The TAR Digest: The Membership Newsletter of the Tennessee Association of Realtors
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The 8-26-14 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. Independent Contractor Status Challenged
3. Interest Rates At 52-Week Low
4. An Important Safety Reminder
5. Getting More Testimonials & Referrals
6. Committee Request DEADLINE This Friday!
7. CORRECTION…
8. HOT LINE: Counteroffer Was Signed, But…?
9. HOT LINE: Who Fills Out the Repair/Replacement Amendment?
10. HOT LINE: Purchasing a Duplex?
11. NO DIGEST Next Week
12. Check Your Own CE Hours, Etc.

“Too many of us are not living our dreams because we are living our fears.” — Les Brown

NOTE: If you’re reading this on a mobile device (iPhone, etc.), GO HERE for a mobile-friendly DIGEST.


1. Upcoming COURSES & EVENTS

Aug. 28: Commercial Real Estate Seminar (3 hrs. CE) – TAR Office, Nashville. For more information or to register, go HERE.

Sept. 3: TransactionDesk Basic (3 hrs. CE) – TAR Office, Nashville. For more information or to register, go HERE.

Sept. 3: TransactionDesk Advanced (3 hrs. CE) – TAR Office, Nashville. For more information or to register, go HERE.

A new series of GRI courses begins in the latter part of September! To see our 2014 GRI Schedule, go to: http://www.tarnet.com/education/gri/

Why Should YOU Earn Your GRI? 10 Reasons!

To see upcoming offerings of TREC CORE COURSES, ABR COURSES, etc., – at locations around the state – go to the TAR Calendar at: http://www.tarnet.com/meetings-and-events/calendar-of-events/

National Joke Day is upon us but these savings are no joke. Have a laugh and save 20% on any CE Shop purchase in August using promo code “joke20“. Get 20% off your entire online CE courses this month! Enroll today: http://tarnet.theceshop.com/ …and enter promo code “joke20” at checkout to receive your discount!


2. Independent Contractor Status Challenged

At last week’s NAR Leadership Summit, the new NAR General Counsel said that several national cases are challenging the independent contractor status of real estate agents. At issue is how their brokers require them to perform in ways that violate IRS provisions. A recent article on Realtor.org addresses what actions and policies brokers should avoid unless they want their agents to be classified as employees. Mistakes in this area can prove very costly!

To access the article, go HERE.

NAR also has a useful “Frequently Asked Questions” document about independent contractor status HERE.

Both documents ought to be on the must-read list for managing brokers!


3. Interest Rates At 52-Week Low

Borrowing costs for home buyers are down in the latest report, according to Freddie Mac. The company reports that interest on 30-year, fixed mortgages slipped from 4.12 two weeks ago week to 4.10 percent this past weekthe lowest rate in 52 weeks. The average for 15-year loans, which are popular for refinancing, moved down to 3.23 percent from 3.24 percent.


4. An Important Safety Reminder

This past week, Inman News posted an article by J. Philip Faranda with a challenging headline: “It’s time to tell agents they can no longer meet with complete strangers in empty houses“. It begins with the story of an agent who became suspicious of two men who showed up at a new construction house she was holding open. Her story ended well; many such stories don’t!

As the article goes on to point out: “The news is filled with unfortunate stories about our industry colleagues being attacked, beaten, raped and killed.

The entire article is worth reading AND discussing at your next sales meeting or company retreat. You might even enlist the help of your local law enforcement agency for a guest speaker on personal safety and crime prevention!

To read more, go HERE.


5. Getting More Testimonials & Referrals

Recently Kern Lewis wrote an article for Forbes Magazine (“Testimonials Help You Sell — Nine Ideas For Gathering Enough Of Them“) on a subject that SHOULD be an ongoing, business-building activity for every agent, one that reinforces your value to potential clients and customers!

If you do nothing else, explore the link in his article to a sample Video Testimonial produced by a Denver real estate agent (Rick Janson)! It’s a great example of what CAN be done. To read more, go HERE.

Two years ago, the same author wrote another piece for Forbes on a subject equally important for every successful real estate agent and firm: generating more and better referral business! To read what he advises, go HERE.


