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

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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.

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