What are the rules and laws regarding advertising?
The firm name and phone number must appear in all advertising and on every page of a website. For a complete understanding of what is required for advertising, please review 1260-2-.12 ADVERTISING. This link provides all the information that must appear in advertising, including internet advertising.
How do I update my escrow account information?
Email your updated escrow account information or the Request for Waiver of Escrow Account form to TREC.Info@tn.gov.
The following information should be included for the updated escrow account: Name and Address of Bank, Firm Name and License #, Name and Account #, Principal Broker's Name, License #, and Signature.
How long are fingerprints good for?
6 months
I am planning on buying and selling homes through my LLC. Do I need to be licensed?
Yes.
Can I visit Tennessee to list or sell real estate if I'm licensed in another state and ‘‘partner’’ with a Tennessee licensee to avoid obtaining a Tennessee license?
No. A real estate licensee from another state cannot "partner" with a Tennessee license holder to conduct business that requires a Tennessee Real Estate license. A Tennessee Real Estate license must be obtained by the individual. A licensed Tennessee Broker may pay a commission to a licensed broker of another state provided such a non-resident broker does not conduct in this state any of the negotiations for which a commission is paid (See: TCA § 62-13- 302).
Does my Affiliate Broker/Broker license allow me to sell both residential and commercial properties?
No. There are no regulations or limitations that would require you to have a separate license to sell both residential and commercial properties.
Can I receive a commission payable to my business entity (LLC)?
Yes. Licensees can receive compensation directly to a business entity solely owned by the licensee and created to receive compensation earned by the licensee for acts regulated by the Commission. Any business entity formed for these purposes is not required to be licensed as long as the sole owner of the entity is licensed by the Commission.
Can I still receive a commission if my license has expired?
If a license has expired, retired, or the owner is deceased you can still receive a commission if one or more circumstances occur:
(1) The commissions earned by an affiliated licensee while working under a principal broker can
still be paid after one (1) or more of the following circumstances occur:
(a) The affiliated licensee transfers to a new broker;
(b) The affiliated licensee retires his or her license;
(c) The affiliated licensee is in broker release status;
(d) The affiliated licensee allows his or her license to expire; or
(e) The death of the affiliated licensee.
How should deposits and earnest money be handled?
Brokers are responsible at all times for deposits and earnest money accepted by them or their affiliate brokers, in accordance with the terms of the contract. The broker shall maintain for a period of at least (3) years accurate records of the account showing. See TCA 62-13-321.
(1) The depositor of the funds;
(2) The date of deposit;
(3) The date of withdrawal;
(4) The payee of the funds; and
(5) Other pertinent information that the commission may require.
Rental deposits must be held in a separate account.
Funds should be disbursed or interplead within twenty-one (21) calendar days from the date of receipt of a written request for disbursement of earnest money. See TCA 1260-02-.09.
Does the Commission have a "Referral-Only" status?
No, the Commission does not offer a Referral-Only status for a Real Estate agent. Instead, the agent must find a firm that is "referral-only."
They remain an Affiliate Broker but are exempt from conducting business that would normally require dues, fees, or memberships to local or national associations. However, they must maintain all E&O, Continuing Education, and renewal requirements with a referral company. The agent must hold an active license and cannot be retired in order to receive a fee.