The Manual of Tennessee Real Estate

Brought to you by LexisNexis and the Tennessee REALTORS®, this handy guide is a must-have for the real estate professional.
Publisher: Michie
Print Book :Softbound, annotated, indexed
2020 Edition
$42.00
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In Stock
ISBN: 9781522168027
Publisher: Michie
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This handy, portable reference of the laws and rules governing the real estate industry in Tennessee is a must-have for real estate professionals. Published in cooperation with the Tennessee REALTORS®, it contains helpful information for both real estate and legal practitioners. With it, you will have ready access to Features At-A-Glance Annotated statutes; Revised Administrative Rules of Tennessee pertaining to real estate; and a Frequently Asked Questions section. This indispensable resource is available only from LexisNexis.

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Table of Contents

TITLE 62. PROFESSIONS, BUSINESSES AND TRADES

CHAPTER 13. TENNESSEE REAL ESTATE BROKER LICENSE ACT OF 1973

PART 1. General Provisions
62-13-101. Title
62-13-102. Chapter definitions
62-13-103. Broker or affiliate identified by single act
62-13-104. Exemptions — Firm licenses for vacation lodging services
62-13-105. Action by broker to collect compensation
62-13-106. Courses of study
62-13-107. Clinics and institutes
62-13-108. Study and research programs
62-13-109. Injunctions authorized for enforcement
62-13-110. Penalties
62-13-111. Hearing and judicial review
62-13-112. Errors and omissions insurance — Suspension or revocation

PART 2. Tennessee Real Estate Commission
62-13-201. Creation — Members
62-13-202. Commission a judicial body — Civil liability
62-13-203. Organization — Powers
62-13-204. Regulation of fees or commissions
62-13-205. Record of proceedings — Seal
62-13-206. Meetings
62-13-207. Executive director — Director of education — Qualifications
62-13-208. Real estate education and recovery account
62-13-209. General counsel

PART 3. Qualifications and Licensing
62-13-301. License requirement
62-13-302. Employment by broker of unlicensed broker or broker in another state
62-13-303. Qualifications — Prerequisites for licensing
62-13-304. Written examinations
62-13-305, 62-13-306. Reserved
62-13-307. Expiration and renewal of licenses — Penalty
62-13-308. Examination and license fees
62-13-309. Business locations — Display of license — Signs
62-13-310. Affiliate broker relationship to broker
62-13-311. Revocation of license by court — Reinstatement
62-13-312. Discipline — Refusal, revocation or suspension of license — Downgrading of licenses — Automatic revocation
62-13-313. Notice — Hearing
62-13-314. Reciprocity — Service of process on nonresidents
62-13-315. Reserved
62-13-316. Register of applicants required
62-13-317. Directory of licensed brokers and affiliate brokers
62-13-318. Temporary retirement
62-13-319. Reinstatement after failure to pay renewal or retirement fee
62-13-320. Surrender of broker’s for affiliate broker’s license
62-13-321. Escrow or trustee account of deposited funds
62-13-322. Repealed
62-13-323. Escrow account — Waiver
62-13-324. Real estate continuing education instructors — Course requirements
62-13-325. Distance education courses

PART 4. Representation by Real Estate Agents
62-13-401. Creation of agency relationship
62-13-402. Limited agency
62-13-403. Duty owed to all parties
62-13-404. Duty owed to licensee’s client
62-13-405. Written disclosure
62-13-406. Designated broker — Managing broker
62-13-407. Liability
62-13-408. Application

PART 5. Commercial Real Estate Brokers
62-13-501.

