TN-REAL ESTATE-The Tennessee Real Estate Commission: Licensee

TN-REAL ESTATE-The Tennessee Real Estate Commission: Licensee

Requirements Flashcards NonresidentsNonresident applicants must meet additional requirements to qualify for a Tennessee affiliate broker or broker's

license. Nonresident applicants must be:Regularly engaged

in the real estate business and maintain a place of business in the other state.Affiliated with a nonresident firm and principal broker that hold an active Tennessee real estate license (if applying at the affiliate broker level).Nonresident applicants are required to sign an irrevocable consent form called the Tennessee Nonresident Applicant Consent to Suits. What's the purpose of this form?To allow legal action to be taken against a nonresident licensee who has violated a regulation while practicing real estate in Tennessee Timeshare SalespersonActs as a seller of time-share intervals under contract with or control of a licensed real estate broker pursuant to a registered time-share program.When the Affiliate Broker/Broker Relationship ChangesWhen the contractual relationship between a broker and an affiliate broker is terminated, the broker must sign and date the change of firm affiliation form (T.R.E.C. Form 1), which must be immediately sent, along with the required fee ($25), to the real estate commission. Once the affiliate broker enters into a contractual relationship with another broker, the affiliate broker's license must be displayed in the broker's main place of business.Acquisition AgentA person who attempts to encourage anyone to attend a sales presentation for a time-share program. Excludes hotels, motels, private resorts, lodging rental office, phone and mail solicitation.Broker CandidatesCandidates applying for a Tennessee broker's license must provide proof of completion of the broker education requirements in Tennessee, which includes 120 hours of real estate education with at least 30 hours of Real Estate Office and Brokerage Management, and proof of having an active real estate license for at least three years.All Nonresident and License Recognition CandidatesAll candidates must take the Tennessee law section of the Tennessee licensing exam. Passing this exam generates an application for a license.If the candidate licensed in another jurisdiction doesn't show adequate proof of having passed a national exam in another state (for example, if the state creates its own examination), the candidate must take and pass both portions (national and state) of the Tennessee exam.

BrokerOne who holds a broker's license and is either a sole proprietor or owns/manages a brokerage; responsible for any affiliated licensees who work under the broker's license.Firm or Office Branch Licensing applying for licenseWhen applying for a firm license or when submitting a change of address, licensees must verify that the office conforms to local zoning laws and ordinances by obtaining and submitting a zoning letter from the local planning commission. When changing addresses, a firm must complete and submit items 1 through 4 of the TREC Form 2, along with the change-of-address fee Firm or Office Branch Licensing Requirements Tennessee law requires that each office have a real estate firm license. In addition, each firm must have a principal broker, as well as a physical location and facility that can adequately accommodate affiliated licensees. If two firms are located at the same address, one principal broker can act as a principal broker for both firms.Affiliate BrokerEngaged under contract by or on behalf of a licensed broker to provide brokerage services (see note below).Affiliate Broker CandidatesAll affiliate broker candidates must provide proof of completing 30 hours of real estate principles and 30 hours of the Tennessee Course for New Affiliates, with another 30 hours of approved electives. TREC may determine that the candidate's current qualifications can be substituted for some of this education requirement.Firm or Office Branch Licensing Requirements-fees The application fees are as follows:New firm or branch office: $100Firm reapplication: $100Name change for

existing firm: $25Licensees are required to renew their firm

licenses every two years. The renewal fee is $80.Signage Requirements and Displaying Licenses Brokers are required to place a sign outside of their office that clearly states that they are engaged in the real estate business. In addition, the broker's license and the licenses of all of the affiliate brokers who work with the broker must be prominently displayed in the broker's main place of business.Licensees aren't allowed to advertise themselves as real estate agents at any property unless the name of their firm appears on the sign, as well. The name of the licensee can't be in larger letters than the name of the firm.Irrevocable ConsentNonresident applicants must also complete the Tennessee Nonresident Applicant Consent to Suits, which is found in the Tennessee Candidate Bulletin. This consent ensures that, if a nonresident licensee were to violate a regulation while practicing real estate in Tennessee, the aggrieved party could file suit against the individual in Tennessee. In other words, no one has to track down the nonresident

licensee in some other state in order to serve that individual with official documents.