10-23-17 • Vol. 2017 Issue 38 • Brian Copeland, 2017 President • Phil Newman, Editor
NAR Call for Action — Tax Reform!
Urge Congress to Protect Homeowners
*TODAY 10/23!* Broker Involvement CE Session
If you’re a broker, join us for a Broker Involvement Session today, Monday, Oct. 23, 9:00 to 11:00 a.m. Central. We’ll focus on involvement with the REALTORS® Political Action Committee (RPAC), keys to increasing participation among your agents, and a law/rules update from the Tennessee Real Estate Commission (TREC). You may either watch at one of six local offices OR live on YouTube. **To earn 2 hrs CE, you must attend at one of these six participating local-association offices: Bristol TN/VA, Greater Chattanooga, Memphis Area, River Counties, Robertson Co., and Upper Cumberland. Go HERE for exact locations.
Steele Named CEO for EMTAR
After 20 distinguished years with our state Association, Member Services Director Buzz Steele, RCE, will move into a new role in November as Chief Executive Officer of the Eastern Middle Tennessee Association of REALTORS® (EMTAR), based in Mt. Juliet. We are sad to see Buzz leave the Tennessee REALTORS® staff team but excited for the positive difference he will continue to make in our industry. THANK YOU, Buzz, and all the best in this new chapter!
Go Global & Presidential at NAR Chicago Session 11/5
Looking for ways to engage your industry? Here’s one idea: Members attending the 2017 REALTORS® Conference & Expo in Chicago who are interested in becoming an NAR Global President Liaison can learn about the requirements, expectations, and application process at a SESSION on Sunday, Nov. 5,
1-2 p.m., at the Chicago Marriott.
Graphic Design Secrets: Free Canva Webinar 10/18
Become your own graphic designer for free with Canva. Learn how to create real estate flyers, social-media posts, account headers, infographics, business cards, and more with Canva in a free webinar from the Real Estate Technology Institute (RETI), a Tennessee REALTORS® partner, 3 p.m. EDT/2 p.m. CDT this Wed. 10/18. Register HERE.
This discount applies to all courses and packages including pre-licensing, post-licensing and continuing education. Simply visit THIS LINK or click on the image to start shopping.
Source: Tennessee REALTORS® Legal & Ethics Hotline Counsel
Teams in Real Estate
There are very few Tennessee laws and TREC rules governing teams in real estate.
This week’s questions address the topic of teams and the hotline’s legal opinions of how best to handle these situations…
When to Use Designated Agency?
Q: The team leader has a listing (all listings go into the team leader’s name), one of their agents holds an open house, and a buyer asks the host agent to write a purchase and sale agreement; can the team leader’s agent list themselves in the agency disclosure as “Designated Agent”?
A: If the whole team is going to work with a client, then the whole team needs to be listed on every document (listing agreement / buyers agreement / confirmation of agency / etc.). In this situation, if the team captain is practicing designated agency correctly and is the only person working with a client, then another member of the firm may represent the buyer. However, if a team member has any information regarding the seller or wishes for the team also to represent the buyer as a whole, it is not recommend to use designated agency representation, but instead default to a facilitator.
Whose Name on the Offer?
Q: When a team member is writing an offer, can the agent/team member only list their individual name on the designated line, or should they list everyone on the team, team name, etc.?
A: The licensee’s information on a purchase and sale agreement is only for informational purposes. Therefore, one individual’s name is fine—whoever will prove most beneficial to the lender.
Paying Commission to Former Team Member?
Q: When a dispute arises between the team leader and a departing team agent who has a pending contract that closes, what is the protocol when paying the commission? Can the team leader hold the check made payable to the independent agent for any reason? Can the principal broker send the departed agent’s commission directly to them and bypass the team leader?
A: The principal broker is responsible for all payments, and all payments go through the firm. Absent an office policy routing payment through the team leader (in which case you would need to have an attorney review said policy), the principal broker of the firm may pay the departing team member directly, and the team leader should not be able to hold the check owed to the departing agent.
Past issues of The Digest
Check your CE hours
Find CE and other courses in TN
Find online CE courses
Contact our Legal and Ethics Hotline
Tennessee Real Estate Commission (TREC)