1-25-16 Vol.: 2016 Iss.: 4 • Randy Durham, 2016 President • Phil Newman, TAR Digest Editor

In the News
1. 2015 Kangles Award: Kathy Tucker
2. Winter Road-Safety Tips
3. Boys and Girls Clubs Partnership
4. Inspiring Quotes to Boost Your Day
Member Services
5. HealthPERX
: Telemedicine, Rx Savings & More
Professional Development

6. Serving Our Servicemen & Women: MRP Certification Course 2/25
Vote. Act. Invest.
7. Register for Primary Voting THIS Week
Legal & Ethics Hot Line
8. How Long to Keep Real Estate Files?
9. Principal Broker of a Firm Required to Be an Owner?
10. Recourse for Mortgage Company Delays?
Key Links & Resources
Spring Conference Registration
1. 2015 George Kangles Award: Kathy Tucker
Hats off to Kathy Tucker, recipient of the 2015 George Kangles Community Citizenship Award. In honoring Kathy for her leadership and activism, the Greater Chattanooga Association of REALTORS® helps us all to remember George, who was a cherished member of the real estate community on the local, state and national levels. He served as president of GCAR, a two-year term as TAR Division Vice President, multiple terms as a TAR and NAR director, Government Affairs Committee chair, and trustee for the REALTORS® Political Action Committee (RPAC). He was recognized as Tennessee REALTOR® of the Year in 2006 and appointed to serve as Federal Political Coordinator to U.S. Sen. Bob Corker. Established after his passing in 2011, the Kangles award recognizes involvement in governmental and political affairs, knowledge and activism concerning public issues that affect members and our industry, participation in RPAC, GAC leadership, and an overall positive impact on Govt. Affairs activities—all of which Kathy embodies. Kudos! For more details, visit here.

2. Winter Road-Safety Tips
It’s wise to keep safety in mind when navigating cold, snowy and/or icy conditions. Consider this helpful checklist of winter-driving tips. Also, this list from the Governor’s Highway Safety Office includes a timely reminder: “Keep an emergency safety kit in your vehicle. Assembled kits are available for purchase at many retail outlets, or you can create your own. THP recommends a flashlight, reflectors, jumper cables, first aid kit and an empty gas can. It’s also a good idea to have a pair of gloves for tire changes and a poncho and blanket for inclement weather.” Take care out there!

3. NAR’s Partnership with Boys & Girls Clubs of America
Community involvement is a core part of who we are as real estate professionals. One way NAR is working to foster engagement is through a nationwide partnership with Boys & Girls Clubs of America (BGCA). 

This page describes the program and how to participate, including:

  • Find your local BGCA Club and give them a call.
  • Work with your local Club to determine how you can get involved (coach youth sports, tutor after school, host a career day, etc.).
  • Share your Club story if you’re a BGCA alum.
  • Give financially to BGCA.

4. Inspiring Quotes to Boost Your Day
Writer Mike Templeton offers a dose of inspirational insight in a blog on Entrepreneur magazine’website, featuring 23 timely quotes in four categories: 1) Remember your purpose every day. 2) Dare to be great. 3) Be persistent. 4) Take failure in stride. The full post is here.

5. HealthPERX: Telemedicine, Rx Savings & More
Through TAR’s partnership with Legal Benefits Group, members may now access healthPERX™, an innovative suite of services providing effective and low-cost access to the health care system, such as Telemedicine, Prescription Drug Savings, and networks for discounted health services including Aetna Dental Access, Vision & Hearing. Click here and select the HealthPERX™ box to get started.

6. Serving Our Servicemen and Women: MRP Certification Course 2/25
Learn how to provide the vital real estate services that members of the military need at all stages of their careers, whether active duty or veterans. This Military Relocation Professional (MRP) course at TAR in Nashville on Thursday, Feb. 25 will earn you an important certification as you hone your skills in working with service personnel to find the housing that best suits their needs and takes full advantage of their military benefits and support. Register here (must be logged in).

7. Reminder: Register by 2/1 to Vote in TN Super Tuesday Primary!
Part of our Association’s mission 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. How Long to Keep Real Estate Files?

QUESTION: How long do we have to keep real estate files according to Tennessee Real Estate Commission?
ANSWER: A firm must maintain a copy of all records for a minimum of three years. Tenn. Code Ann. § 62-13-312(b)(6) states that a licensee can be penalized for “Failing to preserve for three (3) years following its consummation records relating to any real estate transaction.” According to the TREC, these records must contain, at a minimum: listings, offers (even those that do not become contracts), contracts, closing statements, agency agreements, agency disclosure documents, property disclosure forms, correspondence, notes, and any other relevant information. We recommend that all agents either print all emails and texts or save them electronically (TREC Rule 1260-2-.40), as they could be critical for any lawsuit or complaint. It is important for the principal broker to keep (and be able to access) all documents that evidence contact with clients, customers, cooperating agents, and/or inspectors. Although the Brokers’ Act requires that records be retained for only three years, it is a good business practice for licensees and firms to maintain their records for at least six years following the consummation of a transaction, because the statute of limitations for breach-of-contract actions is six years.

9. Principal Broker of a Firm Required to Be an Owner?

QUESTION: Do I have to be part owner of a real estate corporation to be the broker?
ANSWER: No. You can be the principal broker for a firm without being its owner or partial owner. However, if you are not the owner or partial owner, you need to be very careful. Some owners attempt to exercise total control over the management of the company. The principal broker is ultimately responsible for the actions of the agents. He or she is also in charge of the escrow account by law. If the owner does something inappropriate with the funds in the escrow account, it is still the broker’s responsibility.

10. Recourse for Mortgage Company Delays?
QUESTION: I am representing a seller and we were to close today. The buyer’s mortgage company processor did not do his job, which is delaying our closing for an undetermined length of time. Does my seller have any recourse? This is creating a hardship for her.
ANSWER: The seller does not have to agree to extend the contract. She can require some additional compensation to agree to extend the closing, such as a monetary payment. This would likely have to be paid by the buyer. It is unlikely that the lender would have any liability toward the seller. However, the seller should speak to their own attorney concerning their legal rights.
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/
TREC: http://tn.gov/commerce/section/real-estate-commission
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!