6. Committee Request DEADLINE This Friday!

The DEADLINE to apply for service on a 2015 TAR Committee is this FRIDAY, AUGUST 29TH! This is your opportunity to serve on a state association committee, and you can apply ONLINE!

Members must log in to the TAR website at: http://www.tarnet.com

After doing so, choose the MEMBERS ONLY tab. The Committee Request button will be at the top of the list of that resulting page.


7. CORRECTION…

In last week’s DIGEST, we inadvertently reported that Margaret Dixon is the nominee for 2014 Secretary-Treasurer for TAR. Please note that Margaret is the nominee for 2015 Secretary-Treasurer, as Randy Durham is ably serving as TAR’s 2014 Secretary-Treasurer! We apologize for any confusion.

Again, congratulations to ALL of the nominees for 2015 TAR officers!


8. HOT LINE: Counteroffer Was Signed, But…?

QUESTION: We represent the seller on a property. We received an offer and then produced a counteroffer that the seller signed and sent to the buyer. The cut off time was 4:00 pm yesterday. Another offer came in yesterday morning. The seller then decided to do a multiple offer situation. I called the buyer’s agent for the first buyer, and the counter had not been signed. I then told the buyer’s agent that we were going into a multiple offer situation. The buyer’s agent came back afterwards and said they had the counteroffer signed and that we had a binding agreement. How do I handle this situation?

ANSWER: We can only give you some very general information regarding contracts. An offer or a counteroffer has an offer termination date. That’s required by law. The other side has until that date and time to accept the offer. However, the offeror can withdraw their offer or counteroffer at any time before it is communicated to them that the offer or counteroffer has been accepted. It is basically a race — who notifies the other first of the acceptance or the withdrawal. Whoever is first, wins.

In your case, much would likely depend upon whether or not the seller or seller’s agent actually withdrew the counteroffer (while notifying Buyer’s Agent Number One of the multiple-offer situation), documenting the time that this action occurred.

[SOURCE: TAR's Legal & Ethics Hot Line Attorneys]


9. HOT LINE: Who Fills Out the Repair/Replacement Amendment?

QUESTION: Which agent fills out the Repair/Replacement Amendment once the proposal negotiations are completed?

ANSWER: Either agent can complete the Amendment once the parties have agreed to repairs and/or replacements. For simplicity’s sake, we would recommend that the agent who receives the acceptable Repair/Replacement Proposal draw up the Repair/Replacement Amendment by simply copying everything onto the new form and having their client sign it. However, either side can do it.

[SOURCE: TAR's Legal & Ethics Hot Line Attorneys]


10. HOT LINE: Purchasing a Duplex?

QUESTION: I have a buyer purchasing a duplex for rental purposes. Should I use the residential contract or commercial contract?

ANSWER: If you are buying or selling a duplex or a tri-plex, you would use the normal residential purchase and sale agreement. You would only use the commercial purchase and sale agreement in the event that you had more than four individual units which were sold together.

[SOURCE: TAR's Legal & Ethics Hot Line Attorneys]


11. NO DIGEST Next Week

In honor of Labor Day, the TAR DIGEST will not be published next week. The DIGEST WILL return with the September 9th issue!


12. Check Your Own CE Hours, Etc.

To check your CE credits on file with TREC, go to: http://verify.tn.gov

To go to the TAR website: http://www.tarnet.com

To access current and past TAR DIGESTS: http://www.tardigest.com

Follow TAR on Twitter at: http://twitter.com/tnaor

TAR’s LinkedIn page: http://www.linkedin.com/groups?gid=852077&trk=hb_side_g

TAR’s page on Facebook: http://www.facebook.com/pages/Nashville-TN/Tennessee-Association-of-RealtorsR/15041383689

To ask a TAR Legal and Ethics Hot Line question: http://www.tarnet.com/services-support/legal-ethics-hotline/

For CE classroom courses around the state, go to: http://www.tarnet.com/education/realtor-courses/

For online CE courses, go to: http://www.tarnet.com/education/online-courses/

Tennessee Real Estate Commission: http://tn.gov/regboards/trec/


 

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