Francie Ryder didn’t know she was going to be called to the front of the County Commission meeting room in the Hamilton County Courthouse on the morning of Thursday, October 11. She was sitting in the back of the room, watching the Tennessee Real Estate Commission begin its monthly two-day meeting – a rare treat for Chattanooga, as the state regulatory agency meets only occasionally in the Scenic City. But before the commission dug into the business at hand, Chairman “Bear” Stephenson called her name.
Ryder, the executive director of the Greater Chattanooga Association of Realtors, rolled her eyes and smiled. This past summer, Ryder announced her retirement, to occur on January 1, 2013. She’s had a hard time staying out of the spotlight ever since, so she knew she’d been set up.
After Ryder had taken her place next to Stephenson, the chairman pulled an official proclamation by Tennessee Gov. Bill Haslam out of a large manila envelope and began to read:
“On behalf of the people of Tennessee and by virtue of the authority vested in me, I hereby confer upon Francie Ryder, in honor of her 27 years of faithful service to the Greater Chattanooga Association of Realtors, a day of recognition, given under my hand and the Great Seal of the State of Tennessee this first day of January 2013.”
Ryder smiled again as the commission and the many Chattanooga Realtors who were in the room to attend the meeting gave her a standing ovation.
It will not be her last before she leaves.
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The presentation of the governor’s edict was a bonus for TREC, which had plenty of business to address during its stay in Chattanooga. As an agency appointed by the governor, the commission establishes rules and monitors activities within the real estate industry in Tennessee. The agency also licenses all agents in the state.
The state legislature established TREC in 1951. The commission consists of nine members, including three from each grand division of the state. Of these nine, seven are industry members, while two are non-real estate practitioners.
“Our job is to protect the 5.5 million people that live in Tennessee from real estate practitioners who might have a tendency to not do exactly as they should,” Stephenson said, speaking slowly and choosing his words carefully. “We’re the police.”
During its monthly meetings, the commission reviews complaints that have been filed against licensees. Common grievances include holding on to escrow money past a reasonable date once a deal has fallen through and failure to disclose problems with a house or property. The penalties for these and other infractions can include a fine or a letter of instruction or reprimand. The commission also has the authority to suspend or revoke licenses for “egregious infractions,” said Stephenson.
A few, but not all, of the agents present at the October 11 meeting were there to have their license reinstated. Other agents, like Wanda Bailey of Crye-Leike, were there to earn free continuing education credits.
“I’m here for my eight hours,” she said. TREC-licensed agents must earn 16 hours of continuing education credit every two years. Those who attend a TREC monthly meeting earn eight of those hours just for observing what the commission does on a monthly basis. Even better: The meetings are free to attend.
Bailey was hoping to get more than CE credits out of the meeting; she also wanted to learn about the latest rules and regulations that govern her profession. “We have to do certain things for our clients, according to the law, and I want to make sure I do those things. I’m here to learn something and apply it to my business,” she said.
Bill Rothfolk of Upward Realty in Hixson, Tenn., also attended to earn the free CE hours and had only praise for the work TREC does. “The commission does a good job of investigating complaints and giving weight to both sides of a story. It also makes good decisions based on the facts,” he said.
Realtors weren’t the only ones pleased to see TREC in town; County Commission Chairman Larry Henry officially welcomed the members of the group Thursday morning. “I’ve been involved in commercial real estate for over 40 years, and the agents with whom I’ve worked have been a factor in the success of my business,” Henry said.
In his welcome speech, the chairman stressed the importance of local real estate professionals to the economic development of Chattanooga. “In the next 20 years, we’re expecting 33,000 people to move into one of the municipalities we have in the eastern part of the county. Our real estate agents are going to be our first point of contact with those people. They will be our ambassadors, and they will make or break someone’s decision about whether or not to move to Chattanooga.”
With so much at stake, Henry said he’s glad TREC exists to keep real estate agents “on the straight and narrow” and praised the quality of the agents in the Greater Chattanooga area. “We have good folks in Hamilton County,” he said.
Stephenson, owner of a real estate auction firm near Knoxville, is serving his second five-year term on the commission. For him, being a part of TREC is a privilege. “For the seven of us who are Realtors, serving on the commission is an opportunity to give back to an industry and a profession we truly enjoy and that has provided us with a way to make a living,” he said.
It also allows Stephenson to visit places like the Scenic City, which he’d like to do more often. “I’m not saying this just because I’m here, but Chattanooga is my favorite place to take our meeting outside of Nashville. I got up this morning and jogged down to the Aquarium and then up the river. You have a beautiful, tranquil city.”
For more information about TREC, visit http://tn.gov/commerce/boards/trec/.