PART definitions — Form of notice
62-13-502. Enforcement of fee or commission contract against subsequent owners
62-13-503. Obligation subject to original contract—Limitation of actions — Recording of notice
62-13-504. Attorney fees and court costs
62-13-505. Immunity of title examiners, title insurers, abstracters and closing agents

PART 6. Agency Contracts and Referral Fees
62-13-601. Part definitions
62-13-602. Reasonable cause to solicit referral fee
62-13-603. Unlawful referral solicitation — Unlawful retribution for existence of agency relationship
62-13-604. Unlawful interference with agency relationship

RULES OF TENNESSEE REAL ESTATE COMMISSION

CHAPTER 1260-01. LICENSING
1260-01-.01. Applications for Examinations
1260-01-.02. Examinations
1260-01-.03. Repealed
1260-01-.04. Licenses
1260-01-.05. Repealed
1260-01-.06. Repealed
1260-01-.07. Repealed
1260-01-.08. Repealed
1260-01-.09. Repealed
1260-01-.10. Repealed
1260-01-.11. Use of Education and Recovery Account Earnings
1260-01-.12. Fees
1260-01-.13. Repealed
1260-01-.14. Filing of Documents
1260-01-.15. Errors and Omissions Insurance Coverage
1260-01-.16. Lapsed Errors and Omissions Insurance
1260-01-.17. Fingerprinting
1260-01-.18. Duplicate or Confusingly Similar Firm Names
1260-01-.19. Appearances Before the Commission for the Purpose of Obtaining a License
1260-01-.20. Military Applicants
1260-01-.21. Reinstatement of an Expired License of a Broker, Affiliate Broker, Time-Share Salesperson or Acquisition Agent

CHAPTER 1260-02. RULES OF CONDUCT
1260-02-.01. Supervision of Affiliate Brokers
1260-02-.02. Termination of Affiliation
1260-02-.03. Offices
1260-02-.04. Telephone Answering Services
1260-02-.05. Post Office Boxes
1260-02-.06. Repealed
1260-02-.07. ‘‘Net Price’’ Listing
1260-02-.08. Offers to Purchase
1260-02-.09. Managing Escrow or Trustee Accounts
1260-02-.10. Closing Statements
1260-02-.11. Personal Interest
1260-02-.12. Advertising
1260-02-.13. Repealed
1260-02-.14. Repealed
1260-02-.15. Repealed
1260-02-.16. Repealed
1260-02-.17. Repealed
1260-02-.18. Repealed
1260-02-.19. Repealed
1260-02-.20. Repealed
1260-02-.21. Repealed
1260-02-.22. Repealed
1260-02-.23. Repealed
1260-02-.24. Repealed
1260-02-.25. Repealed
1260-02-.26. Repealed
1260-02-.27. Repealed
1260-02-.28. Repealed
1260-02-.29. Repealed
1260-02-.30. Repealed
1260-02-.31. Repealed
1260-02-.32. Civil Penalties
1260-02-.33. Gifts and Prizes
1260-02-.34. Interpleader Form
1260-02-.35. Repealed
1260-02-.36. Exclusive Buyer Representation Agreements
1260-02-.37. Septic System Inspection Letters
1260-02-.38. Death or Extended Absence of Principal Broker
1260-02-.39. Commissions Earned by Affiliated Licensees
1260-02-.40. Electronic Records
1260-02-.41. Licensees Who Hold Themselves Out as a Team, Group, or Similar Entity Within a Firm 91

CHAPTER 1260-4. RULES OF PROCEDURE FOR HEARING CONTESTED CASES

CHAPTER 1260-05. EDUCATIONAL REQUIREMENTS
1260-05-.01. Purpose
1260-05-.02. Applications
1260-05-.03. Requirements for Courses
1260-05-.04. Qualifications for Instructors
1260-05-.05. Tennessee Realtors’ Institute
1260-05-.06. Relationship with Brokers
1260-05-.07. Records
1260-05-.08. Inspections
1260-05-.09. Changes in Applications
1260-05-.10. Withdrawal of Approval
1260-05-.11. Correspondence Courses
1260-05-.12. Continuing Education
1260-05-.13. Promotional Materials
1260-05-.14. Repetition of Course Content
1260-05-.15. Fee for Educational Course Application
1260-05-.16. Course Approval Periods
1260-05-.17. Repealed

