The 2-18-14 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. The 2014 Changes in TAR Forms
3. TREC Announces New Rules
4. Gen Y Buyers Really Are Different…
5. Register for the 2014 TAR Spring Conference!
6. HOT LINE: Slandered by Another Realtor?
7. HOT LINE: Divulging Personal Information?
8. HOT LINE: Getting Notice That an Offer Was Rejected?
9. Check Your Own CE Hours, Etc.

“Man cannot discover new oceans unless he has the courage to lose sight of the shore.” — Andre Gide


1. Upcoming COURSES & EVENTS

Feb. 20: GRI 414, Residential Property Management (8 hrs. CE), a GRI Elective — Eastern Middle TN Assn. Office, Mt. Juliet. For more details or to register, go to: http://www.emtar.com

Feb. 20-21: The Learning-Centered Instructor Workshop (16 hrs. CE) — hosted by the Greater Chattanooga Association. For more details, visit: http://www.gcar.net/S=0/events/calendar/month/2014/02/ …and click on the 20th of February!

March 11-12: The Learning-Centered Instructor Workshop (16 hrs. CE) — hosted by the Williamson County Association. For more details, visit: http://www.wcartn.org/education/upcoming_courses/view/170/

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/

Save 15% on your online CE purchase this February in any of our CE Shop courses! This is a Limited Time Offer! Enroll today: http://tarnet.theceshop.com/ …and enter “hearts15” at checkout to receive your discount!


2. The 2014 Changes in TAR Forms

There are 3 resources that will help you understand the 2014 Form Changes (specifically Residential forms F9, F4, F5, and F26)

1) The Managing Broker Forum Videos
These are the videos produced about a month prior to releasing the TAR 2014 inventory of Forms. The videos are form-specific now for your convenience. Just scroll down the page and click on the video categorized by Form number. The longest video (F4 & F5) is 17:59:00 in length.

http://tnrealtors.com/2014-managing-broker-forum-video/

2) Documented Changes
This is a PDF file that lists the changes per form and by line number. You must log in first to access it. Go to “Forms on the Fly”, located under the Members Only tab. It does not answer the question WHY, but simply documents and shows you the specific changes made to each form. You’ll see a download link toward the top of the Forms on the Fly page.

3) The inFORM Tool
This is a service that has been available for many years now, but many of the membership are just discovering it! You must first log in to access it under the Members Only tab. The majority of the most popular Residential Forms are presented in graphical format on a page by page basis. The form is highlighted with different colors where each color represents something unique.

Highlights:
RED = Extra Useful Information
YELLOW = Suggested related forms that should be used
BLUE = Explanation of Content
GREEN = Field Explanation
AQUA = History Version Changes
ORANGE = VIDEO Explanation

NOTE: The video explanation is newly added and reflects forms discussed in the Managing Broker Forum video.


3. TREC Announces New Rules

The Tennessee Real Estate Commission (TREC) has announced new rules that will take effect on May 8, 2014. The rules concern stiff penalties for lapsed Errors & Omissions (E&O) coverage, as well as rules regarding the implementation of new fingerprinting requirements for licensees.

To download a copy of the rules (in PDF format), use the following link: http://www.tn.gov/sos/rules_filings/02-06-14.pdf

The linked document above includes the public comments filed by various parties during the rule-making process.


4. Gen Y Buyers Really Are Different…

The following statistics came from a MEG Research study of 600 Gen Y buyers who closed in 2013:

*** BEGIN QUOTE ***

  • They think they are unique. They think they are special. Remember it is all about them. Didn’t we raise them to be that way?
  • Gen Y homebuyers start the process a minimum of six to 18 months before contacting a REALTOR — this means your social media, ratings on Yelp, and website are all important.
  • They prefer detached communications like text, e-mail, tweets, etc. Don’t call them, unless they call you.
  • In person communications are the least preferred type of communications with telephone right behind it.
  • They think of the telephone as an invitation to confrontation and objection countering.

