TN/Tennessee-Association-of-RealtorsR/15041383689

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

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/

Tennessee Real Estate Commission: http://tn.gov/regboards/trec/

To check your CE credits on file with TREC, go to:
http://verify.tn.gov