2-29-16 — Vol.: 2016 Iss.: 9 • Randy Durham, 2016 President • Phil Newman, TAR Digest Editor
CONTENTS In the News 1. TVA Watershed Permitting Rules 2. Stay Cool Under Pressure 3. Self-Employment Tax Reminders 4. Why Relocate to Tennessee? Member Services 5. TransactionDesk Tip: DocBox 6. RPR’s Features & Benefits
Professional Development 7. Why GRI? + Classes Coming Up Legal & Ethics Hot Line 8. Offer with Outdated Wording? 9. ‘For Sale’ Sign Name Requirements? 10. Copyrighted Photos on Website? Key Links & Resources Spring Conference Registration
1. TVA Watershed Permitting Rules Here’s a reminder for REALTORS® dealing with lakefront property, waterfront property owners and/or potential buyers in the Tennessee River watershed: Property owners need to have the Tennessee Valley Authority (TVA) review and approve planned shoreline projects on the Tennessee River and its tributaries before starting. This applies to commercial and residential and includes docks, boat slips, marinas, shoreline stabilization, and more. New property owners need to contact TVA to obtain a permit for existing shoreline facilities in their name. It’s all part of TVA’s natural resource, land and navigation management responsibilities via the federal agency’s charter legislation, designed to protect the Tennessee River system. To learn more about construction permitting and what’s required, please call 844-264-8341 or visit here.
2. Stay Cool Under Pressure Even though working in real estate is never stressful—right?—neuroscientist Daniel Levitin’s thoughts on dealing with stress provide some helpful insights. As he sees it, avoiding critical mistakes in stressful situations, when our thinking becomes clouded, is possible: “We all are going to fail now and then. The idea is to think ahead to what those failures might be”—the concept of “proscriptive hindsight.” You can watch Daniel’s 12-minute talk on the subject here.
3. Self-Employment Tax Reminders This list from the IRS is on the basic side, but it might spur a thought or two about the nuts-and-bolts of completing a return as a self-employed filer. Topics covered include schedules, estimated tax, allowable deductions, and when to deduct. Read the whole list at this link.
4. Why Relocate to Tennessee? We all know Tennessee is a great place to live and work. The state’s Department of Economic and Community Development (TNECD) features facts and stats that bolster the case on the Business Climate area of its website. Among other information, the site includes a quick list to share with anyone who might be considering a move to Tennessee:
1. No personal income tax on wages and salaries. 2. A right-to-work state. 3. A long history of fiscal responsibility that crosses party lines. 4. Lowest state debt per capita in the country (The Tax Foundation) 5. Second lowest state and local tax taxes paid per capita (The Tax Foundation) 6. Triple A-rated, with our most recent bond sale at the lowest interest rates on record. 7. Successful overhaul of our tort and workers compensation laws.
5. TransactionDesk Tip: DocBox We will periodically share tips to help you navigate TransactionDesk, including step-by-step tutorials featuring our own Buzz Steele. This week: Installing and Using the DocBox Virtual Printer Driver — PC Users Only If you need to add other documents besides forms to your transactions, here’s an easy method just for you. The DocBox Printer allows you to fax, email and/or upload files into DocBox by virtually ‘printing’ them from any application on your PC. Simply click on File, Print and select the DocBox Printer. For a step-by-step guide, watch a 7.5-minute screencast at this link.
6. RPR’s Features & Benefits Realtors Property Resource® (RPR) is an NAR website and mobile app that delivers on-the-go access to an all-encompassing real estate platform, available exclusively to REALTORS® at no additional cost, easily accessed through desktop, iOS and Android devices. To provide an overview of its features and services, RPR is hosting free online workshops on March 7, March 17 and June 9. To register, visit this link. For an overview of RPR, click here.
7. Why GRI? + Classes Coming Up Whether you’re a newer agent or a seasoned veteran, the Graduate REALTOR® Institute (GRI) designation is a great way to expand your knowledge and elevate your success. A Master GRI is available for those who already hold the GRI. Classes are held throughout the state; several are coming up at WCAR (April 6) and GNAR (April 27, 28, 29). For an overview of the GRI designation, visit the TAR website here. For details on the path to earning yours, go here.
8. Offer with Outdated Wording?
QUESTION: I have another agent, non-MLS, that has submitted a “makeshift” offer wherein she inserted old language from a TAR contract. She also used other outdated forms for the confirmation of agency, etc. We do not want to accept the offer, and the agent asked that I forward a copy of the new TAR contract. I do not want to do this because our names are now printed at the bottom. How should I handle this situation? ANSWER: You can provide a copy to this agent to use ON THIS TRANSACTION ONLY. This is because you represent the Seller in the transaction. The TAR forms can be used as long as a REALTOR® is involved in the transaction. If you do not want to send a blank form to them, then you can work with the Seller to develop an offer to submit to the buyer. Then, the buyer can counter it if they wish to change the terms.
9. ‘For Sale’ Sign Name Requirements?
QUESTION: On a For Sale sign, does the agent that heads the “team name” have to be on the sign? Since the “team name” is not the name of a real estate agent, can it be larger than the name of the real estate firm?
ANSWER: The team leader’s name does not have to be on a for sale sign. If an agent has a team name on the sign, it cannot be larger than the name of the real estate firm. The firm name must be the most prominent name on the sign. The Advertising rule clearly states that at a minimum, all advertising by an agent must contain the firm name and telephone number. The latest iteration of the rule went into effect October 18, 2015. (See TREC Rule 1260-2-.12 Advertising.)
10. Copyrighted Photos on Website?
QUESTION: I have a REALTOR® using some of my old photos for their current listings. How do I handle this situation?
ANSWER: These pictures may be protected by copyright. In the United States, it is not necessary to officially register a copyright. Nor is it required to have any copyright symbols on the site. It is enough to publish it on the website. There are several helpful articles on copyright issues that you may access on the NAR website. Visit this page for a list of articles. However, please keep in mind that your MLS may have language in their agreements stating that you would waive any copyrights that you may have. If the other agent will not agree to take them down, then you may have to speak to a copyright attorney.