TITLE 62. PROFESSIONS, BUSINESSES AND TRADES

CHAPTER 25. RENTAL LOCATION AGENTS ACT OF 1978
62-25-101. Short title
62-25-102. Chapter definitions
62-25-103. License requirements — Rules and regulations — Enforcement of Chapter — Penalties
62-25-104. Contract or receipt requirement — Refund of fee
62-25-105. Penalties
62-25-106. Award for damages, costs and attorney fees
62-25-107. Investigation by real estate commission — Suspension or revocation of license
62-25-108. Service of process

RULES OF TENNESSEE REAL ESTATE COMMISSION

CHAPTER 1260-03. RENTAL LOCATION AGENTS
1260-03-.01. Rental Location Agency License
1260-03-.02. Rental Location Agent’s Licenses
1260-03-.03. Investigations and Office Inspections
1260-03-.04. Requirement of Contract or Receipt
1260-03-.05. Terms of Contract or Receipt
1260-03-.06. Standards for Oral or Written Representations of Availability

TITLE 66. PROPERTY

CHAPTER 5. CONVEYANCES OF PROPERTY

PART 2. Residential Property Disclosures
66-5-201. General provisions
66-5-202. Required disclosures or disclaimers
66-5-203. Delivery of disclosure or disclaimer statement
66-5-204. Liability for errors or omissions — Experts’ reports
66-5-205. Liability for changed circumstances
66-5-206. Duties of real estate licensees
66-5-207. Liability for nondisclosure of communicable diseases or criminal acts on property
66-5-208. Remedies for misrepresentation or nondisclosure
66-5-209. Exempt property transfers
66-5-210. Disclosure form.
66-5-211. Disclosure of impact fees or adequate facilities taxes — Definitions
66-5-212. Disclosure of known percolation tests or soil absorption rates — Disclosure of foundation move — Disclosure of presence of Sinkhole
66-5-213. Disclosure requirement where property is located in a planned unit development

CHAPTER 32. TIME-SHARE PROGRAMS AND VACATION CLUBS

PART 1. Time-Share Act of 1981
66-32-101. Short title
66-32-102. Part definitions
66-32-103. Nature of time-share estates — Recordation
66-32-104. Applicability of local ordinances, regulations, and building codes
66-32-105. Time-share units
66-32-106. Instruments for time-share estates
66-32-107. Time-share estate management
66-32-108. Developer control
66-32-109. Instruments for time-share use
66-32-110. Time-share use management
66-32-111. Partition
66-32-112. Public offering statement — General provisions
66-32-113. Escrow of deposits
66-32-114. Mutual rights of cancellation
66-32-115. Exemptions from requirement of public offering statement
66-32-116. Material change
66-32-117. Liens
66-32-118. Violations — Attorney’s fees — Criminal penalties
66-32-119. Statute of limitations
66-32-120. Financial records
66-32-121. Powers and duties of commission
66-32-122. Registration — Bond — Statement of exchange agent
66-32-123. Application and fees for registration
66-32-124. Commission regulation of public offering statement
66-32-125. Effective date of registration — Incomplete or inadequate application
66-32-126. Exceptions from registration requirement
66-32-127. Financing of time-share programs
66-32-128. Protection of nondefaulting purchasers
66-32-129. Protection of lienholder
66-32-130. Premiere tourist resort city
66-32-131. Misleading advertising unlawful
66-32-132. Advertising — Specific prohibitions
66-32-133. Prize or gift promotional offers — Unlawful acts
66-32-134. Violation of §§ 66-32-131 — 66-32-133
66-32-135. Construction of §§ 66-32-131 — 66-32-133 with Tennessee Consumer Protection Act
66-32-136. Advertising material—Engaging time-share resale broker in connection with resale of time-share interval
66-32-137. Violations—Required contents of written agreements engaging the services of a resale broker and contracts for purchase and sale
66-32-138. Delivery of required renewal documentation and fees
66-32-139. Registration of acquisition agents — Penalties for prohibited activity and conduct—Commission’s authority to promulgate rules and regulations

