The 5-21-13 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. HOT LINE: The New F1C Form?
3. HOT LINE: The Multiple Offer Form?
4. HOT LINE: Just Discovered It Only Perked for 2BR?
5. Two Tennesseans Receive National Honors!
6. “Going To Bat” for Your Client!
7. Are You Marketing TOO MUCH?
8. SUN, SAND, SELL!!!
9. USEFUL LINKS


1. Upcoming COURSES & EVENTS

May 27: Happy Memorial Day! [No DIGEST next week!]

June 6 – 26: GRI 406, Tips, Tools, and Technologies for Your Business (8 hrs. CE) – An E-Class distance-learning course. For more information or to register: https://www.123signup.com/event?id=bzmnt


2. HOT LINE: The New F1C Form?

QUESTION: Who has to sign the new F1C form?

ANSWER: Form F1C is the standard Confirmation of Agency Status form without the initial two information pages.

Form F1A, the Notification of Change in Agency Status, is only used in the event that the agent changes his/her agency status in a transaction. If the agent never changes status, then it does not need to be used. If you do change status, you could also just do a new Confirmation of Agency Status form instead.

F1B, Working with a Real Estate Professional, contains the two information sheets which were previously part of F1. The Forms Committee decided to separate these forms since the listing agreements and buyer’s representation agreements contain the language in these two forms. Therefore, the only individual who would need this information is someone who is unrepresented. The signature line is there to demonstrate that this unrepresented individual received these information pages.

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


3. HOT LINE: The Multiple Offer Form?

QUESTION: With regard to the multiple offer form, is this required by law or optional?

ANSWER: The multiple offer form is not “required”. This is simply one way of handling situations in which there are multiple offers.

First, you need to determine how your seller wishes to handle multiple offers. There are several options. One, the seller can review the offers received and select one to counter.  A second option would be to notify all interested buyers to submit their highest and best offer by a particular date and time. The seller would then review all offers and select the one they wish to work.

TAR therefore has a form for the second option; this is form F37, the Multiple Offer Disclosure and Notification form.

A seller may accept or reject any offer they choose as long as it is not for a discriminatory reason.

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


4. HOT LINE: Just Discovered It Only Perked for 2BR?

QUESTION: One of our agents listed a property, and the last three or four times it sold, it showed 3 Bedrooms. We just found out that the house only perked for 2 Bedrooms. We already have an offer on the property. Now that we know it only perks for 2 Bedrooms, what steps do we need to take?

ANSWER: You will need to disclose this to all parties immediately. We would recommend that you do so in writing and have them all sign off on the disclosure.

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


5. Two from TAR Receive National Honors!

TAR was well-represented in Washington, DC, this past week at the National Association’s Midyear Conference, and two Tennesseans received outstanding recognition!

This year marks the Centennial Celebration of the REALTOR Code of Ethics, originally adopted in 1913. To help celebrate the Centennial, past Chairs of the National Professional Standards Committee were invited for a special observance in Washington. REALTOR Elgin Smith, from Chattanooga, who served TWICE as TAR’s President (in 1967 and 1989) also served NAR as a beloved Professional Standards Committee Chairman in 1975 and was the ONLY past Chairman invited to address NAR’s leadership on behalf of those who have enforced the Code of Ethics over the years. Quite an honor! Thank you, Elgin, for your many contributions to our industry!

Another Tennessean, our TAR Executive Vice President Steve Harding, was honored in a truly special way! The William R. Magel Award of Excellence is presented annually to ONLY ONE “individual who has truly excelled in his or her role as an association executive of a local or state association of REALTORS”. It’s the highest honor which any association executive can hope to receive! Our own Steve Harding – who will mark 40 years of service to TAR this coming November – is the 2013 recipient of the Magel Award of Excellence! Steve is also among the select few members of the Almon Smith Leadership Society. We’re very proud of Steve!

To see a wonderful photo of our two distinguished honorees, go to: http://goo.gl/DWPPj


6. “Going To Bat” for Your Client!

Professionalism as a listing agent or a buyer’s agent often means helping your seller or buyer client through some tough spots! Solving problems that might otherwise “kill the deal”, keeping everyone as happy as possible and the transaction on track, and/or being an effective advocate for your client in negotiations are all challenges that confront even seasoned REALTORS!

What’s YOUR story!?! We would love to hear the details (no names needed!) of any situations in which you’ve been involved – either as a buyer’s agent or as a seller’s agent – in which representation of a client’s best interests made the difference between the success and failure of a transaction. It can be something that you did or didn’t do, OR something that the agent on the “other side” of the transaction did or didn’t do!

Either way, if it’s a good story, we’d like to use it in some future education programs (changing any names, of course) AND we’ll pay up to $75 for any story we use!

To submit a story, simply write it up in an email with as much detail as possible, and email it (with your own name and address) to:


7. Are You Marketing TOO MUCH?

That’s a provocative question, and you might find one coach’s answer just as provocative!

Popular trainer and coach Travis Robertson – who has spoken to many local associations and REBarCamps in Tennessee and elsewhere – sent us the link to his 5-minute YouTube video on frequency of marketing efforts. It’s FREE marketing advice, after all, and worth a look: http://www.youtube.com/watch?v=9XHjyycsvLA 


8. SUN, SAND, SELL!!!

SUN, SAND, SELL!!! Register now for the 2013 TAR Annual Convention in Destin, Florida, and enjoy great education, a beautiful beach, wonderful events, area golf, and a chance to network with other Realtors across Tennessee! With the revival of a healthy real estate market in so many areas, this whould be the PERFECT WAY to reward your own hard work this year! For more information or to register, go to: http://tnrealtors.com/meetings-and-events/convention/


9. 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