SMTAR Bits and Pieces

SMTAR Bits and Pieces http://www.SMTAR.com News and Important Info from the Southern Middle Tennessee Association of REALTORS en-us JULY 2010 BITS AND PIECES ------------------------------------------------------------------------------------------------------------
WHAT'S INSIDE THIS SPECIAL EDITION

WELCOME NEW MEMBERS
FROM THE PRESIDENT'S DESK
UPDATES FROM THE TENNESSEE REAL ESTATE COMMISSION
UPCOMING EDUCATION
DATES TO REMEMBER
GET WELL NOTICES
SYMPATHY NOTICES
IMPORTANT CONTACTS

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WELCOME NEW MEMBERS

SMTAR is pleased to present new members for the month of June:

Kay Duncan - Middle Tennessee Realty & Auction, Hohenwald, TN
Jimmy White- Progressive Realty, Columbia, TN

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FROM THE PRESIDENT'S DESK

Summertime is in full swing! Hope everyone had a nice July 4th weekend. Amid all the fun & good food, I know we all realize this holiday is a special one. When we stop and think of all the freedoms we enjoy in this country, it makes you proud to be an American. We honor those who have fought in the past and those who are still fighting for us to maintain this freedom.

Everyone mark your schedule for our Membership Luncheon Meeting in Lewisburg on August 11. This will be our General Election for our officers for the coming year. We want to have a good attendance.

Also, I want to remind each of you to get out & vote in the Primary Election August 5. This is one of our priveleges & freedoms to voice our opinion as to who represents us locally & statewide.

See you at our luncheon!

Fay Robinson
President

SMTAR's Facebook link (Be sure to copy and paste the entire link into your browser if you are unable to click!):
http://www.facebook.com/pages/Columbia-TN/Southern-Middle-Tennessee-Association-of-REALTORS/38462364810

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UPDATES FROM THE TENNESSEE REAL ESTATE COMMISSION

After surviving the 1,000-year flood of May 2010, representatives from the Tennessee Real Estate Commission were able to pull things together for a fantastic presentation on June 24 at Columbia State Community College in Lewisburg. The flooding in Nashville shut down many government offices, including TREC. Offices had to be kept open somehow, so the Commission was forced to operate for several days in a temporary setup with a few bones of a skeleton crew and barely enough equipment to get the job done. The work still got taken care of with minimal delay. SMTAR staff is very thankful for the steady stream of communications we received from the Commission, and we'd like to commend everyone for their perseverance under the stress of emergency conditions. With that said, we'd like to let you all in on some of the information that we took away from their June presentation.

