The TAR Digest: The Membership Newsletter of the Tennessee Association of Realtors
HomeTennessee Association of RealtorsTAR EducationNational Association of RealtorsContact




  Printer Friendly Version Printer Friendly Version 1-27-15 TAR DIGEST
Posted by Pug | Comments Off

The 1-27-15 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. TN Home Sales Steady, Condo Sales Jump in 2014
2. Register NOW for TAR Spring Conference!
3. Get Your 2015 NAR Membership Card
4. Thefts at Open Houses!
5. Learning To Say NO
6. Upcoming COURSES & EVENTS
7. HOT LINE: Attachments to the Contract?
8. HOT LINE: Withdrawing a Counteroffer?
9. HOT LINE ADVISORY: 2015 TAR Forms
10. Check Your Own CE Hours, Etc.

“All of us have moments in our lives that test our courage. Taking children into a house with a white carpet is one of them.” — Erma Bombeck

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


1. TN Home Sales Steady, Condo Sales Jump in 2014

A report on Tennessee’s home and condo sales in 2014 has recently been posted on the TAR website.

The home-buying market remained active throughout Tennessee in 2014 and picked up steam as the year came to a close, and several signs point to continued vitality as 2015 unfolds, according to year-to-year data compiled by the Tennessee Association of REALTORS (TAR).

During 2014, the state’s single-family home sales totaled 65,006, down a slight .43% from 2013; condominium sales totaled 5,926, a rise of 6.53%. Median home prices rose 6.90% for the year to close at $169,900; median condo prices gained 8.58% to close at $149,900.

“Overall, these results show that Tennessee’s home-buying market remains robust and moving in the right direction, which is good news both for buyers and sellers,” said 2015 TAR President Pat Beech.

To read the full report, including some figures for each region and several POSITIVE signs for the future, go HERE.


2. Register NOW for TAR Spring Conference!

The best value in Realtor education is scheduled for March 23-24 — the TAR Spring Conference at the Cool Springs Marriott in Franklin! This is the BEST and most affordable opportunity you’ll ever have to hear from several good national speakers and give your business a boost!

You can register, or simply get more information about this event, at: http://www.tarnet.com/meetings-and-events/spring-conference/

Speakers in March include: best-selling author Jon Acuff, Pam Ermen, Nobu Hata, and Trista Curzydlo! Apart from earning CE credit, you’ll have a chance to network with Realtors from across Tennessee!

You do NOT need to be on a committee or in any other official capacity (local or state) to attend! This event is for ALL TAR members, and several hundred attend each year. Why not join them?


3. Get Your 2015 NAR Membership Card

You can download a FREE 2015 NAR membership card, or order a plastic one for just $5.00. The card can be customized with your name, designations and NRDS ID number, and allows access to benefits like those offered through Hertz and .REALTOR, the official 2015 membership card sponsors.

To get your card now, go HERE.


4. Thefts at Open Houses!

*** BEGIN QUOTE ***
A Maryland woman was sentenced to one year in jail and five years of probation for stealing more than $82,000 worth of jewelry from 12 luxury homes during open houses.

Sally Spaisman, 58, was sentenced by the Montgomery County State’s Attorney’s Office after pleading guilty to the theft charges. She will also be required to pay restitution to her victims and complete 20 hours of community service. Prosecutors said Spaisman would scan luxury homes on the Internet and then go to the open houses….
*** END QUOTE ***

And she almost got away with it!

This story is a great reminder that personal safety is not the only thing to worry about when showing property. Safeguarding sellers’ possessions should ALSO be a concern!

To read more about this case, go HERE.


5. Learning To Say NO

All of us, at one time or another, find ourselves feeling “overcommitted” — at home, at work, or in every part of our lives! The cause is often our unwillingness (or inability) to say “No” when asked to do something by a fellow-agent, client, customer, or friend.

Tim Harford, a British writer who blogs as the “Undercover Economist”, posted a great little article this past week — “The power of saying no” — with some helpful advice on how to start the new year with more control over your time!

