8-22-16 Vol.: 2016 Iss.: 31 • REVISED EDITION

*The Hot Line section of the TAR Digest sent this morning contained incorrect references. Items 8 and 9 have been updated below, as noted. We apologize for the errors.*

TAR TAKEAWAYS
Get the scoop on CE requirements for license retirement/reactivation
Up for a road trip to the best city on earth? #GreatBlue
Tips for calculating days correctly on contracts
Pulling your hair out? Maybe it’s time to outsource…


CONTENTS

In the News
1. Yun: Why Homeownership Matters
2. Global Growth: Urban Influx
3. Road Trip! WORLD’s Best City
4. Key Words to Move a Listing 

Member Services
5. TransactionDesk: NEW Version!
6. RETI Webinar: Smart Outsourcing
Professional Development
7. License-Retirement Reminder
Legal & Ethics Hot Line
Defining the Days
8. Contracts and Weekends?

9. Inspection Periods?
10. Repairs Deadline?
Key Links & Resources

**Register for Fall Convention!**

 

Editor’s Note: The article on new TREC commissioner Rick Douglass will appear next Monday 8/29.

1. Yun: Why Homeownership Matters
In Forbes, NAR Chief Economist Lawrence Yun writes: “The homeownership rate has fallen to a 50-year low. As of the second quarter of this year, 63.1% of households were homeowners. If the trend of the rising number of young adults still living with parents is accounted for, and we count them as renters rather than being in a home owning household, then the ownership rate in the U.S. would be even lower. Is that a concern for the country, or should we just let it be as a reflection of consumer choice?” Read Yun’s full Forbes column HERE.

2. Global Growth: Urban Influx
In Tennessee, the U.S. and throughout the world, urban living is on the rise—literally—and the rapid growth “will trigger a huge demand for every type of urban real estate—and huge opportunities for global real estate agents,” according to an NAR/CIPS report, Urban Growth: Challenges on a Global Scale. View the report HERE.
 
3. Road Trip! WORLD’s Best City
Travel+Leisure has ranked the world’s very best cities and found that (drum roll) the #1 metropolis on earth is…Charleston, S.C.! Don’t miss your chance to visit the top locale (well, other than every city in Tennessee, of course) for our 2016 Fall Convention, Sept. 14, 15 and 16. To save your spot, go HERE. Find a really cool guide to Charleston HERE. #GreatBlue 

4. Key Words to Move a Listing
Words that tend to make a property sell faster: “fenced backyard,” “open concept,” “natural light,” “updated kitchen” and “single story.” Words that tend to keep a property on the market longer: “golf course,” “gourmet kitchen,” “ceramic tile,” “granite countertop” and “two story.” So suggests a new CoreLogic report that examined more than 1 million single-family transactions to identify phrases that influenced how fast a home sold. See the whole REALTOR® Mag blog about the report HERE.
 

5. TransactionDesk: NEW Version
We periodically share tips to help you navigate TransactionDesk, including step-by-step tutorials featuring our own Buzz Steele, RCE. This week:

Instructors Prep for NEW TransactionDesk
Instructors across Tennessee are gearing up to teach the NEW version of TransactionDesk that will be fully released during the first quarter of 2017. Local associations and Tennessee Real Estate Education Foundation (TREEF) instructors have participated in a “Train the Trainer” workshop in anticipation of teaching the new version, which is geared for mobile access/use and will work on all platforms and devices. All TAR members currently have access to the new version as it runs parallel to the current version, so you can start learning now. *Within TransactionDesk, locate and click on the graphic [shown above right] to try it out.* Also, there are many video tutorials within the new version—watch the 30-second screencast HERE to help you locate them.

6. Free RETI Webinar: Smart Outsourcing
Try as we might, we can’t do it all. To help you save time and focus on what matters most, the Real Estate Technology Institute (RETI), a TAR partner, is offering a FREE webinar at 3 p.m. EDT/2 p.m. CDT this Wednesday, Aug. 24: “Work Smarter: Outsourcing Options for Real Estate Agents,” led by tech expert Juanita McDowell. Register HERE.

