The TAR Digest: The Membership Newsletter of the Tennessee Association of Realtors
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Posted by Pug

The 2-14-12 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


CONTENTS
1. Demand Up, But Foreclosures Keep Prices Down
2. Master GRI Program Announced!
3. Prohibition Against Slander Expanded
4. HOT LINE Advisory: Definition of “Fees”
5. HOT LINE: Items To Be Included in the Sale?
6. HOT LINE: Trouble Getting Short Sale Cooperation?
7. HAPPENINGS – This Week and Next
8. Register for TAR Spring Conference!
9. Rates Hold at Record Lows!
10. Useful Web Links

Happy Valentine’s Day!  We love our TAR members!

To ask a TAR Legal and Ethics Hot Line question, go to: http://www.tarnet.com/main/more_tar_services/legal_and_ethics_hotline/

For other questions about this newsletter, please use the “CONTACT” form at: http://www.tardigest.com/?page_id=4


1. Demand Up, But Foreclosures Keep Prices Down

While nationally home sales powered up at the end of last year, Campbell/Inside Mortgage Finance warns that residential values and appraisals will likely still be driven down as distressed real estate continues to sell at bargain prices. Valuations that use short sales and foreclosures as comps are making it tough to get non-distressed properties to appraise, industry insiders say, and that is preventing housing recovery in some markets.

Through the end of November, distressed properties accounted for 46.1 percent of home purchases using a three-month rolling average. It was the 23rd consecutive month that distressed property sales had accounted for over 40 percent of all sales, with short sales accounting for 17.6 percent of the home purchases during that period. Move-in ready REO properties accounted for 15.2 percent with damaged REO properties taking a 13.3 percent share of total home purchases.

To read more, go to: http://loanrateupdate.com/mortgages/home-demand-up-foreclosures-to-keep-prices-down

[SOURCE: Loanrateupdate.com]


2. Master GRI Program Announced!

The Master GRI designation is now available to GRI designees in Tennessee who want to go the extra mile in their professional education! REALTORS who hold the GRI designation and take an additional thirty (30) hours of 400-series GRI-accredited courses not previously taken, Required or Elective, can earn a Master GRI designation.

As with the GRI designation, beyond the initial application fee there are no annual fees or dues required of Master GRI designees to hold and maintain the designation!

Only REALTORS in good standing, who have already earned the GRI designation, are eligible to apply for the Master GRI designation.

An application form for the Master GRI designation can be found at: http://www.tarnet.com/main/education/


3. Prohibition Against Slander Expanded

NAR has expanded the class of persons about whom you are prohibited from making false or misleading statements under the Code of Ethics.

A new article on Realty Times (“Amendment to REALTOR Code of Ethics Reflects Changes In Business Practices”) by REALTOR Bob Hunt explains the rationale for this change to the Code of Ethics, effective January 1, 2012.

Article 15 of the Code now says, “REALTORS shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices.”  The prohibition formerly addressed only “competitors,” but now addresses all “other real estate professionals.”

*** BEGIN QUOTE ***
Why the need for change? Well, as some people noticed, not all REALTORS who are acting in a professional real estate capacity are necessarily competitors with other REALTORS. Persons who are duly licensed and who have joined the REALTOR organization may be fully engaged in activity that is wholly involved with real estate, but that does not compete with those who represent buyers and sellers in transactions. A REALTOR operating an escrow or mortgage company is not competing with one who does sales exclusively.
*** END QUOTE ***

To read Bob’s entire article, go to: http://realtytimes.com/rtpages/20120207_ethics.htm

[SOURCE: Realty Times]


4. HOT LINE Advisory: Definition of “Fees”?

The TAR Hot Line continues to receive numerous inquiries about the meaning of the word “fees” on page 4, line 177, of the new Purchase and Sale Agreement. Please see our explanation of this item published in the January 24th edition of the TAR DIGEST at: http://www.tardigest.com/?p=699

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


5. HOT LINE: Items To Be Included in the Sale??

QUESTION: I represent a buyer in a transaction. On the MLS, the property listed the appliances that were to stay with the property, including, but not limited to, a microwave and a disposal. Upon readying for the inspection, I noticed that both of these two (2) items had been removed. I contacted the seller’s agent and was told that there never was a microwave and he should not have included the disposal. I listed both of these items on the contract, and my buyer expects them to be in the home. How do I handle this situation?

