The 1-7-14 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. IMPORTANT NOTICE Regarding 2014 TAR Forms!
3. TREC’s Disciplinary Actions – December, 2013
4. The Nashville SMSA Gets Good News
5. The Real Reason Resolutions Fizzle
6. For Those Still Skeptical of Social Media…
7. A Reminder About the 2014 Code of Ethics!
8. HOT LINE ALERT: Advertising Your Team
9. HOT LINE: Defaulting to Facilitator?
10. Check Your Own CE Hours, Etc.

“If today were the last day of my life, would I want to do what I am about to do today?” — Steve Jobs, Stanford commencement address 2005


1. Upcoming COURSES & EVENTS

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. IMPORTANT NOTICE Regarding 2014 TAR Forms!

The entire inventory of 2014 TAR Forms will be published and released to the TAR membership on February 3, 2014 (Monday). When using the latest version of a form in 2014, please look for “Version 2/01/2014” which will be located within the footer of every page – bottom right side of the form.

The Copyright Year, also located in the footer, will be different for each form in 2014 due to copyright updates that are in process. The copyright year will reflect the last significant modification that were made to each individual form.

Last but not least, there is a Managing Brokers Forum (“2014 Forms Update”) scheduled for January 9th, 9:30a – 11:30a. This is for Managing Brokers only and will cover the changes from 2013 to 2014. There will be plenty of Q&A time available for all attendees. There are only 40 seats available. If you would like to attend, please visit:

MORE INFO:
https://www.123signup.com/event?id=dvnpy

REGISTRATION:
https://www.123signup.com/register?id=dvnpy


3. TREC’s Disciplinary Actions – December, 2013

At its December meeting the TN Real Estate Commission levied significant fines and/or suspended a number of licenses for the following violations:

  • Failure to maintain Errors and Omissions insurance
  • Failure to exercise adequate supervision over the activities of
  • a licensed affiliate broker (MULTIPLE)
  • Unlicensed activity
  • Failure to timely comply with the terms of a consent order (MULTIPLE)
  • Advertising violation (Firm name and phone number not listed)
  • Failure to be loyal to the interest of the client
  • Failure to timely complete required education (MULTIPLE)

NOTE: The (MULTIPLE) notation indicates that more than one licensee was punished for this reason last month.

This would be a good topic of discussion at your next sales meeting!


4. The Nashville-Davidson SMSA Gets Good News

At the end of 2013, Forbes Magazine published its “Best Buy Cities: Where to Invest In Housing In 2014” …cities where a purchase of residential real estate would likely be a good investment in the year ahead.

Number four on their Top 20 list of Best Buy cities in the article is the Nashville SMSA (encompassing Franklin and Murfreesboro), with a typical home price of $199,506 and a predicted 3-year appreciation of 23%. According to their calculations, this real estate in the middle Tennessee market is undervalued by 16%.

The top 20 list was compiled after a review of “the largest 100 metropolitan statistical areas (a geographical designation used by the U.S. Census) with populations of at least 575,000.” From there, cities were ranked according to population and job growth, home prices, and their economy.

To read more: http://www.forbes.com/sites/erincarlyle/2013/12/26/best-buy-cities-where-to-invest-in-2014/


5. The Real Reason Resolutions Fizzle

Almost everyone makes New Year’s resolutions, but few keep them! In a VERY useful article (“The Real Reason Resolutions Fizzle & How to Change It”), writer Tracey Velt tackles this issue head-on in the Real Trends blog. What better way to start your 2014?

As she writes:

*** BEGIN QUOTE ***
Everybody loves a new year. It’s a bright, shiny, fresh, clean slate. A vista unblemished by mistakes or regrets. A brand-new chance to make those changes and accomplish those things we’ve been meaning to do forever. Yet, undermining all this glorious potential is the hidden truth we’re aware of even as we proclaim that this time we’ll really lose 20 pounds or get out of debt or finally launch that long-dreamed-of business: New Year’s resolutions are nothing more than fairy tales we grown-ups tell ourselves.

