1-18-16 — Vol.: 2016 Iss.: 3 • Randy Durham, 2016 President • Phil Newman, TAR Digest Editor
In the News
1. Leading-Edge Tech Tools & Toys
2. Forecast: Modest Rise In Home Sales
3. ERMA Puts Learning at Your Fingertips
4. Get Your 2016 NAR Membership Card
5. Nominate for Volunteering Works Grant
6. Why RCS-D Is the Designation for You
7. Register to Vote in TN Primary by 2/1
Legal & Ethics Hot Line
8. Agent Draft a Rental Release?
9. Form to Terminate Listing Agreement?
10. Disclosure for Selling Your Personal Property? Key Links & Resources
|1. Leading-Edge Tech Tools & Toys
Innovative products took center stage at the 2016 Consumer Electronics Show (CES) in Las Vegas Jan. 6-9, with 3,600 exhibitors and 170,000 attendees. ABC News and Realty Times recapped some of the most whiz-bang items, including:
|2. Forecast for 2016: Modest Rise in Home Sales
NAR Chief Economist Lawrence Yun gives his U.S. economic forecast for 2016 in a video interview here. Among his expectations: In light of a slowly growing economy, stock-market uncertainty and rising mortgage rates, home sales are likely to grow more modestly (1-3%) than the 7% growth recorded in 2015. Still, a “pent-up demand for home sales” should help to boost the industry as the year unfolds.
|3. ERMA Puts Learning at Your Fingertips
TAR has developed an exclusive learning tool that we call ERMA (Educational Resource Mobile App) to aggregate course offerings throughout Tennessee. Available for both Android and Apple iOS, ERMA is accessible only by Realtor® members. To download it, simply search ERMA in your device’s app store. After installation, be sure to rate ERMA; we’d love to hear your suggestions. For more details, visit here
|4. Get Your 2016 NAR Membership Card
One way to show your Realtor® pride is with a 2016 NAR membership card. Download a PDF version FREE and/or order a custom-printed plastic version for $5 at this link; both options can be personalized.
|5. Nominations Open for NAR Volunteering Works Grant
If you know someone who would be a worthy participant in NAR’s Volunteering Works grant and mentoring program, now’s the time to nominate them. Open to Realtors® who are leading a community-service project and would benefit from a mentor’s guidance and $1,000 seed money. Five Realtors® will be selected and paired with mentors who are Good Neighbor Award winners. Deadline: Friday, Feb. 26. For the application and more details, go here.
|6. Why RCS-D Is the Designation for You
In this brief video, TREEF President Pat Seymour and Vanderbilt Law School instructor Kelly Murray discuss your opportunity to help couples working through divorce and elders in the buying or selling process. The RCS-D designation course, Feb. 22 and 23 at TAR, will equip you to navigate this critical area for clients in difficult seasons of life. Register today at this link (login required).
7. Register to Vote in TN Primary by Monday, Feb. 1!
Part of the mission of the Tennessee Association of Realtors® is to increase participation and influence in the political process in order to protect your business interests. One major form of political participation is VOTING. But to vote, you must be registered. 2016 is an important election year, especially with Tennessee’s presidential primary March 1 as part of “Super Tuesday” or the “SEC Primary”; 12 states, seven in the South, will hold primaries or caucuses that day. The deadline to register for the primary is Monday, Feb. 1. Registering is easy, and exercising your right in the process is vital. Lean more at this link.
|8. Agent Draft A Rental Lease?
QUESTION: Is it legal in Tennessee for a real estate agent to draw up a lease for a residential rental? ANSWER: No. Licensed real estate agents are permitted to work in rentals, as this is included under the Broker’s Act, and you may assist the parties in executing a preprinted lease agreement. However, an agent SHOULD NOT draft a lease agreement, just as they should not draft a purchase/sale agreement. This would be the same as practicing law without a license.
9. Form to Terminate a Residential Listing Agreeement?
QUESTION: Which form should I use to terminate a residential listing contract? ANSWER: A listing agreement is a written contract that establishes an agency relationship between a seller and a real estate company. Terminating this contract requires a termination and release in writing, signed by all parties to the listing agreement. This will release both sides from the obligations under the original listing agreement. Until this is completed, the listing agreement will continue in place until its natural termination. TAR provides a form that effectively terminates the listing, one for commercial (CF 151) and one for residential (RF 151). These forms will allow you to place limitations on agreeing to release the listing such as a carry-over period or a termination fee. (See lines 9-17). However, if the seller lists the property with another agent during the carry-over period, the obligation to pay a commission is terminated. Another possibility would be to require a referral fee if the seller sells the property to that particular buyer; this should be done in the release agreement.
10: Disclosure for Selling Your Personal Property?
QUESTION: I want to sell my personal residence, and I have an unrepresented buyer who is interested in purchasing it. Which forms and disclosures do I need to use? ANSWER: You would use the standard Purchase and Sale Agreement, but you would also need to use the Personal Interest Disclosure and Consent form (RF 305) to disclose that you own the property.
KEY LINKS & RESOURCES
To check your CE hours: http://verify.tn.gov/default.aspx
For CE and other courses around TN: http://tnrealtors.com/education/
For online CE courses: http://tnrealtors.com/education/online-courses/
To ask a TAR Legal and Ethics Hot Line question: http://tnrealtors.com/technology-support/legal-ethics-hotline/
TAR website: tnrealtors.com
TAR on Twitter: http://twitter.com/tnaor
TAR on LinkedIn: http://www.linkedin.com/groups?gid=852077&trk=hb_side_g
TAR on Facebook: http://www.facebook.com/pages/Nashville-TN/Tennessee-Association-of-RealtorsR/15041383689
|Registration for our 2016 Spring Conference is OPEN. Click here or on the ad for more details. Reserve your place TODAY!|