-----EDUCATION UPDATES-----

The CORE Course: All agents who are required to complete 16 hours of CE each license renewal period must complete the CORE course each renewal period. Please be aware that this course will become a 6-hour course beginning January 1, 2011. It is currently a 4-hour course.
Verifying Your Education: TREC has a new website address for verifying your license status and education history:
Verify.TN.gov
This change makes it a little easier to remember, and a whole lot easier for us to help you find it!
License Renewals
- Only licenses in ACTIVE or RETIRED status can be renewed. If your license is INACTIVE, EXPIRED, or DELINQUENT, for example, you will need to contact TREC for further instruction before you can renew.
- You should receive a PINK postcard from TREC about 90 days PRIOR to the date of expiration on your license. This postcard contains the instructions for renewing your license.
- The website for renewing your license is http://www.tennesseeanytime.org/cirens
TREC RULES HAVE BEEN UPDATED
- New rules are in effect as of 06/14/2010. To view the entire content of the new rules, please CLICK HERE.
- In the past, changes such as transfer of a real estate license were effective as of the date of the TREC 1 form. In this case, you could begin working with your new firm and soon as you obtained all signatures necessary on the TREC 1. The new wording of rule [1260-02-.02(2)] prevents licensees from working at all until the transfer is "received and prossessed by the Commission".
- New wording has been added to assist in paperwork processing for agents or Principle Brokers who are physically unable to sign the TREC 1 forms, or agents who cannot be located. [1260-02-.02(4, 5, 6)]
- TREC reminds you that escrow funds should be kept in accounts separate from regular business accounts. [1260-02-.09]
- Advertising rules apply to ALL MEDIUMS (i.e. print, tv, social media & other internet, etc.). Please remember to keep your information up-to-date, and be sure to include your firm's name and phone number everywhere you advertise. Many agents will post their contact info on any and every website that they can find, but even this information must be kept updated or taken down if you are no longer licensed. For those of you who advertise that you are the "Number 1 Agent in [City Name]" (or similar comments), you need to have documentation on hand to substantiate your "claim to fame". It often helps to place some fine print on your ad to let others know where you're getting your information. [1260-02-.12]
Robyn Ryan, Assistant General Councel, wants to advise you of the following:
- The number 1 disciplinary action taken by TREC remains to be "Failure to Maintain E & O Insurance". Both agents and their brokers are subject to penalty for violation of this rule.
- It is important for you to be clear on your forms - clarity begins with neatness. Lack of information and improper wording are not the first barriers to understanding a contract. Sometimes, just illegible handwriting can lead to a misunderstanding of the contract.
- Please do not wait until you are asked for copies of forms to provide copies of those forms to the participating parties. Copies should be created and distributed immediately. It would be prudent to provide copies of signed documents rather than a blank copy or one that contains partial info.
- When you receive notice of a complaint from TREC, you have 10 days to file your response. You should include any and all documentation that you may have to support yourself. Things like e-mails and phone records are often overlooked, but can help you in your case. There is a $1,000 penalty for failure to respond to a complaint, so keep your files in order and make sure to get your response in on time.
- Brokers need to remember that they are responsible for what their agents do. It is wise to review all contracts that are processed in your office.
- Make sure that what you present in your advertising is accurate and cannot be considered misleading. When advertising a property, avoid using old pictures that may not represent the property in its current state.
- Foreclosures and Short Sales are complicated and each bank may handle the transaction differently than other banks. If you are the selling agent of the property, it is your responsibility to EDUCATE yourself on the selling bank's process, and then EXPLAIN this process to potential buyers. If you, as the selling agent, do not know what you are doing, then it is very difficult for the transaction to run smoothly.

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UPCOMING EDUCATION

Ethics
Wednesday, July 21, 2010
9:00AM - 12:00 PM 3 Hours of CE
Cost is $40, DISCOUNTS are available. Register online with this REGISTRATION FORM or call 931.381.5556 for registration information, or e-mail SMTAR@RealTracs.com.

RealTracs Training - In danger of being cancelled!!! Register now!
Thursday, July 22, 2010
Two Sessions Available: RealTracs 2 and/or Tax
You must have an MLS User ID to attend. Please use the following procedure to register:
1. Open your web browser and log in to RealTracs.net
2. Click the following link or type it into your browser address bar AFTER you have logged in to RealTracs: http://www.realtracs.net/MemberInfo/Training.aspx?tab=0

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DATES TO REMEMBER

August 5 - Primary Election
August 11 - General Membership Meeting/SMTAR Election

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SYMPATHY NOTICES

Fred Hobbs - former member of our REALTOR(r) family with Grover Collins Realty in Lewisburg.

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IMPORTANT CONTACTS

Association Office		931.381.5556
Mary Scott, Association Executive	scottm@realtracs.com
Rebecca Head, Office Manager	rebeccah@realtracs.com
Tammy Brown, Administrative Assistant	tammyb@realtracs.com

SMTAR 2010 President
Fay Robinson		931.363.7515
robinfay@realtracs.com

RealTracs (Middle Tennessee Regional MLS)		800.397.9282
Member Login: www.RealTracs.net
Public Login: www.RealTracs.com

2010 MLS Director
Matt Collins		931.359.6231
matt@grovercollins.com

Tennessee Association of REALTORS(r)		615.321.1477
www.TARNET.com

Tennessee Real Estate Commission		800.342.4031
www.state.tn.us/commerce/boards/trec

National Association of REALTORS(r)		800.874.6500
www.REALTOR.org

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