The TAR Digest: The Membership Newsletter of the Tennessee Association of Realtors
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The 10-21-14 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. 30-Year Rates Drop Below 4
3. Landscaping Boosts Home Values 12%
4. NAR Announces Silent Auction!
5. Principles of Persuasion You Should Master
6. Just for a Chuckle…
7. HOT LINE: Prospects Under Contract for Another Property?
8. HOT LINE: Releasing a Listing?
9. HOT LINE: Are Step-Parents “Immediate Family”?
10. Check Your Own CE Hours, Etc.

“The next time you’re faced with something that’s unexpected, unwanted and uncertain, consider that it just may be a gift.” — Stacey Kramer

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


1. Upcoming COURSES & EVENTS

Nov. 7-10: NAR Annual Convention – New Orleans, LA.

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. 30-Year Rates Drop Below 4

Fixed 30-year mortgage interest dipped to 3.97 percent this past week — the lowest average since June of last year, according to Freddie Mac. The benchmark rate is down from 4.12 percent the previous week, largely in response to broader economic developments and concerns. If the bargain borrowing costs linger, experts say a refinance boomlet could surface. Many “underwater” homeowners who could not refinance during previous low-rate periods have returned to positive equity and may now be in a position to rework their loan terms.

To read more, go HERE.


3. Landscaping Boosts Home Values 12%

According to a new Virginia Tech research report, “the value added by a landscape upgrade from average to excellent increases a home value by 10 percent to 12 percent.”

It’s an interesting report, based on “a seven-state survey of attendees at consumer home and garden shows to determine consumer perspective on how plant size, type, and design sophistication in a landscape affect the perceived value of a home.” The report acknowledges that the added value of good landscaping varies from state to state and region to region.

To access a RealtyTimes article that summarizes this report nicely, with some photo illustrations, go HERE.

To access or download the research report itself, go HERE.


4. NAR Announces Silent Auction!

The National Association of REALTORS announces the 2nd Annual Silent Auction to benefit the REALTORS Relief Foundation. The auction will be held November 7-9, but the auction catalogue is now available online at: http://www.BiddingforGood.com/RRF

Close to 250 items will be available to bid on during the online auction, including an original painting of Steve Jobs by artist Erik Wahl, vacation stays in St. Croix and St. Thomas, getaway packages to New York City and New Orleans, an autographed guitar, electronics, and much more. NAR has established a $100,000 fundraising goal for the Auction, and 100% of all donations go directly to victims of disasters who are in need of housing-related assistance.

Go view the auction catalogue now!


5. Principles of Persuasion You Should Master

Inman News just published an ActiveRain article by Andrew Gale (“6 principles of persuasion every real estate agent should master”) that should be on your reading list. It’s actually an expanded review of a book — “Influence: The Psychology of Persuasion” — that should also, perhaps, be on that list. But you don’t need to buy the book to profit from Mr. Gale’s summary in his article and review!

There is a lot of good “meat” to chew on in this article. To read it, go HERE.


6. Just for a Chuckle…

Inman News ALSO just republished an article by Jovan Hackley from the Trulia Pro Blog (“7 signs you’re dating or married to a real estate agent”) that you might share with your significant other!

Just one of the signs: the random disappearance of furniture. “Nothing sells faster than a well-staged home. And if you’re paired up with an agent, you know this because sometimes pieces of your well-staged home may disappear.

To read all seven signs, go HERE.


7. HOT LINE: Prospects Under Contract for Another Property?

QUESTION: I showed one of my listings to some buyers that said they did have an agent. When I arrived at the property to meet them, they then explained to me that were working with an agent and had already entered into a contract on another property with that agent. They explained that they did not want the other property and wanted out of the contract because when they did their final walk through they found holes in walls and mold growing on the inside of the house. They claimed that they have tried to contact their Realtor, but the only response they get from him is to get an attorney. In the meantime they had another agent submit an offer on my listing. Knowing what I know about the contract with another seller and their agent, I am concerned about what I am supposed to do or what I should do as far as accepting the offer or not accepting it. What am I required by law to do in this situation?

ANSWER: Since you represent the sellers, your first and only duty of loyalty is to the sellers. Legally you need to present all offers to the sellers. HOWEVER, you need to advise your sellers of what you have learned. The sellers should then be advised that this could be problematic if the buyer is bound to a previous contract. If your sellers have questions about their legal options, they should speak with their own attorney.

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


8. HOT LINE: Releasing a Listing?

QUESTION: What is the procedure for a listing agent and principal broker to release a listing as requested by a seller?

ANSWER: All listings belong to the firm and not to the individual agent who is working it. The broker does not have to agree to release any listing. A listing agreement is a written contract which establishes an agency relationship between a seller and a real estate company.

If, however, both the brokerage and the seller are in agreement to release the listing, this requires a termination and release in writing and signed by all parties to the listing agreement. This should terminate the contract and release both sides from the obligations under the original listing agreement. Until this is completed, the listing agreement will continue in place until its natural termination.

TAR does provide a form which will effectively terminate the listing. This is form F82. This form will allow you to place limitations on agreeing to release the listing such as a carry-over period or a termination fee. However, if the seller lists the property with another agent during the carry-over period, the obligation to pay a commission is terminated. Another possibility would be to require a referral fee if the seller sells the property to that particular buyer. This should be addressed in the release agreement.

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


9. HOT LINE: Are Step-Parents “Immediate Family”?

QUESTION: Is a step-parent considered immediate family?

ANSWER: Pursuant to Section 62-13-404(7)(A) of the Broker’s Act, a licensee shall not engage in self-dealing nor act on behalf of the licensee’s immediate family members without prior disclosure of such interest and the timely written consent of all parties to the transaction.

Further, TREC Rule 1260-2-.11 (Personal Interest) requires a licensee to disclose the fact that he/she is a licensee when buying or selling property for themselves. Thus, if you act as a listing agent for an immediate family member (i.e. parent, child, sibling, spouse, in-laws, grandparent, or grandchild), the relationship must be disclosed, and if you sell your own property, you must identify yourself as a licensee. A step-parent would likely be considered by TREC to be immediate family, especially since it would benefit your parent.

[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/


 

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