A Publication of the Memphis Area Association of REALTORS®
May 30, 2008
Volume 13, Number 22

In this Issue

• MAAR News
• Industry News
• Education & Events
• MLXchange & Technology
• Technology Classes

Mortgage Monitor

Freddie Mac Primary Mortgage Market Survey for May 29 and change from previous week:

MAARket Snapshot

Pending sales recorded and total active listings according to MAAR MLS for week ending May 25 and change from previous week.

In the News

MAAR NEWS

MAAR Donations Buy Bikes for Students at Barret's Chapel Elementary School
As part of our partnership with Memphis City and Shelby County Schools, MAAR's Community Involvement Committee recently provided funds (raised through our Trivia Night event) to help Barret's Chapel Elementary School buy bikes and helmets for four students. The bikes were used as prizes in a drawing for students who achieved excellent attendance records for the 2007-2008 school year. The bikes were presented at school assemblies during the week of May 19, including one to 7-year-old Hope Henderson, pictured below with her mother, Barret's Chapel Principal Trudi Royston, and Community Involvement Committee member Kent Gordon.

REALTOR® Prize Patrol is on the Loose
Show your REALTOR® pride in the month of June by wearing your REALTOR® pin everywhere you go. Those spotted with their REALTOR® pin on may be awarded a prize by the REALTOR Prize Patrol. Don't have a REALTOR® pin? Pick one up in the REALTOR® Store.

FAQ Re: TAR's Various Listing Agreements
We have received inquiries about TAR's new listing agreements, which were modified in mid-February 2008. TAR now offers various listing agreements, which vary by the type of agency relationship a firm might establish with a seller. While MAAR strongly encourages the use of TAR's forms, this is one instance in which MAAR also offers a form. Either TAR's forms or MAAR's form is acceptable. MAAR's Exclusive Listing Contract is available at no charge to MAAR members. MAAR's Exclusive Listing Contract can be used to accommodate whichever agency your firm offers to sellers.

Cherny Receives Leading Real Estate Companies Award
MAAR member Eileen Cherny, relocation director for Marx & Bensdorf, has received the Leading Real Estate Companies of the World President's Service Recognition Award. The award acknowledges committee and board involvement, presentations at network conferences, and service in various capacities.

TAR Accepting 2009 Officer Applications
TAR is now accepting 2009 officer applications. MAAR members are eligible to apply for Divisional Vice President (two-year term). Applications must be received by TAR no later than Monday, July 7. Contact Carol Culpepper for application materials.

Register Today for the Online CommercialSource Convention
The REALTORS® Commercial Alliance hosts the only online convention and trade show exclusively for commercial real estate practitioners set for June 17 and 18.  Learn more about the convention or register online.

INDUSTRY NEWS

Home Buyers at Walk-Away Price; Best Buys To Come This Summer May 29, 2008
The housing correction is in its third year. Watch for the best deals in houses between now and the end of summer.

FHA Loans Make a Comeback May 29, 2008
Lower down payments, credit scores catch attention of first-time buyers.

Industry Reacts to DOJ vs. NAR Settlement Proposal May 28, 2008
Experts: Agreement provides more certainty for innovators.

Home Sales Rise in Hard-Hit Areas May 27, 2008
Economist Thomas Lawler says home sellers "have moved into the acceptance mode" and are pricing properties more realistically.

NAR, DOJ Agree on MLS Policy May 27, 2008
The settlement helps consumers, protects sellers, and preserves the MLS as a means for broker-to-broker cooperation.

Jumbo Conforming Rates Come Down to Earth May 23, 2008
GSEs, NAR urge extension of higher limits.

Upcoming Education and Events

Talk Shoppe Presents "Buying Real Estate Using City of Memphis Down Payment Assistance"
Juanita Hamilton of the City of Memphis Division of Housing and Community Development will present this free seminar on Wednesday, June 4, from 9 to 10 a.m. at the Better Business Bureau, 3693 Tyndale (one block east of Forest Hill Irene off of Winchester). For more information, call sponsor Jo Garner at First Tennessee Home Loans at (901) 759-7808.

