The 6-3-14 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. Horror Stories from Nashville Realtors!
3. Publicizing The Names of Ethics Violators…
4. NAR Announces 2014 Broker Summit
5. Discover and Discuss…
6. HOT LINE: Final Walk-Thru on New Construction?
7. HOT LINE: Lender Advertising on My Listing?
8. HOT LINE: Can Seller Accept a Different Offer?
9. Check Your Own CE Hours, Etc.

“There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle.” — Albert Einstein


1. Upcoming COURSES & EVENTS

June 3: NAR 2013-2016 Ethics Course (3 hrs. CE) – TAR Office, Nashville. For more information or to register, go HERE.

To see our 2014 GRI Schedule, go to: http://tnrealtors.com/education/gri/

Why Should YOU Earn Your GRI? 10 Reasons!

To see upcoming offerings of TREC CORE COURSES, ABR COURSES, etc., – at locations around the state – go to the TAR Calendar at: http://tnrealtors.com/meetings-and-events/calendar-of-events/

In honor of Take Your Dog To Work Day on June 20th, the CE Shop is offering a special 15% discount in June on any CE Shop course! Enroll today: http://tarnet.theceshop.com/ …and enter promocode “bestfriend15” at checkout to receive your discount!


2. Horror Stories from Nashville Realtors!

This past week, the Nashville Business Journal published some “horror stories” collected from Nashville Realtors. The Realtors were asked about some of the strangest — and, I might add, funniest — things they encountered in showing property. Just a sampling:

*** BEGIN QUOTE ***
“Naked man coming out of shower with towel over [his] head, did not know we were there.”

“Homeowners [were] hiding in a deadbolt locked closet.”

“Found an anaconda loose with mice running around the room for its food.”
*** END QUOTE ***

To read more, go HERE.


3. Publicizing The Names of Ethics Violators…

Not just names but pictures as well!

*** BEGIN QUOTE ***
The California Association of REALTORS will soon publish the names and photos of members who violate the Code of Ethics in a members-only section. The statewide database will serve as a pilot program, which was recently approved by the National Association of REALTORS’ Board of Directors.

“We just want to shine a light on the people that misbehave in our industry,” says CAR 2014 President Kevin Brown.

Each profile will include a brief synopsis about the violation and the disciplinary action levied against the member.
*** END QUOTE ***

Interesting! To read more, go HERE.


4. NAR Announces 2014 Broker Summit

And it’s in easy traveling distance of our Tennessee brokers! NAR’s 2014 REALTOR Broker Summit is the place for brokers to come together to get fresh insights on current conditions and to look to the future of the real estate industry.

This meeting was designed by brokers for brokers — it’s a not-to-miss event! It takes place August 6-7, 2014 in Atlanta, Ga. Travel in one day and leave the next with a wealth of knowledge to better your business.

At the REALTOR Broker Summit, you can:

Hear from industry leaders about issues of concern to you and your business:

  • Take part in roundtable discussions
  • Network with colleagues
  • Hear advice on best practices and legal issues
  • Learn valuable tips to implement in your office
  • You will also be able to hear from brokers like you at RISMedia’s Power Broker Roundtable.

To learn more, or to register, go to: http://www.realtor.org/events/realtor-broker-summit


5. Discover and Discuss…

This past week, Tracey Velt, a writer for REAL Trends, posted links to five Facebook groups that offer interesting — even helpful! — discussions. As Tracey writes: “Looking for tips on using Evernote in real estate? Want to discuss the professionalism of the industry with other real estate professionals?”

If you’ve encountered a challenge in business, there’s a good chance that somebody else has faced the same challenge …and figured out a way to navigate it successfully. So, explore a few of these …the “Raise the Bar” group is particularly engaging:

Evernote for Real Estate

Raise the Bar in Real Estate

Social Networking for Real Estate

Social Media Marketing for Real Estate

Real Estate Investors Group


6. HOT LINE: Final Walk-Thru on New Construction?

QUESTION: I am closing on a new construction property. Which form should I use for the final walk-thru?

ANSWER: If you are utilizing TAR’s New Construction Purchase and Sale Agreement, there are two different inspection forms which can be used.

First, there is the New Construction Punch List / Walk Through Check List which is form F63. This is where the buyers inspect the property once the builder states that the property is complete. The buyer then provides the “punch list” of things which still need to be completed, etc. Once these have been done, the buyer will do the Final Inspection right before closing. You would use the same form which you use for this on existing homes. You would use form F41, the Buyer’s Final Inspection.

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


7. HOT LINE: Lender Advertising on My Listing?

QUESTION: I have a lender who wants me to place their signs that say “100% financing available” in the yard of my listings. Is this OK to do or am I violating RESPA and/or Regulation Z laws?

ANSWER: We would NOT recommend doing this. There are numerous issues with this practice. At the very least, it is problematic from an advertising perspective because it could lead the public to believe that they can receive 100% financing on that particular property, no matter their income or credit score. We strongly advise not doing this.

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


8. HOT LINE: Can Seller Accept a Different Offer?

QUESTION: One of my agents represents a seller. One of my other agents put an offer on this seller’s property for a buyer. The seller verbally agreed to accept the offer, but before the contract could be executed, the seller received another offer that had a substantially higher sales price. Can the seller accept the second offer, or do they have to honor their word on the first offer?

ANSWER: These situations are always dicey which is why we do not recommend that agents do “verbal acceptances” unless they are immediately followed up in writing!

Under the Statute of Frauds, a contract for the sale of real estate must be in writing and signed by the person against whom it is to be enforced. However, this does not mean that the first buyer may be out in the cold. If he relied upon this promise to his detriment, he may have a claim (although it may not be for the house). This is why it is so important for everything to be done in writing immediately. If the parties involved have questions concerning their specific situation, they should speak with their own attorney.

[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/