That’s right. If you’re like 92 percent of Americans, you’re not going to keep those resolutions. What’s more, you know it. What you may not know, says Brian Moran, is why.
*** END QUOTE ***

To read the whole article, go to: http://realtrends.com/blog/the-real-reason-resolutions-fizzle-how-to-change-it


6. For Those Still Skeptical of Social Media…

The most common complaint is: “I don’t have time for social media!”

The fact remains, however, that it’s where a growing number of older adults ARE spending time! As Lauren Ohnesorge reported last week in the Triangle Business Journal:

*** BEGIN QUOTE ***
The numbers, from the Pew Research Center, show that sites such as Facebook and Twitter have truly integrated with our lives, as 42 percent of online adults now use multiple social networking sites.

But more interesting than those numbers are the ways companies are using social media to cater their services. It’s not just about the targeted ads, such as an engagement ring advertisement when you’ve listed your relationship status on Facebook.

Some numbers from the Pew report:

71 percent. The percentage of online adults on Facebook.
22 percent. The percentage of online adults on LinkedIn.
21 percent. The percentage of online adults on Pinterest.
18 percent. The percentage of online adults on Twitter.
*** END QUOTE ***

To read more: http://pewinternet.org/Reports/2013/Social-Media-Update/Main-Findings.aspx


7. A Reminder About the 2014 Code of Ethics!

Let’s all start 2014 resolved to do right by our customers, clients, and fellow-Realtors!

The 2014 Code of Ethics has been posted to Realtor.org and is now available for immediate download. To do so, go HERE

Changes taking place as of January 1, 2014, include:

  • Modification of Standard of Practice 3-2 regarding changes in compensation to cooperating brokers,
  • Modification of Article 10 and its Standards of Practice regarding prohibitions against discrimination, and
  • Modification of Standard of Practice 11-1 regarding the preparation of any opinion as to property value or price.

BUT this might be a good time, after downloading the 2014 edition of the Code, to review the whole eight pages. You never know what you’ll find!

Apart from the Code, NAR’s Pathways to Professionalism would make a great topic of discussion and instruction at your next sales meeting! To review it, go to: http://www.realtor.org//code-of-ethics/pathways-to-professionalism


8. HOT LINE ALERT: Advertising Your Team

While the Tennessee Real Estate Commission ponders additional regulation and guidance for those licensees operating in “teams”, it seems a good time to remind everyone of the advertising rules and regulations under Tennessee’s license law!

As noted above, in the listing of Disciplinary Actions taken by TREC in December, it is a clear violation to advertise — in print OR online OR in signage — under a “team” name without also giving your firm name and the firm’s telephone number!

Unless your real estate license is officially held with a company named, for example, “The John Doe Group”, it is a violation of law to advertise, in any medium, under that name without identifying the actual real estate company (and company phone number) where your license is held according to state records.

This ALSO applies to any special websites (e.g., offering a special service to consumers) that you have created to drive business to your team.

Careful attention to advertising rules and regulations may spare you considerable penalties, expense, and public embarrassment later!

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


9. HOT LINE: Defaulting to Facilitator?

QUESTION: If you are the listing agent, and you revert to a facilitator, I understand that you must fill out the Change of Agency form and the Working with a Real Estate Professional form for an unrepresented party for both sides. Do you still fill out a NEW Confirmation of Agency Status in addition to that?

ANSWER: If you are a listing agent and default to a facilitator, you will need to complete the F1A (the Notification of Change in Agency Status form) for the seller. Then, assuming you are defaulting because you are also working with an unrepresented buyer, you will need to provide the Buyer a copy of F1B, the Working with a Real Estate Professional information sheet. Then you will need to complete a Confirmation of Agency Status form (F1c) for the buyer.

Keep in mind that any “default” or reversion to Facilitator status means that — from that moment on — you don’t represent EITHER the seller OR the buyer in this transaction and both of them need to be advised in writing of this fact, so that nobody is operating under the impression that you still represent one party or the other. [This notice in writing applies regardless of whether or not either party has given prior permission for this kind of default to occur.]

[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/