The TAR Digest: The Membership Newsletter of the Tennessee Association of Realtors
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The 7-22-14 Newsletter of the Tennessee Association of REALTORS
Editor: Pug Scoville


1. Upcoming COURSES & EVENTS
2. Why Buyers and Sellers Need You
3. Meeting a Specific Need: Divorce Real Estate
4. A Dual Agency Lawsuit
5. Googling Yourself!
6. For a Rockin’ GOOD Time…
7. HOT LINE: Designated Agent Is Hospitalized?
8. HOT LINE: Husband Unable To Sign Documents?
9. HOT LINE: Listing Without an Agent?
10. Check Your Own CE Hours, Etc.

“Everyday that I procrastinate, everyday that I sit stagnant in fear, everyday that I fail to better myself, someone else out there with the same goals and dreams as me is doing the exact opposite.” — Noel DeJesus

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


1. Upcoming COURSES & EVENTS

To see our 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/

July 20th was National Lollipop Day, so The CE Shop has a sweet treat for you! Get 20% off your entire online continuing Education (CE) for the entire month of July! Enroll today at: http://tarnet.theceshop.com/ …and enter promocode “lollipop20” at checkout to receive your discount!


2. Why Buyers and Sellers Need You

This past week, Realtor Magazine Online reported on a BMO Harris Bank survey of consumers. The results of that survey are worth studying:

*** BEGIN QUOTE ***
About 47 percent of home owners say they could sell a home without the help of a real estate agent, and 59 percent say they likely could purchase a home on their own, according to a new survey of 2,500 Americans conducted by BMO Harris Bank. However, three-quarters of respondents also say they ended up using a real estate professional when it came down to it.
*** END QUOTE ***

As for the top reasons that buyers and sellers wanted the services of a real estate professional…

For Home Buyers:

  1. Handling paperwork
  2. Having someone who understands market value
  3. Access to market information

For Home Sellers:

  1. Handling paperwork
  2. Advertising the home to bring in offer
  3. Having someone to price the home appropriately

To read more, go HERE.


3. Meeting a Specific Need: Divorce Real Estate

The Tennessee Association of Realtors (TAR) is offering two days of training in early August (Aug. 4 & 5) to equip Realtors with the skills to work with both divorcing and senior clients and their attorneys.

The first day, a six-hour course in “Real Property Information Training”, will help you learn to work with divorce and elder clients plus their attorneys in a real estate transaction. This is a real estate specialty in need of trained specialists.

The second day, also a six-hour course, is a skills-based supplement to the RPI Training above, and it will help you reduce risks associated with quitclaim deeds as well as review co-tenancy and bankruptcy and tax implications associated with divorce.

Although the first day can be taken by itself, both days together will qualify you for the Real Estate Collaborative Specialist-Divorce (RCS-D) designation. Each day is accredited for six (6) hours of CE!

To register for Day 1, or Days 1 & 2 together, or just to get more information, go HERE.


4. A Dual Agency Lawsuit

An Ohio lawsuit should serve as a warning to Realtors everywhere. The entire Legal Case Summary (of Hubbard Family Trust v. TNT Land Holdings, LLC) is featured on REALTOR.ORG and can be accessed HERE.

In this case, a jury returned a verdict against the Seller for fraudulent misrepresentation, awarding the Buyer damages of $216,337. The jury also “returned a verdict against the Brokerage for breach of fiduciary duty, but did not award the Buyer any damages.”

The case was appealed by all parties, and the Court of Appeals affirmed the award to the Buyers from the Seller, and also found that the “Salesperson was required to disclose all material adverse facts that she was aware of, and she did not do this. Further, the court stated that finding a breach of fiduciary finding required the jury to award damages to the Buyer [from the Brokerage], and so the court remanded the case to the trial court for further proceedings.”

The case is a good reminder of the need to disclose ALL pertinent and required information about a property, as well as a reminder of the difficulty (some would say impossibility) of fulfilling fiduciary duties in a dual agency situation!


5. Googling Yourself!

It should be an expectation that ANY new customer or client will Google your name to find out more about the Realtor they might use. So Google yourself first, and Google yourself often!

To Google yourself efficiently, use quotes around your name …such as “John Doe”. In that way, the search results will find ONLY those pages where that exact phrase (“John Doe”) is found, instead of also giving you every web page where either John or Doe is featured.


6. For a Rockin’ GOOD Time…

The upcoming TAR Annual Convention in Chattanooga (Sept. 17-19) promises to be fun, educational and a great way to end a busy summer! Realtors really are going to ROCK Chattanooga!

If you’ve never been to your state’s Annual Convention, this is a good one to attend!

The education sessions feature great topics to help you build your business, stay out of trouble, and be even more successful. And you don’t want to miss this year’s speakers: Darryl Davis, G. William James, Leigh Brown, and Cheryl Knowlton.

Registration at early-bird rates is now available! For more information, or to register, go to: http://www.tarnet.com/meetings-and-events/convention/


7. HOT LINE: Designated Agent Is Hospitalized?

QUESTION: I am the Principal Broker at our office. One of our agents is now in the hospital in CCU, and she has three transactions in process. As the Principal Broker, I am stepping in to help her with these deals to keep them going to closing or until the agent gets back. Do I need to add my name to the existing Agency Status Disclosure form and have the buyers initial that, or is there no need for that since contracts are already in effect and I am just helping her get these deals to closing?

ANSWER: Since you practice Designated Agency, you will need to either substitute yourself as the Designated Agent or make both of you the Designated Agents on the transaction and complete a new Confirmation of Agency Status form. The only thing to be cognizant of is, IF you have two agents both working as Designated Agent for the same client, then each agent is deemed to know what the other knows, so each needs to share all pertinent information with the other.

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


8. HOT LINE: Husband Unable To Sign Documents?

QUESTION: We have a buyer (husband and wife) on a property. The husband, however, is a pilot and has limited access to computers, etc., when he is flying. How can we respond in a timely manner with regard to counteroffers, etc. and still be legal? Can the husband email his approval?

ANSWER: You can use an electronic signature. One such program is Authentisign, a TAR approved vendor. You can find out more information about this program on TAR’s website. Another option would be to email or fax the documents to the husband, have him sign and scan and email them back. If this is not possible, then the husband may want to give his wife a power of attorney.

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


9. HOT LINE: Listing Without an Agent?

QUESTION: A real estate firm is listing property at a flat fee and just lists the property in the MLS for the seller. The Confirmation of Agency indicates the seller as being unrepresented, and the Buyer’s Agent must set appointments and negotiate everything with the seller. Can the firm that “list” this property count this as a sale since they are not representing the seller?

ANSWER: The problem with this scenario is that most MLSes require that the agent have an exclusive listing agreement to put them in the MLS in the first place. By Tennessee law, an exclusive listing agreement creates an agency relationship. Tenn. Code Ann. 62-13-401 states in part: “The negotiation and execution of either an exclusive agency listing agreement or an exclusive right to sell listing agreement with a prospective seller shall establish an agency relationship with the seller.” Therefore, the agent cannot claim that the seller is not represented.

As to whether the sale of such a property should count (for sales awards, recognition, etc.), that is up to your local association’s Awards Committee.

[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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