The 10-6-15 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. IMPORTANT: TRID Reminder
2. Who Owns Your Property Photos?
3. Nashville Makes the Top 20!
4. New Home Sales on the Rise
5. Safety: What the Survey Says…
6. Upcoming Courses & Events!
7. HOT LINE: Paying a Licensed Assistant?
8. HOT LINE: Time Limit to File a Grievance?
9. HOT LINE: Competitor Slandering Me?
10. USEFUL LINKS

“Pretend that every single person you meet has a sign around his or her neck that says, Make me feel important. Not only will you succeed in sales, you will succeed in life.” — Mary Kay Ash

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


1. IMPORTANT: TRID Reminder

The changes that took effect this past weekend (on October 3) require Realtors to make adjustments to how business is conducted. To ensure a more seamless transition, it’s imperative that members take proactive steps to acclimate themselves to the altered process. Failing to do so could result in delayed closings and penalties incurred.

To make certain you’re prepared, TAR has compiled resources for you available at: http://tnrealtors.com/TRID

At that address, you’ll find valuable information regarding forms and processes from TAR, NAR and the CFPB’s “Know Before You Owe” initiative.


2. Who Owns Your Property Photos?

That question has come up repeatedly over the years, prompting several Hot Line questions!

While some Multiple Listing Services spell out the ownership of submitted photos in their listing and/or member agreements, the issue remains in doubt for some of our members.

To address this issue, NAR’s legal staff recently put together an online page — “Who Owns Your Property Photos?” — with information about your rights, as well as good advice on how to avoid copyright infringement and other legal hassles. This page also includes links to several sample license agreements you can use!

To access this resource, go HERE.


3. Nashville Makes the Top 20!

REALTOR.COM just published a new article on the current real estate market (“The 20 Hottest Markets in September 2015“), by Cicely Wedgeworth. Among other findings:

*** BEGIN QUOTE ***
“The residential real estate market remains strong and healthy as autumn begins, but the momentum has clearly shifted in favor of buyers,” said Jonathan Smoke, our chief economist, who led the analysis of realtor.com data from the first three weeks of September 2015. “Would-be buyers have struggled to find a home all year, but now inventory is nearly as high as it has been all throughout 2015, and it isn’t moving as quickly. Likewise, price appreciation remains above normal levels but has declined from the higher pace of the spring and summer.”
*** END QUOTE ***

On their list of the 20 hottest markets in September, Nashville was listed as the 15th hottest market in the nation! It’s great to see at least one of our cities on the list.

To read the whole article, go HERE.


4. New Home Sales on the Rise

Last week, we reported that existing-home sales in August dipped somewhat, although year-to-date sales and home prices are both up this year. That dip, however, did NOT apply to new home sales.

For the nation, sales of newly built, single-family homes rose 5.7 percent to a seasonally adjusted annual rate of 552,000 units in August from an upwardly revised July reading, according to newly released data from HUD and the U.S. Census Bureau. That’s the best performance since 2008!

Regionally, the South posted a gain of 7.4 percent!

To read the full September 24 release from the National Association of Home Builders, go HERE.


5. Safety: What the Survey Says…

RISMedia recently surveyed agents around the country as to how they stay safe. The results are packaged in an easy-to-read “infographic” that’s well worth reviewing. You can find it at: http://blog.rismedia.com/2015/safety-survey/

The six ways to stay safe that were cited most often, from the most popular to the least, were:

1. Tell someone where I’m going
2. Carry a weapon
3. Show homes with a colleague
4. In-depth knowledge about the neighborhoods I work in
5. Store emergency numbers in cellphone
6. Have taken self-defense classes

There’s more, and the entire survey results deserve your attention. This infographic would also make a great topic of discussion at your company’s next sales meeting.


6. Upcoming Courses & Events!

Oct. 7: TransactionDesk Basic (3 hrs. CE) — TAR Office, Nashville. For more information or to register, go HERE.

Oct. 7: TransactionDesk Advanced (3 hrs. CE) — TAR Office, Nashville. For more information or to register, go HERE.

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: Paying a Licensed Assistant?

QUESTION: With regard to how we pay licensed assistants, Agent A has a licensed assistant that is being paid an hourly salary by the agent. For anything they do with regard to the closing, etc., they are getting a referral fee, and this goes through the company for their activities as a real estate licensee. Is this correct?

ANSWER: You are correct. The licensee can pay his/her assistant directly for any activity that does not require a real estate license. HOWEVER, if a real estate license is required for an activity, the compensation for that MUST be paid through the firm. Be sure you document any payments to the assistant as well as the activities for which he/she is being paid.

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


8. HOT LINE: Time Limit to File a Grievance?

QUESTION: Can you file a grievance after the property has closed?

ANSWER: Yes, you may. Generally speaking, any complaint with the local board must be filed within 180 days.

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


9. HOT LINE: Competitor Slandering Me?

QUESTION: I was recently informed that another real estate agent had revealed to a number of people that I had made a mistake on a transaction which cost me money. This other agent stated he was divulging this information to show my character. Do I have any recourse against this agent?

ANSWER: If the information that the agent is saying about you is not true, you may have a defamation claim against the agent if you can prove that it has damaged you financially as a result. If you feel that this is a possibility, you may want to speak with your own legal counsel concerning how to proceed. Additionally, you may have grounds for an ethics complaint with the local board (if the agent is a Realtor). Standard of Practice 15-2 states:

“The obligation to refrain from making false or misleading statements about other real estate professionals, their businesses, and the business practices includes the duty to not knowingly or recklessly publish, repeat, retransmit, or republish false or misleading statements made by others. This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g., the Internet), or by any other means.

[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