7. License-Retirement Reminder
Editor’s Note: We covered this topic last month but are revisiting it in light of several recent questions.
New legislation was enacted during the 2016 legislative session re: license retirement. Public Chap. 838 Sec. 10 amends T.C.A. § 62-13-318 by eliminating the requirement that all education requirements specified in § 62-13-303 must be completed as a condition to temporary retirement of a license. Instead, the licensee must complete the education requirement (16 hours of CE) prior to reactivation within the current license renewal period in which they are seeking reactivation. So, if a licensee reactivates a retired license within the same renewal period in which the license was retired, any CE hours obtained prior to retirement within that renewal period count toward the 16 required to reactivate. Example: If your license has been retired for under 2 years, and you had 10 hours toward the 16, when reactivating, those 10 hours will count and you’ll be required to earn 6 more.

Legal & Ethics Hot Line Source: TAR Legal & Ethics Hot Line Counsel

Defining the Days
The Purchase and Sale Agreement contains multiple deadlines, so it’s an important skill for a REALTOR® to be able to calculate days accurately. Below are questions received by the hotline that may help in guiding you in determining deadlines.

8. Contracts and Weekends?

QUESTION: With regard to lines 392–402 (in the Terminology section) of the TAR Purchase and Sale Agreement and the performance deadlines, how should I handle the following situation? My seller has two days to respond to the repair/replacement proposal. The seller received the proposal on a Saturday. When is the two-day deadline?
 
ANSWER:
If the proposal is presented on a Saturday, then the following day, Sunday, would be the commencement date and also act as day 1. Monday would be day 2, the deadline, in this situation.

9. Inspection Periods?

QUESTION: When it comes to inspection periods and the days allowed for those, does this include weekends and holidays?
 
ANSWER: The TAR Purchase and Sale Agreement defines “days” and how to calculate days within it. The contract provides definitions for the calculation of time. Section 15.E states that all days will be calendar days. However, if the deadline is on a Saturday, a Sunday or a legal holiday, it rolls over to the next business day. If the last day is on a weekend, it rolls to the next business day (not necessarily Monday if Monday is a legal holiday). There are several exceptions: If the deadline is a Closing date, date of possession, offer-expiration date, or repair-completion date (the date that repairs are to be finished), it does NOT roll over to the next business day. Therefore, the inspection date deadline rolls over if it ends on a Saturday, Sunday or legal holiday. Furthermore, the contract defines “day” as ending at 11:59 p.m. unless otherwise specified. The calculation of dates generally begins on the day after the Binding Agreement Date, and this is true for the inspection deadlines.

10. Repairs Deadline?

QUESTION: The Repair Replacement Amendment says, “Seller agrees to complete the above matters ___ days prior to Closing as provided in the Agreement (“Completion of Repairs Deadline”) at which time Buyer and/or Buyer’s inspectors….” Where can I find the Completion of Repairs Deadline within the Purchase and Sale Agreement? And what constitutes “three (3) days prior” on the repair/replacement amendment if the closing date is August 9, 2016?
 
ANSWER: The term “Completion of Repairs Deadline” is not found in the Purchase and Sale Agreement. The Completion Deadline is what is being agreed to and defined in the Repair Replacement Amendment. The Completion Deadline is defined as “x days before closing.” As to how to calculate that deadline, the forms committee intended for you to start with the Closing Date. The day before the Closing Date would be day 1, two days before the Closing Date would be day 2, etc. For example, if the Closing Date is August 9, then day one would be August 8, day two would be August 7, etc.

KEY LINKS & RESOURCES
To check your CE hours:verify.tn.gov/default.aspx
For CE and other courses around TN: tarnet.com/education/
For online CE courses: tarnet.com/education/?target=online-CE-courses/
To ask a TAR Legal and Ethics Hot Line question: tarnet.com/technology-support/legal-ethics-hotline/
TREC: tn.gov/commerce/section/real-estate-commission
TAR website: tarnet.com
TAR on Twitter: twitter.com/tnaor
TAR on LinkedIn: linkedin.com/groups?gid=852077&trk=hb_side_g
TAR on Facebook: facebook.com/pages/Nashville-TN/Tennessee-Association-of-RealtorsR/15041383689

2016 TAR Fall Convention 
Sept. 14, 15 and 16

 Watch the PREVIEW VIDEO
REGISTER HERE

**Advanced Registration Deadline Sept. 1**

#GreatBlue

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