The TAR Digest: The Membership Newsletter of the Tennessee Association of Realtors
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The 3-3-15 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Just a Few Days Left!
2. Tennessee Telephone Changes
3. Don’t Overlook an Opportunity
4. What Movers Are Looking For
5. Why You Need a Mentor
6. UPDATES on COURSES & EVENTS!
7. HOT LINE: Listing Agent Wants My Buyer’s Rep Agreement?
8. HOT LINE: Lender Required by the Builder?
9. HOT LINE: How To Fire Your Realtor?
10. Check Your Own CE Hours, Etc.

“My life seems like one long obstacle course with me as the chief obstacle.” — Jack Paar

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


1. Just a Few Days Left!

The Early-Bird Registration Deadline for the TAR Spring Conference (March 23-25 at the Cool Spring Marriott) is MARCH 6 …just a few days away! After March 6, the registration fee goes up by $50!

Keep in mind that there is NO on-site registration for the most popular TAR event of the year. With an array of popular national speakers and CE sessions — and an early-bird registration fee of only $75 for members — this is the best educational bargain of 2015!

ADDED TO THE PROGRAM: On Wednesday morning, March 25, popular speaker and attorney Trista Curzydlo will present “Go Forth and Sin No More: Professional Standards Training” for Spring Conference attendees! There is no CE attached to this training, BUT it should give everyone a much better handle on both the Code of Ethics and its enforcement!

For more information about the TAR Spring Conference, go to: http://www.tarnet.com/meetings-and-events/spring-conference/

ALSO NOTE: If you plan on staying at the hotel for the Spring Conference, the registration cut-off for TAR’s block of rooms at the Cool Springs Marriott is MARCH 4, unless the block sells out before then!


2. Tennessee Telephone Changes

A new 629 area code is being added to the geographic area served by the 615 area code (in Middle Tennessee). Because more than one area code will serve the same geographic area, if you have a 615 or 629 phone number, you will need to dial or enter the area code for all calls INCLUDING calls within the same area code. To complete local calls from a phone with a 615 or 629 area code, the new dialing procedure requires you to dial the area code + 7-digit phone number.

Beginning February 28, 2015, if you have a 615 area code, the new dialing procedure will be required for all calls. On or after this date, if you do not use the new dialing procedure, your call will not be completed and a recording will instruct you to hang up and dial again.


3. Don’t Overlook an Opportunity

Much has been written lately about the impact that millennials will have on the housing market BUT there’s another age group that many people may have overlooked!

Retirees and those approaching the end of their working years will have a huge impact on the housing market over the next decade, according to a new Merrill Lynch study. People older than 65 are expected to create five times as many new households from 2015 to 2025 than the next-largest generation, and they also have the power and wealth to influence housing trends!

Almost a third of baby boomers and their elders are opting to buy larger homes in retirement rather than downsize. Also, many retirees are altering their homes as they age as an alternative to moving to institutionalized settings. Most of the 3,638 survey participants were primarily motivated in their housing choices by a desire to accommodate visiting family members, a preference that will likely impact the secondary and new-home markets.

“How and where older adults choose to live will have widespread implications for the different ways homes might be designed, what resources will be needed, and how communities nationwide should prepare for an aging population,” the study concluded.

To read more, go HERE.


4. What Movers Are Looking For

The Demand Institute recently published their findings from a study of where people are moving and, perhaps even more intersting, WHY they are moving …what they’re looking for.

The reasons people gave may help you determine which features and benefits of your own listings should be highlighted in property brochures, etc.!

In order of preference (with the most important first), people want:

1. Amenities/services within walking distance
2. A good school district
3. Proximity to their work
4. A diverse neighborhood
5. Proximity to public transit

To read the whole report, go HERE.


5. Why You Need a Mentor

Realtor Jay O’Brien recently posted a very useful article (“Why You Need a Mentor“) on NAR’s YPN Blog. He makes several excellent points, even if you’ve been in business for a while.

His closing encouragement sums up why you might want to read the whole article: “…find your person, your mentor. Find someone who can hold you accountable and coach you to greatness. It is absolutely critical to your success. Take that path, and watch the money follow.”

To dive in, go HERE.


6. UPDATES on COURSES & EVENTS!

March 23-24: The 2015 TAR Spring Conference at the Cool Springs Marriott in Franklin is the BEST and most affordable opportunity you’ll ever have to hear from excellent national speakers and give your business a boost! This is typically the biggest TAR event of the year! Apart from earning CE credit, you’ll have a chance to network with Realtors from across Tennessee! For more info: http://www.tarnet.com/meetings-and-events/spring-conference/

The complete 2015 Schedule of GRI courses is ALSO 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/


7. HOT LINE: Listing Agent Wants My Buyer’s Rep Agreement?

QUESTION: I have a listing agent who is requesting a copy of my buyer’s representation agreement with my client. Do I have to provide a copy of this agreement under the law?

ANSWER: NO, you do not have to provide the listing agent with a copy of your buyer’s representation agreement. In fact, that information is confidential, and you can only provide a copy of it with your buyer-client’s permission. The listing agent should normally be satisfied with a Confirmation of Agency Status form that is signed by the buyer demonstrating that you represent the buyer.

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


8. HOT LINE: Lender Required by the Builder?

QUESTION: A buyer wants to purchase a home from a builder. Does that builder have the legal right to specify which lender the buyer uses?

ANSWER: NO. This question has come up before. The seller (in this case, the builder) cannot require that the buyer use a specific lender. However, the seller (or builder) can offer incentives for a buyer to use a particular lender.

The seller could also probably require that the buyer be qualified by a certain lender, BUT — under RESPA — the seller cannot demand that the buyer use that lender for the buyer’s financing.

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


9. HOT LINE: How To Fire Your Realtor?

QUESTION: I recently came across a local Realtor’s website that had a button on the Home Page marked “How to Fire Your Realtor“. When you click it, you go to a description of why you might Fire Your Realtor and how it might be done. They try not to be specific as all circumstances are different. It seems to me providing this information might be against the Code of Ethics especially if the consumer fires their Realtor and calls the one on the website. What do you think?

ANSWER: This webpage could be deemed problematic for a couple of reasons.

Pursuant to Tenn. Code Ann. 62-13-312(b)(10), an agent can be punished for “Inducing any party to a contract, sale or lease to break such contract for the purpose of substitution in lieu thereof a new contract, where such substitution is malicious or is motivated by the personal gain of the licensee.” Furthermore, pursuant to Tenn. Code Ann. 62-13-604, “It is unlawful for a real estate licensee, a relocation firm, or a firm with a corporate relocation policy or benefits, or anyone on behalf of any such licensee or firm, to counsel a client of another real estate licensee on how to terminate or amend an existing agency contract.

If the agent is a Realtor, then it may ALSO be in violation of the Code of Ethics. Article 16 of the NAR Code of Ethics states “Realtors shall not engage in any practice or take any action inconsistent with exclusive representation agreements that other Realtors have with clients.

If you believe that the agent has violated the Broker’s Act, you may file a complaint with TREC. If you believe that the agent has violated the Code of Ethics and that agent is a Realtor, you may file a complaint with the local Board.

[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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