MAAR Rookie Resource: "13 Activities of Real Estate"
If you missed this session earlier this year, be sure to catch the action this time! "13 Activities of Real Estate," presented by Peter Ritten of RE/MAX On Track, will help you learn the importance of preparation, how to create systems until they become habits, how to stay in control on a listing presentation, and how to create dialogues appealing to the emotions of your client. This MAAR Rookie Resource session will be held Wednesday, June 4, from 2 to 3 p.m. at MAAR. To register, please call (901) 685-2100 or e-mail nicci.lundquist@maar.org. The session is free for MAAR members.

TransactionDesk Basics
The purpose of this course is to explain the benefits and uses of the Tennessee Association of REALTORS® TransactionDesk online forms management program.  A live Internet demonstration on TransactionDesk features will accompany the presentation so students will be able to visualize the process and mechanics of the system and apply them to their own usage. In particular, students will learn the following: logging in; importing property information; managing contacts, tasks and dates; adding documents and appointments; navigating the home page; setting customizations and preferences; editing forms; using electronic signatures; and creating new transactions.  TransactionDesk Basics will be held Thursday, June 5, from 2 to 4 p.m. for 2 hours CE credit.  The cost is $10.  Register online.

Short Sales and Foreclosures Panel
Once again the Mid-South CRS Chapter is pleased to host a panel discussion on foreclosures and short sales. Participants include: Kim Hairrell, REO Division, Crye-Leike; Joe Kirsch, Law Office of Shapiro & Kirsch; Jeff Burress, Crye-Leike; and Bonnie Garrison, Magna Bank. The panel will address a series of questions from the moderator, and will then open the discussion for questions from the audience. The time is Friday, June 6, from 1 to 3 p.m. at MAAR. The session is free. Register online.

WHM: Affordable Properties
This course provides you with information about affordable new homes, HUD homes, and REOs. Topics include affordable new home community developments, who can buy HUD homes, who can sell HUD homes, electronic bidding, financing purchases, HUD sales procedures and policies, who can buy an REO, bidding on REO property, and REO sales procedures.  The class is Tuesday, June 10, from 2 to 4 p.m. for 2 hours CE credit.  The cost is $20 for members and $40 for non-members.  Register online.

TREC Update Seminar
The TREC Update Seminar is an informational session designed to give you an update on new and modified TREC laws, rules and policies, as well as update you on educational requirements and licensing.  The Tennessee Real Estate Commission will be here Wednesday, June 11, to offer this course for free.  There are two times available: 9 to 11 a.m. or 1 to 3 p.m.  The course is approved for 2 hours CE credit.  Register online. (Note: This is NOT the mandatory TREC Core Course)

June Membership Luncheon
Doing Business South of the Border: A Conversation with the Mississippi Real Estate Commission
Any REALTOR® who does or plans to do business in Mississippi should not miss this enlightening session with Robert Praytor, administrator of the Mississippi Real Estate Commission. He will share trends that are impacting real estate and what activities are causing Mississippi licensees to face disciplinary action by the Commission. The luncheon is Wednesday, June 11, starting at 11:45 a.m. at the University Holiday Inn, 3700 Central Avenue. Register online or by calling (901) 818-2444 by 5 p.m. on Friday, June 6. No-shows, walk-ups, and non-members will be charged $15. Sponsored by Evolve Mortgage.

GRI 3: Financing the Successful Transaction
This two-day (16-hour CE) course is designed to provide each participant with current real estate financing information in an interactive learning environment. Students will acquire both hard and soft skills related to financing - not only the calculation of financial details, but also the application of strategy to the financing process. The course will then extend participants' knowledge beyond the typical secondary money market loans, to equip each student with an array of creative financing variations and options which they can use to broaden a client's transaction possibilities. GRI 3 will be held June 12-13. The cost is $190 through June 5 and $210 after. To register, visit www.tarnet.com.

