The 10-20-15 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. TAR Welcomes Its New Communications Director!
2. TREC Disciplinary Actions: September, 2015
3. Education Class Offerings at Your Fingertips!
4. Call For Action – Don’t Unfairly Tax Homeowners
5. MBA Takes Notice of Realtors in Politics
6. Upcoming Courses & Events!
7. HOT LINE: Co-Broker or Referral Agreement?
8. HOT LINE: Two Buyer-Clients Want the Same Property?
9. HOT LINE: Damages Discovered on Final Walk-Thru?
10. USEFUL LINKS

“When you hit a wrong note it’s the next note that makes it good or bad.” — Miles Davis

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


1. TAR Welcomes Its New Communications Director!

Phil Newman, a longtime Knoxville- and Nashville-area communications and public-relations professional, will join the Tennessee Association of Realtors (TAR) in the role of Director of Communications beginning in November.

In this key leadership role, Newman will serve to advance TAR’s strategic priorities in communications and community outreach, while supporting the Association’s initiatives in public-policy advocacy, education and professional-standards training.

“As a part of our longstanding commitment to help our more than 20,000 members statewide to succeed in their professional endeavors, communications and community outreach have become increasingly vital,” said Steve Harding, executive vice president of the Tennessee Association of Realtors. “We are excited to welcome Phil Newman as a new team member focusing fully on communicating with our members and with raising public awareness of the indispensable expertise that Realtors provide throughout Tennessee.


2. TREC Disciplinary Actions: September, 2015

At its September meeting, the Tennessee Real Estate Commission (TREC) assessed significant fines (ranging from $500 to $1,200) and additional penalties on three (3) individuals for the following offenses:

Advertising in a false, misleading or deceptive manner
Failure to supervise affiliate broker
Failure to timely file with the Commission an answer to the complaint

Although there were fewer disciplinary actions this past month, the above infractions are a good reminder to double-check the new TREC rules (on advertising, etc.) to ensure your own compliance! You can read or download your own copy at: http://share.tn.gov/sos/rules_filings/07-16-15.pdf


3. Education Class Offerings at Your Fingertips!

TAR is proud to announce its FREE member Mobile App — ERMA! Available for both Android and Apple iOS, this mobile app is exclusively for the use of Realtor Members. Find educational opportunities throughout the state of Tennessee!

ERMA aggregates all the courses and classes throughout Tennessee that are CE based and approved by the Tennessee Real Estate Commission. ERMA makes it easier for TAR members to search for offerings of continuing education, regardless of how it’s offered — either by correspondence, by classroom or even online.

Need a class on a certain topic or location? Did you miss an opportunity to take a required class and now you need to find the next available one? If so, no worries. ERMA allows you to do that. Based on your search, ERMA will tell you WHEN and WHERE it’s being offered. All classroom-based courses are geocoded so you can search for offerings by proximity to your location. If a classroom setting is not your style and you’re looking for online offerings for quick CE, ERMA has it. You can also elect to search for courses in which you learn at your own pace by searching through correspondence courses.

ERMA also allows you to bookmark classes you may be interested in taking AND keep a running list of the classes you’ve taken!

Through ERMA, Tennessee Association of Realtor members now have a convenient way to find continuing education in the palm of their hands. To get it for yourself, go to: http://tnrealtors.com/education/ …and scroll down until you see the ERMA logo. You can click on that for information, screenshots, and download instructions!


4. Call For Action – Don’t Unfairly Tax Homeowners

Congress is considering a proposal to create a tax on all potential homeowners and consumers looking to purchase or refinance a mortgage.

By increasing Fannie Mae and Freddie Mac’s credit risk guarantee fees (g-fees) to fund transportation programs, Congress would disturb the housing recovery. Now is not the time to raise the cost to purchase or refinance a home!

NAR strongly believes that taxing homeowners to pay for transportation programs places an unnecessary long-term burden on consumers and this action will disproportionately impact low and moderate income borrowers, as well as first-time homebuyers.

Take Action Now! Go HERE.


5. MBA Takes Notice of Realtors in Politics

Realtors have a long track record of being effective in politics. And others continue to take notice.

Recently, Bill Cosgrove, the outgoing chairman of the Mortgage Bankers Association (MBA) noted the importance of influence in public policy discussions, seeing how crucial it is for fellow CEOs to get outside the of the day-to-day grind and make their companies more active in Washington, DC, and in state capitals. He urged them to “take a page from the real estate community” and be more active in politics.

The outgoing chairman did say he does see more CEOs active in the political process, but added that the MBA still has more work to do on this front.

Realtors are always willing to work on a united front with like-minded groups and professionals, but it is nice to see others taking notice of our efforts!


6. Upcoming Courses & Events!

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: Co-Broker or Referral Agreement?

QUESTION: I would like for an agent in another city to help me find a property for a client. Would I use a co-broker form or a referral agreement?

ANSWER: You can do either. HOWEVER, a word of caution regarding co-brokering (i.e., both of you representing the buyer as agents). Only do this with someone with whom you communicate very well. This is because, in the eyes of the law, you will be deemed to know everything that the other agent knows! This could be problematic if communication is not good.

A safer alternative may be to turn the client over to another agent for representation and request a referral fee. You can do this by using form RF 701, Referral Agreement.

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


8. HOT LINE: Two Buyer-Clients Want the Same Property?

QUESTION: I have a signed Buyer’s Agreement with two different buyers, and both buyers have decided they want to make on offer on the same house. How do I best represent both buyers, and do I inform each buyer that I am representing another buyer interested in putting an offer in on the same home?

ANSWER: This has come up before, although it’s been a while since we’ve addressed this situation.

Having two buyers which both present offers on the same property can be a VERY dangerous proposition for an agent. It is permitted, as long as both buyers sign a statement which states that they understand that you are working with both buyers and that they are both submitting offers on the same property. However, this opens you up to the real possibility that one of them could claim inappropriate behavior on your part, especially if one of these buyers is successful (and the other, obviously, is not). Therefore, if both buyers want to make an offer, we would recommend that you have another agent in your office work with one of the buyers while you work with the other.

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


9. HOT LINE: Damages Discovered on Final Walk-Thru?

QUESTION: We had a property that was supposed to close today. On the final walk-thru, the buyer found damages. How do we handle this situation?

ANSWER: This should be reported to the closing attorney who can assist the parties in drafting a new agreement concerning the repair of these damages. Any such agreement will need to be separate from the purchase and sale agreement.

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


10. USEFUL LINKS

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/technology-support/legal-ethics-hotline/

For CE classroom courses around the state, go to:†http://tnrealtors.com/education/

For online CE courses, go to:†http://tnrealtors.com/education/online-courses/

Tennessee Real Estate Commission: http://tn.gov/commerce/section/real-estate-commission