The TAR Digest: The Membership Newsletter of the Tennessee Association of Realtors
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The 11-18-14 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. It’s Official!
3. Pursuing Excellence…
4. Mongeon & Other Leaders Honored at NAR
5. Sharpen Your Negotiation Skills
6. TECH TIP: Staying Safe on Public WiFi Networks
7. HOT LINE: FHA Is Requiring Repairs…
8. HOT LINE: Handling of Earnest Money at Closing?
9. HOT LINE: Two Different Agents, Same Firm?
10. Check Your Own CE Hours, Etc.
11. No DIGEST Next Week — Happy Thanksgiving!

“If you think Independence Day is America’s defining holiday, think again. Thanksgiving deserves that title, hands-down.” — Tony Snow

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


1. Upcoming COURSES & EVENTS

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/


2. It’s Official!

In the October 7 DIGEST, we reported that NewsCorp — the media conglomerate that owns the Wall Street Journal and MANY other publishing, broadcast, and Internet sites — was in the process of purchasing Move, Inc,., the company that operates REALTOR.COM. That acquisition is now complete!

Through REALTOR.COM and its mobile applications, Move displays more than 98% of all for-sale properties listed in the US. The Move network of websites reaches more than 30 million people per month, who spend an average of 22 minutes each on its sites.

“The National Association of REALTORS is excited about NewsCorp’s successful acquisition of Move, Inc., operator of NAR’s official website REALTOR.COM. Realtors are about making consumers’ real estate dreams a reality, and the unique strengths of NewsCorp, Move and NAR’s Realtor members will enhance our ability to do that,” remarked NAR President Chris Polychron.

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3. Pursuing Excellence…

The NAR Board of Directors concluded its 2014 meeting in New Orleans a little over a week ago, directing the association to draft what is being called an aspirational Code of Excellence that the Board can consider for approval at a future meeting. The goal is to raise the practice of real estate measurably through increased training in the competencies that consumers value. These include the stewardship of property listing data, managing the privacy and security of consumer information, advocating for property rights, being involved in one’s community, and striving for proficiency in technology.

The Board also made significant changes to fundraising practices for the Realtors Political Action Committee (RPAC) and made changes that aim to make the enforcement of professional standards more efficient.

To access a complete summary of the NAR Board of Directors recent actions, go HERE.

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4. Mongeon & Other Leaders Honored at NAR

At the General Session of the NAR Convention, Tennessee’s Emil Mongeon (a member of the Williamson County Association and a past TAR President) was recognized and honored with other State Realtors of the Year. As he always does, Emil represented Tennessee proudly!

Emil_NAR

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5. Sharpen Your Negotiation Skills

At a session titled “Honing Your Negotiating Edge” at the NAR Convention that just concluded last week, sales coach Ed Hatch said real estate agents would be wise to build trust with the other party before attempting to negotiate.

Hatch, president of Gambrills, Md.-based Ed Hatch Seminars, said agents need to show the other side that they understand them before they will be able to convince them — a process that involves actively listening, acknowledging the other side’s feelings without passing judgment, and paraphrasing what they have said every few minutes. He adds that face-to-face negotiations — whether in person or through video conferencing — are more effective than email, as agents can see the other side’s reaction to what they say. Agents also should attempt to match the other party’s personality type in their behavior, watch their eyes to determine how they process information — visually, auditory, verbally, or through feelings — and adjust their presentations accordingly. “If you cannot connect, you cannot convince,” said Hatch.

To read more, go HERE.

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6. TECH TIP: Staying Safe on Public WiFi Networks

If you — like many Realtors — take a laptop with you during the day (or on trips!) and use any public WiFi networks at coffee shops or other locations, a VERY useful article was published last week: “How to Stay Safe on Public Wi-Fi Networks” by Whitson Gordon.

It covers what to do, in either Windows or Macs, to protect your data and privacy when using public networks. Well worth reading and keeping for future use!

To access the whole article: http://lifehacker.com/5576927/how-to-stay-safe-on-public-wi-fi-networks

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7. HOT LINE: FHA Is Requiring Repairs…

QUESTION: I represent the buyer on a contract. We have the repair amendment done, but after the appraisal, FHA is now requiring repairs. Which addendum do I need to use?

ANSWER: In this type of situation, you should use the regular amendment form. You will be changing the contract, but it is based upon the appraisal and/or ability for the buyer to receive financing since the repairs are technically closed at this point.

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

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8. HOT LINE: Handling of Earnest Money at Closing?

QUESTION: I have an earnest money question. I have just transitioned from one office to another. At my previous office, we didn’t have to take an earnest money check to closing, and the funds were taken out of the commission. When we turned the check into the office after closing, the office manager would work out the amounts and we were paid accordingly. My new office requests that we pick up an earnest money check from the office and take it to closing. Are there any legal issues with taking the earnest money out of the commission check at closing, since the check is going to be made out to the office?

ANSWER: Either way of handling the earnest money is permissible. Different areas of the state handle this in different ways. If the firm elects to keep the earnest money and have it deducted from the commission that they receive, it is important to keep very detailed records so that it’s clear that this is what occurred and that the firm is entitled to those funds.

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

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9. HOT LINE: Two Different Agents, Same Firm?

QUESTION: I have a signed buyer’s rep agreement with a client. The client then signed another buyer’s rep agreement with another agent in my office. They are stating that since the firm is the same, they can change agents and I will not be owed a commission. Your thoughts?

ANSWER: Please remember that the buyer’s representation agreements are between the FIRM and the buyer, NOT the agent and the buyer. If your company practices designated agency, then the principal broker appoints an agent to work exclusively with the buyer. If your firm practices standard agency, then ALL agents represent that agent. Ultimately, it is up to the principal broker to determine who within the firm is entitled to the commission. If the other agent had been with another firm, it would be very possible that the buyer might have to pay two commissions.

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


10. 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/


11. No DIGEST Next Week — Happy Thanksgiving!

The leadership and staff of the Tennessee Association of Realtors wish you and your family a very Happy Thanksgiving!

The TAR DIGEST will not be published next week; the next issue will be the December 2 Edition!


 

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