The 9-22-15 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. TAR Elects 2016 Officers!
2. 2015 TAR Award Winners Announced
3. Best Month & Date To Close on a Home?
4. Making Your Website Work for You!
5. New Advocacy Website for Homeowners
6. Upcoming Courses & Events!
7. HOT LINE: Property on Border with Another State?
8. HOT LINE: Not a Member of the MLS Where Listed?
9. HOT LINE: When Does It Become a Contract?
10. Check Your Own CE Hours, Etc.

“We are continually faced with a series of great opportunities brilliantly disguised as insoluble problems.” — John W. Gardner

NOTE: If you’re reading this on a mobile device (iPhone, etc.), GO HERE for a mobile-friendly DIGEST.


1. TAR Elects 2016 Officers!

At the TAR Annual Convention, the Tennessee Assn.’s Board of Directors elected 2016 officers for the state association. They were all installed at the Convention’s final banquet this past Friday evening and will assume office in the latter part of November, 2015.

Chattanooga Realtor Randy Durham will be TAR’s 2016 President. Other 2016 TAR Officers will be:

2016 President-elect – Brian Copeland, Nashville
2016 Secretary/Treasurer – Leon Dickson, Memphis
2016-2017 Division 1 Vice President – Brian Williams, Lexington
2016-2017 Division 2 Vice President – Kathy Dunn, Cookeville
2016-2017 Division 3 Vice President – Travis Close, Chattanooga

Continuing members of next year’s TAR Executive Committee will be: Pat Beech (Memphis) as Immediate Past President, Division 1 VP Nancy Guy (Memphis), Division 2 VP Hagan Stone (Nashville), and Division 3 VP Doyle Webb (Knoxville).

Congratulations to our 2016 leaders!


2. 2015 TAR Award Winners Announced

The TAR Annual Convention also featured the announcement of major Realtor awards for 2015:

Realtor BJ Swinehart (Knoxville) was named TAR’s 2015 REALTOR of the Year, having served both local and state associations so admirably for many years!

Realtor Randy Thomas (Kingsport) received the 2015 Presidential Award for his service from 2015 TAR President Pat Beech.

Memphis attorney Ryan Byrne was named the 2015 State REALTOR Educator of the Year for his excellent support of educational programs and services!

These are all high honors, and these folks deserve the recognition. When you see any of them, please express your thanks for their exceptional service and achievements!


3. Best Month & Date To Close on a Home?

Get your buyers ready …it’s October 8!

At least that’s the result of a massive study by RealtyTrac, analyzing 32 million sales of single-family homes and condos over the past 15 years. The October 8 date, statistically is the best date to close on a home, and October is the best month!

*** BEGIN QUOTE ***
Out of 2.7 million single-family home and condo sales over the last 15 years that closed in October, buyers realized an average discount of 2.6 percent below full estimated market value at the time of sale. Following October as best months to buy were February, July, December and January. The worst month to close on the purchase of a home is April, when buyers over the last 15 years have purchased at an average premium of 1.2 percent above estimated market value at the time of sale.
*** END QUOTE ***

The study also looked at such things as the best and worst day of the week, etc.

To read more, go HERE.


4. Making Your Website Work for You!

Most active Realtors have at least one website, since — for many years — a presence on the Web has been considered essential for any professional. But is it actually working for you?

That’s the question that Lee Davenport, a young and successful Realtor, addresses in a recent post to NAR’s YPN Blog (“Work Your Website, Not Your Nerves“). She begins with a statistic that most Realtors might prefer NOT to face: “Approximately 65 percent of REALTORS report having a website for at least five years but only 2 percent of their business come from those sites, according to the National Association of REALTORS 2015 Member Profile.”

She provides several useful tips in this article — including how to make your Facebook presence and your website work together! It’s good information for those who want to take their marketing “to the next level”.

To read more, go HERE.


5. New Advocacy Website for Homeowners

Because it so important that the real estate industry be recognized as an ally and resource for homeowners, the National Association of REALTORS (NAR) has created a dynamic, new consumer-facing website that will feature consumer focused REALTOR advocacy efforts all across the country as well as on the federal level.

