The 11-26-13 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. More NAR Convention Highlights!
3. J. D. Power’s Top-Rated Lenders
4. If Networking Isn’t Your “Thing”…
5. Chattanooga Hosting Instructor Workshop
6. Realtor Ring Day – Dec. 6!
7. HOT LINE: Form To Rescind an Offer?
8. HOT LINE: Is Lead-Based Paint Disclosure Also Needed?
9. HOT LINE: Can Loan Officer Pay An Agent’s Fees?
10. Check Your Own CE Hours, Etc.

“People rarely succeed unless they have fun in what they are doing.” – Dale Carnegie

Happy Thanksgiving, Everyone!


1. Upcoming COURSES & EVENTS

Our last GRI Course of 2013 is coming up:

Dec. 4-5: The Learning-Centered Instructor Workshop (16 hrs. CE) – GCAR Office, Chattanooga. This is our two-day instructor-training program. For more info or to register: http://www.gcar.net/events/event/the-learning-centered-instructor-workshop

Dec. 6: GRI 406, Tips, Tools, & Technologies (8 hrs. CE) – KAAR Office, Knoxville. For more information or to register: https://www.123signup.com/event?id=dxycf

To see upcoming offerings of TREC CORE COURSES, ABR COURSES, etc., – at locations around the state – go to the TAR Course calendar at: http://tnrealtors.com/education/realtor-courses/

Our 2014 GRI Classroom Course Schedule is posted in the “Education” section of the TAR website: http://tnrealtors.com/education/gri/


2. More NAR Convention Highlights!

Tennessee is certainly making its presence known nationally! At the recent NAR Convention in San Francisco:

The Memphis Area Association’s Bob Turner was installed as 2014 President-elect of the REALTORS Land Institute.

The Sumner Association’s Mike Gaughan, past TAR President, was installed as the 2014 Region 4 Vice President, representing Tennessee, Kentucky, North Carolina, and South Carolina.

The Memphis Area Association’s Steve A. Brown was installed as NAR’s Liaison for Large Residential Firms Relations.

The Greater Nashville Association’s Brian Copeland was installed as NAR’s Liaison to Member Services.

A hearty CONGRATULATIONS to all of our Tennessee representatives at the national level. You “do us proud”!


3. J. D. Power’s Top-Rated Lenders

Overall customer satisfaction with mortgage lenders reaches a seven-year high, with satisfaction among first-time home buyers improving considerably from 2012, according to J.D. Power’s recently released 2013 U.S. Primary Mortgage Origination Satisfaction Study.

The top five rated lenders nationally in the J. D. Power report are:
1. Quicken Loans
2. BB&T (Branch Banking and Trust Co.)
3. U. S. Bank
4. PNC mortgage
5. Chase

J. D. Power notes that Quicken Loans took the top ranking by consumers for the fourth consecutive year.

To read more, click HERE.


4. If Networking Isn’t Your “Thing”…

We all know that networking is a must for growing or maintaining a good business, BUT it doesn’t always come naturally to us. Here’s an article that may help — “Networking Tips For People Who Hate Networking”. As author Olivia Lazenby says:

*** BEGIN QUOTE ***
The reason so many of us detest networking and claim to be terrible at it is because we’ve been doing it all wrong. It shouldn’t be about projecting a false and superficial image of yourself, telling everyone how fantastic you are or sucking up to people. It is about building valuable, lasting and mutually beneficial contacts, one by one. Here are some great tips to take on board if you want to become a networking whiz without selling yourself out….
*** END QUOTE ***

For several good, very practical steps to improve your network, go to: http://www.lifehack.org/articles/work/networking-tips-for-people-who-hate-networking.html


5. Chattanooga Hosting Instructor Workshop

On December 4-5, Chattanooga is hosting TREEF’s Learning-Centered Instructor Workshop. Steve Champion will lead this two-day workshop that is geared toward both current and potential instructors and trainers who want to improve their skill-set and know-how as instructors or trainers. The workshop is approved for 16 hours of CE! For more details, please visit http://www.gcar.net/events/event/the-learning-centered-instructor-workshop


6. Realtor Ring Day – Dec. 6!

Once again the Salvation Army is working with Realtor associations across the country for the Annual Realtor Ring Day on Friday, December 6th. For one day Realtor members will volunteer to stand next to the Salvation Army Red Kettle and ring a bell for donations.

To help, please go to http://salvationarmynorth.org/realtorringday/ and select “Tennessee” in the drop down menu to find your local Salvation Army Bell Ringing coordinator!

We hope to have Realtors across the state spending a couple of hours each standing by the kettles and encouraging donations. What has worked will 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!


7. HOT LINE: Form To Rescind an Offer?

QUESTION: Where can I find a form to rescind an offer? I have a buyer that submitted an offer that has not yet been accepted?

ANSWER: TAR does not have a form to be used in withdrawing an offer. We would recommend just having the buyer type up and sign something which states that the buyer officially withdraws his offer on _____ property on ___ date and time. You could also use the Notification form and use the “Other” section.

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


8. HOT LINE: Is Lead-Based Paint Disclosure Also Needed?

QUESTION: Are Sellers required by law to supply a signed Lead-Based Paint Disclosure when they also sign a Seller’s Property Condition Disclosure, Exemption or Disclaimer on properties constructed prior to 1978?

ANSWER: The Residential Property Condition Disclosure is a state law requirement. It is required to be made “prior to the acceptance of a real estate purchase contract.” — Tenn. Code Ann. 66-5-203(a). Failure to provide the disclosure does not mean that the buyer can terminate the agreement, but the buyer may be entitled to bring a lawsuit.

The Lead-Based Paint form is a federal law requirement. Lead based paint disclosures are required on any housing that was built prior to 1978. It should be made prior to the buyer making an offer, but must be made before the offer is accepted. If not, the buyer is not obligated to purchase the property. If the property is a rental property, the Lead-Based Paint disclosure should be made prior to the lease agreement being signed. This form must completed REGARDLESS of whether the Tennessee Residential Property Condition Disclosure law applies or not.

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


9. HOT LINE: Can Loan Officer Pay An Agent’s Fees?

QUESTION: I have an agent who has a loan officer the agent uses frequently for transactions. Would it be legal if the loan officer paid the fees of the agent on realtor.com?

ANSWER: We would NOT recommend that the agent permit the loan officer to pay these fees. It is very likely that this would be considered a “kickback” under federal RESPA guidelines. 12 USC 2607 is entitled “Prohibition against kickbacks and unearned fees” and states in part that:

“(a) Business referrals
No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person.”

The same law prohibits another all-too-common activity: having a lender or loan officer cover the total cost of a mailer promoting the agent’s services.

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


10. Check Your Own CE Hours, Etc.

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

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/