Habitat for Humanity Golf Classic
Join the Memphis Mortgage Bankers Association for the Habitat for Humanity Golf Classic and help raise money for this year's MBA/MAAR Habitat house. The tournament will be Thursday, June 12, at Wedgewood Golfers' Club in Olive Branch; registration begins at 11:30 a.m. and the tournament starts at 1 p.m. Cost is $100 per player/$400 per foursome and fees include dinner and a chance to win a BMW compliments of Roadshow BMW. Download the registration form for more details and to sign up.

Contracts 101: Purchase and Sale Agreement
Contracts 101 provides an in-depth analysis of the Purchase and Sale Agreement (Form 9), with emphasis on the terms of the Agreement. The course also explores the use of Counter Offer(s) (Form 8). Contracts 101 will be presented by attorney Ron Poe of The Poe Firm, PC, on Monday, June 16, from 2 to 5 p.m. for 3 hours CE credit. The cost is $15. Register online.

ABR: Accredited Buyer Representative
The Accredited Buyer Representative (ABR) designation is the benchmark of excellence in buyer representation. ABR educates buyer's representatives to provide the kind of service and fidelity to buyers that sellers have always enjoyed, and to offer methods for building and maintaining a buyer representation business. Get in on the buyer's agent action June 18-19. The cost of this 16-hour CE course is $230 through June 4 and $260 after. Register online. For more information about the ABR Designation, visit www.rebac.net.

SRS: Seller Representative Specialist
This two-day program focuses on providing the REALTOR® practitioner with the tools necessary to represent seller clients in a variety of formats. Particular attention is given to differing listing models, office policies, field issues, legal and code ramifications, and representing sellers in today's changing environment. Topics include manual and electronic methods of procuring listings, securing the listing, staging the property and marketing venues, representing the seller client when converting consumer inquiries, co-brokering with cooperating agents, protecting the interests of the client when fielding multiple offers, negotiating the offer, inspection phase issues, and following the pending transaction to closing. The SRS designation class is being held June 26-27 for 12 hours CE credit at MAAR. The cost is $230 through June 12 and $260 after. Register online. Visit www.srscouncil.com for more information about the SRS Designation. The SRS Designation is not affiliated with the NAR designation family.

MLXchange & Technology

Technology Tip of the Week - MAARdata
Have you been using MAARdata? MAARdata is our local property tax database. It contains information on all sales data for Shelby, Tipton, and Fayette counties - including foreclosures and FSBOs. In addition to providing information from Register's and Assessor's data about the property, MAARdata offers a CMA, CSA, or StartingPoint analysis. For more information about what's available and how to use MAARdata, click here to view our Top 10 Tips for Using MAARdata brochure.

MLXchange FAQ Sessions Every Monday at 10 a.m.
Need some help with MLXchange? Why not attend a question and answer session to quickly address your MLXchange questions. Sessions are offered in the MAAR computer training lab every Monday from 10 to 11 a.m. No appointment necessary, but do come prepared to ask questions! This is not a formal MLXchange class. For questions, call (901) 818-2455 or e-mail TechSupport@MAAR.org.

Donate Your Old Computers
If you have an old, but still functioning, computer in your closet or garage, recycle it! Dave Burns of Crye-Leike, REALTORS® is helping facilitate a computer recycling program offered through Covenant United Methodist Church, 8350 Walnut Grove Road. Simply take your computer to the church and qualified professionals will "flush" the hard drive and recondition the computer for use by organizations that need, but cannot afford, computer equipment (including inner-city churches and after-school programs). You can drop your used computer by the church gymnasium between the hours of 9 a.m. and 5 p.m. Monday through Friday (inquire at the reception desk about computer recycling). If you have a large number of computers, call Dave at (901) 619-2122 to arrange for pickup. Also, if you know of an individual or group in need of a donated computer, please let Dave know. They currently have about 15 computers waiting to be placed and since the project began, they have placed more than 200 computers with local organizations. Thanks to all REALTORS® who have donated computers.

Upcoming Technology Classes