PART 2. Vacation Club Act of 1995
66-32-201. Short title
66-32-202. Legislative intent
66-32-203. Application
66-32-204. Exemptions
66-32-205. ‘‘Vacation club interest’’ defined
66-32-206. Reservation systems
66-32-207. Developers subject to commission—Prerequisites to vacation club offering

PART 3. Membership Camping Act
66-32-301. Short title
66-32-302. Part definitions
66-32-303. Disclosures to purchasers
66-32-304. Cancellation of contracts
66-32-305. Inducements — Disclosures
66-32-306. Purchasers’ remedies
66-32-307. Prerequisites to selling membership camping contracts
66-32-308. Violations — Penalties
66-32-309. Exemptions
66-32-310. Violation of Tennessee Consumer Protection Act
66-32-311. Retail Installment Sales Act applicable
66-32-312. Void agreement — Waiver of cancellation provisions

RULES OF TENNESSEE REAL ESTATE COMMISSION

CHAPTER 1260-06. TIME-SHARE PROGRAMS
1260-06-.01. Definitions
1260-06-.02. Receipt of Public Offering Statement
1260-06-.03. Escrow Funds
1260-06-.04. Disclosure of Rescission Rights
1260-06-.05. Material Changes
1260-06-.06. Acquisition Agents
1260-06-.07. Sales Agents
1260-06-.08. Managing Agents
1260-06-.09. Exchange Agents
1260-06-.10. Application for Registration
1260-06-.11. Renewal of Registration
1260-06-.12. Registration Fees
1260-06-.13. Request for Exemption
1260-06-.14. Records

CHAPTER 1260-07. VACATION LODGING SERVICES
1260-07-.01. Scope
1260-07-.02. Designated Agent Qualifications
1260-07-.03. Designated Agent Responsibilities
1260-07-.04. Civil Penalties
1260-07-.05. Vacation Lodging Services Instructor Qualifications
1260-07-.06. Fees

TITLE 16. COURTS

CHAPTER 15. COURTS OF GENERAL SESSIONS

PART 7. Miscellaneous Provisions
16-15-731. Actions in the nature of interpleader

TITLE 4. STATE GOVERNMENT

CHAPTER 21. HUMAN RIGHTS

PART 1. General Provisions
4-21-101. Purpose and intent
4-21-102. Chapter definitions

PART 2. Human Rights Commission
4-21-201. Commission created — Members
4-21-202. Powers and duties
4-21-203. Duties and responsibilities of the human rights commission to verify compliance with Title VI of the Civil Rights Act of 1964

PART 3. Violations—Procedures
4-21-301. Discriminatory practices
4-21-302. Complaints — Consideration by commission
4-21-303. Conciliation agreements — Temporary relief
4-21-304. Hearings
4-21-305. Findings and orders
4-21-306. Remedies
4-21-307. Judicial review
4-21-308. Access to records
4-21-309. Subpoenas
4-21-310. Resistance to, obstruction, etc., of commission
4-21-311. Additional remedies preserved — Civil Action —Allocations of Burden of Proof
4-21-312. Election of civil action
4-21-313. Limitations on compensatory damage amounts — Exclusions from application of limits
4-21-314. Simultaneous action in state and federal courts concerning common nucleus of operative facts prohibited

PART 5. Discrimination in Public Accommodations
4-21-501. Discrimination prohibited
4-21-502. Advertisement indicating discriminatory policy
4-21-503. Segregation on basis of sex

PART 6. Discrimination in Housing and Financing
4-21-601. Discriminatory housing practices generally
4-21-602. Exemption from housing provisions
4-21-603. Blockbusting
4-21-604. Restrictive covenants and conditions
4-21-605. Agency no defense in proceeding
4-21-606. Residential real estate-related transactions
4-21-607. Violations by real estate brokers or salesperson — Notice to real estate commission

Index