The 6-18-13 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. HOT LINE: Dealing with a Low Appraisal?
3. HOT LINE: TWO Recurring Issues!
4. HOT LINE ALERT: E & O Insurance
5. We Still Need Your Help…
6. An Online TAR Membership Directory
7. A New Safety Tool for Agents
8. Sun, Sand & Sell!
9. In Case You Missed It…
10. USEFUL LINKS


1. Upcoming COURSES & EVENTS

June 19: TransactionDesk Basic (3 hrs. CE) – TAR Office, Nashville. For more info or to register: https://www.123signup.com/event?id=bnyfm

June 19: TransactionDesk Advanced (3 hrs. CE) – TAR Office, Nashville. For more info or to register: https://www.123signup.com/event?id=bnpsx

Online CE Course Promotion for June: Enroll in any online CE Shop courses during the month of June and save 20%! Enter JUNE20 at checkout to receive your discount. Enroll at: http://tarnet.theceshop.com/


2. HOT LINE: Dealing with a Low Appraisal?

QUESTION: An appraisal was done on a property and the lender will not allow a re-appraisal to be done, even though one comp sale was a foreclosure and one comp sale was of a property sold over a year ago. How should I handle this situation?

ANSWER: This is an issue which the buyers will need to address with their lender. It is purely a negotiation as to whether the lender will agree. Here is a helpful article concerning ways to deal with a low appraisal:
http://realestate.msn.com/how-to-challenge-that-low-appraisal

Also, here is a link with good information from NAR’s website:
http://www.realtor.org/appraisal/appraiser-independence

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


3. HOT LINE: TWO Recurring Issues!

Folks still have questions regarding two issues that have been addressed in prior TAR DIGESTS.

ISSUE #1: Escalation Clauses

This is a practice we STRONGLY discourage for both legal and ethical reasons. To see why — and how to respond if you receive an offer with an escalation clause — look at the following TAR DIGEST: http://www.tardigest.com/3-19-13-tar-digest/

ISSUE #2: Paying Team Members

Licensed team members may ONLY be paid by the Principal Broker of the firm, NOT by a team leader or other licensee with the firm! Regardless of how many times we address this issue, some members still try to find a way around this requirement …one that is embedded firmly in Tennessee’s license law! For more details, see: http://www.tardigest.com/9-27-11-tar-digest/

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


4. HOT LINE ALERT: E & O Insurance

A new statute goes into effect on 7/1/13 which states that if an agent in Tennessee does not have E & O coverage, TREC will automatically suspend their license. At the last TREC meeting, it was announced that there were quite a few agents WITHOUT current E & O insurance. As of 5/30/13, there were 130 affiliates, 29 brokers, 98 principal brokers and 5 timeshare salespersons who did not have E & O coverage.

TREC is not playing around and WILL suspend the agent’s license as of the beginning of July if they do not have insurance coverage. If their license is suspended, they will not be able to practice real estate. In order to reinstate their license if it has been suspended, the agent will have 30 days to present proof to TREC of coverage and they will not have to pay a fine. From days 31 to 120 days of suspension, the licensee may have to pay a fine of up to $500. For any license suspended for 121 days to 365 days, the agent will have to pay the $500 fee and may have to pay an additional fine of up to $100 per month. After one year of suspension, their license will be automatically revoked.

The principal broker would ALSO be looking at fines in the event that one of their licensees does not have coverage, because of a failure to supervise as required by TREC Rules.

If an agent’s license is suspended, they will receive written notice to their home and firm addresses. Their principal broker will also receive written notice at the firm’s addresses.

ALL members should double- and triple-check their insurance coverage in the next two weeks!

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


5. We Still Need Your Help…

If you have not yet responded, PLEASE DO!

Following is the link to our 2013 TAR Membership Survey, and we hope every reader will take just a few moments and respond to it! It’s a fairly SHORT, 7-QUESTION SURVEY that won’t take much of your time …but it means so much to us if you will stop what you’re doing long enough to give us your feedback: http://www.surveymonkey.com/s/2013TARSurvey

Please help us chart TAR’s future focus, services, and directions!


6. An Online TAR Membership Directory

Occasionally, we receive an inquiry from TAR members asking if there is an online membership directory. YES, there is!

The Tennessee Living Network (http://tn.living.net) is, for all practical purposes, just that …an online searchable membership directory of all Realtors and Realtor-Associates in Tennessee!

What’s more, EVERY TAR member has his/her own personal web page on that network, and you can enhance your personal page with a photo and other information. The Tennessee Living Network is updated once each month with membership data from the NRDS system, in which our local associations post membership information. To find YOUR personal page, simply go to http://tn.living.net and use the Search box to find your personal page!

To learn how to EDIT and ENHANCE your personal page, go to: http://tnrealtors.com/services-support/tn-living-network-instructions/


7. A New Safety Tool for Agents

In a recent article, Realty Times profiled a new mobile app that COULD prove useful to you! Pinnum, a free phone app that combines GPS and social media, allows users to pinpoint the location of everyone in their household and contact them via text. Real estate broker Debbie Ferrari also uses the app as a safety tool for her female agents. “If they’re on Pinnum and showing properties, we can track them down,” she says. “And if they don’t want the office to know where they are, they can put their phones on Stealth.”

If an agent cannot be reached by phone and is not where she or he is expected to be, his or her location can be given to the police. Pinnum also can help agents whose cars break down or get a flat tire, as they can send a screenshot of their location to emergency services. Brokers can even use the app to determine where agents are when they are late for meetings so they know whether to wait or get started. To learn more: http://realtytimes.com/rtpages/20130617_whatisyourpinnum.htm


8. Sun, Sand & Sell!

Register for the 2013 TAR Annual Convention (Sept. 18-20) in Destin, Florida and enjoy great education featuring a selection of national speakers, as well as a beautiful beach, wonderful events, area golf, and a chance to network with other Tennessee Realtors! Learn how to be more productive and successful in a beautiful setting!

With the revival of a healthy real estate market, 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. In Case You Missed It…

June is National Homeownership Month! TAR President Randy Thomas joined industry partners and Gov. Bill Haslam to celebrate the important role housing plays in creating jobs, maintaining viable communities and contributing to the economy. For photos and a link to NAR’s latest TV ad defending homeownership, go to: http://tnrealtors.com/2013/06/tar-celebrates-national-homeownership-month/


10. 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