The 7-23-13 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. HOT LINE: Buyer Wants to Fire His Agent?
3. HOT LINE: Agent Wants to Fire His Client?
4. TREC Email Newsletters & Alerts Available
5. Online CE Course FREE for One Week Only!
6. Three Real Estate Scams
7. A Presentation Tool You Ought To See
8. Tech Tip: Running Late for an Appointment?
9. Destination: Destin!
10. USEFUL LINKS


1. Upcoming COURSES & EVENTS

July 22-26: See news item #5 below. The CE Shop is making a 3-hour online course on using e-signatures available for FREE, if you sign up THIS WEEK!

Aug. 8-28: GRI 401, Doing the Right Thing (8 hrs. CE) – an E-Class distance-learning course. For more information or to register, go to: https://www.123signup.com/event?id=bzmjr

Aug. 13: TWO Offerings of TransactionDesk Basic (3 hrs. CE) – TAR Office, Nashville. Morning Offering: https://www.123signup.com/event?id=bkfhf OR Afternoon Offering: https://www.123signup.com/event?id=bkfhq

Save time! Save money! Online CE Course Promotion for July: Enroll in any online CE Shop courses during the month of July and save 15%! Enter JULY15 at checkout to receive your discount. Enroll at: http://tarnet.theceshop.com/

GRI Courses start up again in August and September! To see the full year’s schedule, go to: http://tnrealtors.com/education/gri/


2. HOT LINE: Buyer Wants to Fire His Agent?

QUESTION: If a potential buyer has signed a buyer’s representation agreement with an agent and is now unhappy with that agent, can the buyer fire the agent? If so, what are the steps to getting this done?

ANSWER: A buyer’s rep agreement is a written contract that establishes an agency relationship between a buyer and a real estate company. In order to terminate this contract, it requires a termination and release in writing and signed by all parties to the buying agreement (unless the agreement allows for one side to terminate without the approval of the other. TAR’s forms do not so provide). It should terminate the contract and release both sides from the obligations under the original buyer’s rep agreement. Until this is completed, the buyer’s representation agreement will continue in place until its natural termination.

If you have a buyer who wishes to terminate their buyer’s representation agreement with you, your principal broker must decide whether you wish to hold them to that contract or not. This is completely up to the broker as to whether they want to release them from the representation agreement. TAR provides a form for you to use if you wish to agree to terminate the buyer’s representation agreement – form F82. If it is a listing agreement that is being terminated, the form does provide a carry over clause (if they sell their home within X days without the help of another agent who was introduced to it by the original listing agent) and a place to negotiate a cancellation fee. It also provides for a complete release with no fees having to be paid.

If on the other hand this is a result of a buyer approaching you for advice on terminating an agreement with another company, the only thing that you can advise is that you would be happy to help them, but they must resolve their issues with the previous company first. They should speak with either the broker of the firm or with their own attorney. If you advise them of anything further, you could be facing a claim of interference with a contract!

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


3. HOT LINE: Agent Wants to Fire His Client?

QUESTION: I am the listing agent and we have a signed purchase agreement. I need to get out of my contract with the seller. I need to end my relationship/contract with the seller, but we are in the middle of negotiating a purchase agreement. We have a contact and the inspection has already been completed and gone through. There is a dispute with the inspection, and I’m finding it difficult to represent this seller.

ANSWER: This is going to be difficult since there is a purchase and sale agreement in place. A listing agreement is a contractual relationship. Since it requires a written agreement signed by both parties in order to form this relationship, it will take a written agreement signed by all parties to terminate that relationship. The seller may not agree while they are in the middle of the transaction.

The next problem is the cooperative compensation which has been offered to the buyer’s firm. If you terminate your relationship with the seller now, then the buyer’s firm will likely not be able to receive that offer of compensation. They could come after your firm for this. Another option could be to see if another agent in your firm could work with the seller. Finally, you could see if everyone would agree that the seller could work with another firm (but that firm would have to agree to compensate the buyer’s firm in the same amount).

Our recommendation is to try and work with the seller at least until this transaction is resolved one way or the other. If necessary, get your principal broker to assist you in working with the seller. Document everything and remember that you only have to follow the seller’s legal instructions. If this contract falls through, you may be in a better position to terminate the listing agreement at that time. If the seller refuses to terminate, then you may need to seek legal advice as to whether you can terminate based upon breach of the listing agreement.

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


4. TREC Email Newsletters & Alerts Available

You can now receive updates, news and notifications from the Tennessee Real Estate Commission (TREC) by signing up for e-mail or text alerts!

To do so, got to: http://www.tn.gov/notify-app/sign_up.html


5. Online CE Course FREE for One Week Only!

In partnership with our Online Continuing Education provider, The CE Shop, we are proud to offer “Sign Here: Contract Law on E-Signatures” – approved for 3 hours of CE – FREE for 1 week ONLY, July 22nd to July 26th!

1. Enroll at: http://tarnet.theceshop.com/
2. Enter Promotional Code ESIGN4FREE at checkout

Electronic transactions and e-signatures can give you the competitive edge you need to attract new business, better serve existing clients, and improve your bottom line.

This course provides you with a comprehensive understanding of how national and international laws define an electronic signature, how e-signature technology is currently being used by real estate professionals, and how you can use it in your day-to-day transactions.

Additionally, this course looks at the use of e-mail to conduct negotiations and at several real-life case studies currently affecting how you do business.


6. Three Real Estate Scams

In its Daily Real Estate News last week, Realtor Magazine Online published a useful article, “3 Real Estate Scams Your Clients Fall For”! It describes three scams still plaguing unsuspecting consumers across the country:

  1. Rental scams
  2. Loan modification scams
  3. Investment workshop scams

Along with a description of each, the article includes “Warning signs” to watch for.

It’s worth reading, if only to become a more knowledgeable advisor for your clients! To do so, go to: http://realtormag.realtor.org/daily-news/2013/07/18/3-real-estate-scams-your-clients-fall-for

The above was based on a longer article (by the same title) published by Forbes Magazine that you can read at: http://www.forbes.com/sites/morganbrennan/2013/07/16/3-insidious-real-estate-scams-and-how-to-avoid-them/


7. A Presentation Tool You Ought To See

A growing number of Realtors now use iPads AND a growing number of iPad users have discovered a new presentation tool: Haiku Deck!

Haiku Deck is a FREE iPad app and bills itself as “a completely new kind of presentation software designed to make your slides stunning. Whether you are pitching an idea, teaching a lesson, delivering a keynote, or igniting a movement, Haiku Deck makes presentations simple, beautiful, and fun.”

It could make your next listing presentation sing!

To learn more, go to: http://www.haikudeck.com


8. Tech Tip: Running Late for an Appointment?

REALTrends posted an interesting article and tech tip by Tracey Velt on its blog last week, profiling a new app called Glympse. An excerpt:

You’re on your way to an appointment and you hit a snag, such as a traffic jam or rain storm. You can’t get your phone out to text your client to let him or her know you’re running late (you have to concentrate on the road!) This app saves you.

Glympse is the easiest way to safely share your location with someone in real time. No sign-up needed and no new social network to manage. Recipients receive a link allowing them to view your ETA and location in real-time for the length of time you choose.

Looks useful! To read more: http://realtrends.com/blog/real-estate-app-of-the-week-glympse


9. Destination: Destin!

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/


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