Your WebSite or Social Media

  • 50% will leave your website if the first thing they see is your picture (remember it’s all about them).
  • 83% will leave your website immediately if they are first confronted with a video.

*** END QUOTE ***

To read more, go HERE.


5. Register for the 2014 TAR Spring Conference!

You can now register online for the 2014 TAR Spring Conference on March 24-25! The Spring Conference at the Cool Springs Marriott, just south of Nashville, is often our biggest event of the year, and features 10 hours of Education Sessions with national speakers, all designed to give your business a boost. [For a registration fee of only $75, it’s also one of the best bargains you’ll find anywhere!]

This year’s Conference features the following sessions:

Maura Neill: “Customer Before Company: Revolutionizing Your Business the Nordstrom Way”
Nobu Hata: “Mobile Realtors & Mobile Apps: What’s Useful & What’s Not!”
Amy Smythe Harris: “Video for the Rest of Us”
Trista Curzydlo: “I Don’t Give A Twit . . . Social Media Risk Management”
Sean Carpenter: “Give ‘Em Something to Talk About!”

For more information, or to register, go to: http://tnrealtors.com/meetings-and-events/spring-conference/

There is NO on-site registration. Everyone must register in advance!


6. HOT LINE: Slandered by Another Realtor?

QUESTION: Another broker misrepresented to potential buyers that I no longer worked for my company. What are my legal remedies?

ANSWER: You may have grounds for a complaint with the local board and/or TREC. Article 15 of the Code of Ethics states that: “Realtors shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices.”

Furthermore, the Broker’s Act states that an agent can be disciplined for “Making any substantial or willful misrepresentation”.

If you feel that you have grounds for a complaint with TREC, you can download the documents to file a complaint from their website: http://www.tn.gov/regboards/trec/.

If you feel that you have grounds for an ethics complaint with the local board, you should call them and they will provide you with the documents you need.

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


7. HOT LINE: Divulging Personal Information?

QUESTION: Can we divulge a tenant’s information (Social Security Number, etc.) to the owner of a property, or is this forbidden?

ANSWER: By federal law, you are required to safeguard personal information such as Social Security Numbers VERY carefully! Therefore, we would suggest that you get written permission from the tenant to release that information to the landlord. This could be something that is included in the lease application which the tenant would sign, agreeing to it.

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


8. HOT LINE: Getting Notice That an Offer Was Rejected?

QUESTION: Is there any legal requirement or professional standard that would apply to get a reply of rejected offer from a seller if requested by the buyer / and buyers agent. We continue to get requests from buyers we represent (specifically on foreclosure offers) for something saying the seller has rejected the offer or written counteroffer. This really makes the buyer’s agent look bad when there is no written communication on the status of a rejected offer or counteroffer other than a verbal from the listing agent?

ANSWER: This issue has come up before. Pursuant to TREC Rule 1260-2-.08:

“A broker or affiliate broker promptly shall tender every written offer to purchase or sell obtained on a property until a contract is signed by all parties. Upon obtaining a proper acceptance of an offer to purchase, or any counteroffer, a broker or affiliate broker promptly shall deliver true executed copies of same, signed by the seller, to both the purchaser and the seller. Brokers and affiliate brokers shall make certain that all of the terms and conditions of the real estate transaction are included in the contract to purchase. In the event an offer is rejected, the broker or affiliate broker shall request the seller to note the rejection on the offer and return the same to the offeror or the offeror’s agent.

Obviously, an agent cannot force their client/customer to note a rejection, but they need to ask that this be done. Lenders are notorious for not providing this type of rejection. If an agent has a client/customer who will not do this, we recommend that they document that they have requested the rejection, but the client refused. This documentation can then be relayed to the other side.

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


9. Check Your Own CE Hours, Etc.

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

To go to the TAR website: http://tnrealtors.com

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/