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Coordinate inspections and deliver documents and escrow monies to the appropriate
attorney ✔✔a broker or affiliate broker may perform all of the following in preparation for
the closing EXCEPT
May conduct the closing ✔✔a broker decides he wants to conduct the closing on a allcash sales of a property between his clients, the seller, and the buyer, his customer.
With these parties, the broker
Receive up to $50K from the real estate education and recovery account for the full
judgment amount plus court costs and attorney's fees ✔✔an aggrieved person is
awarded a judgment against a real estate licensee for violation of the Tennessee Real
Estate Broker Act of 1973. Regarding the real estate education and recovery account,
the aggrieved party has the right to
Provide a means of compensation for actual monetary losses suffered by individuals as
a result of the acts of a licensee violating the license law or committing other illegal acts
related to a real estate transaction ✔✔the purpose of the Tennessee Real Estate
Education and Recovery Account is
$15K ✔✔the maximum liability of the Tennessee Real Estate Education and Recovery
Account for any single transaction, regardless of the number of persons aggrieved or
parcels of real estate involved in such transaction, shall not exceed
$30K ✔✔a real estate licensee ( broker, affiliate broker, or time share salesperson) is
found financially liable in four law suits involving several different transactions. The court
orders payment from the Real Estate Education and Recovery Account for the
judgments. What is the maximum that can be paid to the consumers of behalf of the
broker affiliate broker, or time share salesperson for these judgments
Licensee must repay the full amount plus interest to the account if his or her license is
to be reinstated. ✔✔whenever the commission is required to satisfy a claim against a
licensee with money from the real estate education and recovery account, they may
revoke the licensee's license. In the event that this happens, the
$500,000 ✔✔what is the minimum balance of the Tennessee Real Estate Education
and Recovery Account
The licensee's license may be suspended or revoked, at the discretion of the
commission ✔✔after proper investigation or upon a court order to the commission,
payment is made from the real estate education and recovery account due to the
improper activities of a license. What happens when the payment is made?
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