ANSWER: Please note that the TAR HOT LINE cannot determine whether the seller is required to provide these items. And, if the buyer has questions concerning his legal rights, he should speak with his own legal counsel.

HOWEVER, you did as we typically recommend that agents do. If there is something specific which a buyer wants to ensure that will stay with the house, specifically mention that item. We would NOT recommend simply referencing the MLS sheet, but rather specifically list what will be included.

You also indicated that the agent admitted that he knew that certain items were not in the house which were listed on the MLS sheet. This could be deemed to be a violation of the advertising rules under both the Code of Ethics and the Broker’s Act. If you choose, you can file a complaint with the local board or with TREC.

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


6. HOT LINE: Trouble Getting Short Sale Cooperation?

QUESTION: I have a client that wants to do a short sale on his property, but the lender is not cooperating. Is there a hardship list of requirements that they can use?

ANSWER: We would recommend that the seller contact the Department of Housing and Urban Development. They have a link on their website which has a lot of good information:
http://portal.hud.gov/hudportal/HUD?src=/topics/avoiding_foreclosure

NEVER advise someone not to pay their mortgage. If they have issues paying, advise them to contact HUD and/or their own attorney.

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


7. HAPPENINGS – This Week and Next

Feb. 14: 2011-2012 Residential Core Course (6 hrs. CE) – GNAR Office, Nashville. For more information or to register, go to: http://www.gnar.org/educationResources

Feb. 16 – March 21: GRI 403-404, Smart Marketing (16 hrs. CE) – An E-Class distance-learning course. For more information or to register, go to: https://www.123signup.com/event?id=chvvm

Feb. 20: GRI 407, Homeownership Options for Tennessee’s Workforce (6 hrs. CE) – RCAR Office, Cleveland. For more information or to register, call: 423-476-5912

Feb. 21: GRI 402, Staying In Business & Out of Court (8 hrs. CE) – KAAR Office, Knoxville. For more information or to register, go to: https://www.123signup.com/event?id=cvvrg

Feb. 21: Digital Flood Map Course (2 hrs CE) – GNAR Office, Nashville. For more information or to register, go to: http://www.gnar.org/educationResources

Feb. 21-22: ABR 2-Day Course (16 hrs. CE) – GCAR Office, Chattanooga. For more information or to register, call: 423-698-8001

Feb. 22: GRI 406, Tips, Tools & Technologies for Your Business (8 hrs. CE) – MAAR Office, Memphis. For more information or to register, go to: https://www.123signup.com/event?id=cbfsx

Feb. 23: BPO Course – ABR Elective (6 hrs. CE) – GCAR Office, Chattanooga. For more information or to register, call: 423-698-8001

For information on the NEW 2012 GRI Program, go to: http://www.tarnet.com/main/education/gri_in_2012/

NOTE: E-Class GRI courses are NOT webinars and they are NOT “online” courses in the way that most people think of online courses. How do E-Class courses work? Go to: http://www.tarnet.com/main/education/e-class_gri_info/

Watch each week’s TAR DIGEST for schedule changes and additions!


8. Register for TAR Spring Conference!

Registration is now open for the 2012 TAR Spring Conference, at the Cool Springs Marriott just south of Nashville. This is traditionally our largest meeting of the year, and the 2012 Spring Conference offers a great education program! TEN hours of education in all!

The early-bird registration fee (for TAR members) remains a low $75! So reserve your spot NOW! For more information on the TEN hours of education offered or to register, go to: http://www.tarnet.com/main/meetings/spring_conference/


9. Rates Hold at Record Lows!

Average interest on 30-year fixed home loans stood pat at 3.87 percent — a record low — for the week ended Feb. 9, according to Freddie Mac. The company also reported the 15-year rate at an average of 3.16 percent, which is up slightly from 3.14 percent last week.

[SOURCES: Freddie Mac; Information, Inc.]


10. Useful Internet Links

To access:

Back Issues of the TAR DIGEST: http://www.tardigest.com/?page_id=20

Tennessee Assn. of REALTORS: http://www.tarnet.com

TAR Education: http://www.tarnet.com/main/education/

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

Online Risk Reduction Resources: http://riskreduction.wikispaces.com/

Online Resources for Association Leaders: http://leadingeffectively.wikispaces.com/

Tennessee Real Estate Commission: http://www.state.tn.us/commerce/boards/trec/



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