The new website is the REALTOR focal point going forward for reaching out to consumers with advocacy information of importance to homeownership, and demonstrating to consumers that REALTORS are on their side on many issues. It’s definitely worth a visit … to do so, go to: http://homeownershipmatters.realtor

NAR has begun promoting the new site on a large scale by sending monthly emails and links to the site to over six million consumers whose emails we have collected from previous NAR outreach efforts.


6. Upcoming Courses & Events!

Oct. 13-15: Sign up for all three upcoming GRI Courses (404, 405, and 406) being held at the Greater Nashville Assn. of Realtors. When you sign up for all three, you save $55! To do so, go HERE.

Oct. 13: GRI 404, Working More Effectively with Sellers (6 hrs. CE) – GNAR Office, Nashville. For more information or to register, go HERE.

Oct. 14: GRI 405, Mastering Forms & Contracts (6 hrs. CE) – GNAR Office, Nashville. For more information or to register, go HERE.

Oct. 15: GRI 406, Tips, Tools, and Technology (6 hrs. CE) – GNAR Office, Nashville. For more information or to register, go HERE.

Oct. 21-23: Sign up for all three upcoming GRI Courses (404, 405, and 406) being held at the Knoxville Area Assn. of Realtors. When you sign up for all three, you save $55! To do so, go HERE.

Oct. 21: GRI 404, Working More Effectively with Sellers (6 hrs. CE) – Lighthouse, Knoxville. For more information or to register, go HERE.

Oct. 22: GRI 405, Mastering Forms & Contracts (6 hrs. CE) – Lighthouse, Knoxville. For more information or to register, go HERE.

Oct. 23: GRI 406, Tips, Tools, and Technology (6 hrs. CE) – Lighthouse, Knoxville. For more information or to register, go HERE.

There are 10 good reasons to earn YOUR GRI in 2015! Just go to: https://vimeo.com/90565297

You can ALSO begin work toward your GRI designation ONLINE! To find out how, go to: http://tnrealtors.com/education/e-class-gri-information/

For an overview of all UPCOMING COURSES, as well as links for more information or registration, go to: http://tnrealtors.com/education/ ……and scroll down the page to see all upcoming courses!


7. HOT LINE: Property on Border With Another State?

QUESTION: A North Carolina agent has a property listed that is partially located in Tennessee, but she only holds a North Carolina license. Is this legal?

ANSWER: No. If any part of the property is located in Tennessee, the listing agent would be required to hold a Tennessee real estate license.

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


8. HOT LINE: Not a Member of the MLS Where Listed?

QUESTION: I sold a property in an area where I was a not a member of the MLS. The MLS advertised 3.5% commission to the buyer’s agent for that particular property. I did not do a compensation agreement with the listing broker, and what I ended up receiving was less than that. How should I handle this situation?

ANSWER: If you are not a member of the MLS in which it was listed, then it is unlikely that you are entitled to any cooperating commission at all. The cooperating compensation is offered to members of THAT MLS. The listing firm can decide to offer compensation, but it does not have to do so and it does not have to be in the same amount as listed in the MLS. If you want further information, you might contact that MLS.

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


9. HOT LINE: When Does It Become a Contract?

QUESTION: When does a contract become a contract? When both buyer and seller have signed and all parties know the offer has been accepted and signed, OR when both buyer and seller have signed and then the binding date has been confirmed in writing by the accepted receiving party and sent back?

ANSWER: While the TAR Legal Hot Line cannot determine when a specific contract has been created, we can provide you with some guidelines from basic contract law.

Generally speaking, a contract is created when both parties have executed the contract and the offeror receives notification of the offeree’s acceptance. The binding agreement date (BAD) in the TAR contract does not necessarily determine when the contract is formed. It merely acts as a date in time from which deadlines are calculated. However, if the BAD is entered correctly, it should reflect when the offeror receives notice of the offeree’s acceptance.

[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 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/