The TAR Digest: The Membership Newsletter of the Tennessee Association of Realtors
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The 9-30-14 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. Realtor Vanishes on the Job
3. TREC Disciplinary Actions in August
4. 11 Good Tech Tools You Can Use
5. “Coming Soon” Signs
6. HOT LINE: Notify Buyer #1 of a Backup Offer?
7. HOT LINE: The Completion of Repairs Deadline?
8. HOT LINE: Contract/Compensation for an Unlicensed Assistant?
9. Check Your Own CE Hours, Etc.

“Two things are infinite: the universe and human stupidity; and I’m not sure about the universe.” — Albert Einstein

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


1. Upcoming COURSES & EVENTS

Oct. 6 & 7: Real Estate Collaborative Specialist-Divorce (RCS-D) Training – TAR Office, Nashville. Each day is accredited for six (6) hours of CE! To register only for Day 1, or Days 1 & 2 together, or just to get more information, go HERE.

Oct. 15: GRI 404, Working More Effectively With Sellers (6 hrs. CE) – GNAR Office, Nashville, TN. For more information or to register, go HERE.

Oct. 16: GRI 405, Mastering Forms & Contracts (6 hrs. CE) – GNAR Office, Nashville, TN. For more information or to register, go HERE.

Oct. 17: GRI 406, Tips, Tools, & Technologies For Your Business (6 hrs. CE) – GNAR Office, Nashville, TN. For more information or to register, go HERE.

Oct. 15-17: SAVE $55! If you use our GRI EXPRESS option to enroll in all three of the GRI courses above at the same time, you can save $55! To do so, go HERE.

To see our complete 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/


2. Realtor Vanishes on the Job

The suspicious disappearance of Crye-Leike Realtor Beverly Carter in Arkansas from a showing appointment has put professionals across the industry on high alert. As of this writing, a suspect is in custody, but Beverly Carter is still missing.

Many agents flocked to a Facebook page set up to share information on the case, posting their own apprehensions about the perils of the job. “I have been a Realtor for 36 years, and it gets more dangerous all the time,” wrote one agent who indicated that she notifies her family about her location when she does showings. Another stressed that she never shows a property by herself. “Partner up with an agent in your office for showings … if someone is out to harm you they will if you’re alone,” she advised. Others recommended that their colleagues carry pepper spray, and some even suggested that Realtors should carry guns during home appointments.

The day she disappeared, Beverly Carter had actually informed her husband of the address that she was showing. After hours passed without hearing from her, he found her personal vehicle at the property – which was open and unoccupied. An arrest warrant was issued for a suspect, who is now apparently in custody.

To read more, go HERE.

An earlier news article is HERE.

AND …here’s a link to NAR’s page on REALTOR Safety.


3. TREC Disciplinary Actions in August

At its August meeting, the Tennessee Real Estate Commission (TREC) imposed significant fines ($1,000-$5,000), and additional penalties (classes, etc.), on four individuals for the following offenses:

Engaging in unlicensed activity
Failure to maintain Errors and Omissions Insurance
Failure to comply with terms of a consent order
Making substantial and willful misrepresentations
Pursuing a continued and flagrant course of misrepresentation
Failing within a reasonable time to account for or remit any moneys coming into licensee’s possession belonging to others
Acting for more than one party in a transaction without knowledge or consent in writing of all parties
Failing to put termination date in real estate form
Accepting a commission from someone other than principal broker
Improper, fraudulent or dishonest dealings
Failure to exercise reasonable skill and care
Failure to provide services with honesty and good faith
Failure to be loyal to interests of the client

IN ADDITION TO the above, six (6) licensees had their licenses suspended by the Commission.


4. 11 Good Tech Tools You Can Use

Bernice Ross just published a new article on Inman News (“11 tech tools to boost agent productivity“) with a brief description of a few Internet-based tools and mobile phone apps that could really save time and/or improve your effectiveness!

As she writes: “What are the must-have Web tools that actually work and will simplify your business rather than complicating it? Rather than chasing the latest whiz-bang, mastering a few best-of-class tools is the smart route to success.

To read her suggestions, go HERE. http://www.inman.com/2014/09/29/11-tech-tools-to-boost-agent-productivity/


5. “Coming Soon” Signs

Back on July 1, we referenced a NAR attorney’s article on the use of “Coming Soon” signs on your listings. It’s worth reading. If you missed it, the article can be found HERE.


6. HOT LINE: Notify Buyer #1 of a Backup Offer?

QUESTION: Does a Seller have to notify the Buyer (Buyer #1, with whom a binding contract is already in place), that they are accepting a backup offer? If so, what is the timeframe in which they must notify Buyer #1 of the acceptance of this backup offer?

ANSWER: We are not aware of any requirement to disclose this to the initial buyer. The seller can instruct you to advise the first buyer, but otherwise, to the best of our knowledge you do not have an obligation to do so.

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


7. HOT LINE: The Completion of Repairs Deadline?

QUESTION: Could you explain the Completion of Repairs Deadline?

ANSWER: The Completion of Repairs Deadline is negotiated between the parties via form F4. This establishes the date on which all repairs are to be completed. The Forms Committee was advised that this is becoming a problem in some areas with the repairs not being completed in enough time for the buyer to re-inspect.

Make sure you provide enough time so that, if there are problems, they can be corrected before closing. Make sure you look at a calendar when establishing the deadline. This is one that does NOT roll – it is set in stone. This is the Completion of Repairs Deadline. Once this and the repairs and replacements have been agreed upon, this information is then transferred to form F5 which becomes part of the purchase and sale agreement.

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


8. HOT LINE: Contract/Compensation for an Unlicensed Assistant?

QUESTION: Do I need a contractual agreement with an unlicensed assistant? With regard to their compensation, how should I handle that?

ANSWER: Unlicensed personal assistants can be handled in a multitude of ways. They are typically paid via the agent themselves. HOWEVER, you need to check with your principal broker to determine whether they will require a confidentiality agreement with the assistant. You should also speak with your own attorney and accountant to determine whether you need an agreement with your assistant or if you should treat them as an at-will employee. They should also be able to assist you in determining the best means of compensating your assistant.

We strongly recommend that you NOT compensate them on a per transaction basis as that will look like a commission to an unlicensed employee.

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


9. 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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