One of his observations: “All those lessons about opportunity cost have taught me that every ‘no’ to a request from an acquaintance is also a ‘yes’ to my family. Yes, I will be home for bedtime. Yes, I will switch off my computer at the weekend.”

His thoughts, as an economist, are rooted in common sense and are worth a few moments’ reading. To see his article, go to: http://timharford.com/2015/01/the-power-of-saying-no/


6. Upcoming COURSES & EVENTS

Feb. 11: TransactionDesk Basic Training (3 hrs. CE) – TAR Office, Nashville.

Feb. 11: TransactionDesk Advanced Training (3 hrs. CE) – TAR Office, Nashville.

Feb. 17-18: Real Property Information (RPI) Training & Real Estate Collaborative Specialist-Divorce (RCS-D) Training (6 hrs. CE each!) – TAR Office, Nashville. You can register only for Day 1, or Days 1 & 2 together. These courses are ALSO approved for GRI Elective Credit.

For information about, or to register for, any of the courses above, go HERE.

The complete 2015 Schedule of GRI courses is posted on the TAR website at: http://www.tarnet.com/education/gri/

You can ALSO begin work toward your GRI designation in 2015 ONLINE! To find out how, go to: http://www.tarnet.com/education/e-class-gri-information/

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/


7. HOT LINE: Attachments to the Contract?

QUESTION: I received an offer from a buyer’s agent. With regard to lines 412-419, Exhibits and Addenda, this buyer’s agent attached the confirmation of agency, right to a home inspection, compensation agreement and property condition disclosure. It is my understanding that, while these are part of the Contract, they should not be attached to same. Am I correct?

ANSWER: Generally speaking, we do NOT recommend attaching documents to the Purchase and Sale Agreement UNLESS they specifically state that they are exhibits, amendments or addenda to the agreement (look at the titles of the forms for this information – VA/FHA Addenda, Amendment, etc.). The reason for this is that it can increase the statute of limitations on those documents and/or make those documents and everything contained in them a part of the contract. This can be dangerous.

For example, many of the requirements of the Broker’s Act (such as disclosure of agency, etc.) only have a statute of limitations of one year. However, contracts have a statute of limitations of six years. Therefore, by attaching documents which deal with issues required by the Broker’s Act, you are potentially increasing the time in which you could be sued by SIX times. This is also true of the Property Condition Disclosure Form. It generally has a statute of limitations of one year. This increases the seller’s liability to SIX years!

The compensation agreement really should not be part of the purchase and sale agreement. This is because it is a separate agreement from the purchase and sale agreement since it is between the buyer’s agent and the seller’s agent. Therefore, it should not be attached.

The only form that would not hurt to be attached would be the right to an inspection form. HOWEVER, this is technically not appropriate either, since it is between the firm and the buyer, not the buyer and seller.

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


8. HOT LINE: Withdrawing a Counteroffer?

QUESTION: I received an offer on a property I have listed. We then sent a counteroffer to the buyer. Before the buyer accepted the counteroffer, I notified them that we were in a multiple offer situation. I just need to make sure I am handling this correctly.

ANSWER: The notification that you were in a multiple offer situation may have been sufficient to put the buyers on notice that you were withdrawing the seller’s counter, BUT — to be safe — we would STRONGLY recommend that you formally place them on notice that the sellers are withdrawing the counter offer. This is necessary because the buyers can accept the counter at any time before it expires unless it is withdrawn. You can do this via email or on a piece of letterhead.

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


9. HOT LINE ADVISORY: 2015 TAR Forms

The TAR Hot Line attorneys continue to receive numerous questions about the new 2015 TAR forms, names on the forms, etc.! Fortunately, it’s easy to get up to speed on the changes and how to use the new forms.

You can find answers to your questions by reading the Special Update that we published HERE.

OR

You can view the online videos of our Managing Brokers Forum (that explained the new forms and forms changes) at: http://www.tarnet.com/2015-managing-brokers-forum/

[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/


 

Previous Issue »

©The TAR Digest | All Rights Reserved | Switch To Mobile Version | Website By Nathan Grimes Design