Affiliate broker: means any person engaged under contract by or on behalf of a licensed broker to participate in any activity included in subdivision (4). See Tennessee Code 62-13-102
Broker: means any person who, for a fee, commission, finders fee or any other valuable consideration or with the intent or expectation of receiving a fee, commission, finders fee or any other valuable consideration from another, solicits, negotiates or attempts to solicit or negotiate the listing, sale, purchase, exchange, lease or option to buy, sell, rent or exchange for any real estate or of the improvements on the real estate or any time-share interval as defined in the Tennessee Time-Share Act, compiled in title 66, chapter 32, part 1, collects rents or attempts to collect rents, auctions or offers to auction or who advertises or holds out as engaged in any of the foregoing. See Tennessee Code 62-13-102
Contract: A legal written agreement that becomes binding when signed.
Escrow: Money given to a third party to be held for payment until certain conditions are met.
Person: means and includes individuals, corporations, partnerships or associations, foreign and domestic. See Tennessee Code 62-13-102
Real estate: means and includes leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, and whether the real estate is situated in this state or elsewhere. See Tennessee Code 62-13-102
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1)(A) Each office shall have a real estate firm license, a principal broker and a fixed location with adequate facilities for affiliated licensees, located to conform with zoning laws and ordinances.(B) Each branch location shall comply with the requirements of subdivision (a)(1)(A).(2) The license of a broker and of each affiliate broker under contract to the broker shall be displayed or otherwise available for public inspection, in electronic form or hard copy, at the broker’s principal place of business.(3) Within ten (10) days after any change of location of the office, the principal broker registered at that office shall notify the commission in writing of the office’s new business address and shall pay the fee established in § 62-13-308. The new address shall be considered the new business address for all brokers or affiliate brokers associated with the location unless any such brokers or affiliate brokers otherwise notify the commission of a new business address through a change of affiliation, termination of affiliation, or by other means acceptable to the commission.(b)(1) Each licensed broker shall maintain a sign on the outside of the broker’s office of the size and content that local ordinances and the commission prescribe, which shall clearly state that the broker is engaged in the real estate business.(2) In making application for a license or for a change of location, the licensee shall verify, in writing, that the licensee’s office conforms with zoning laws and ordinances.(3) The maintenance of the broker’s office in the broker’s home shall not relieve the broker from the requirement of having a sign outside of the house as required in this subsection (b).(4) Affiliate brokers are not required to display signs at the office of their brokers.(c) The requirements of subsections (a) and (b) may be waived in cases of certain unusual geographical circumstances.(d)(1) If the applicant for a broker’s license maintains more than one (1) place of business within the state, the applicant shall apply for and obtain an additional firm license for each branch office.(2) Every application shall state the location of the branch office and the name of the person in charge of it.(3) Each branch office shall be under the direction and supervision of a broker licensed at that address.(e) No more than one (1) license shall be issued to any broker or affiliate broker to be in effect at one (1) time.(f) Upon original application for a firm license and each renewal of the license, the firm shall provide proof of the establishment of the firm’s escrow account satisfactory to the commission.(g) A principal broker may act as a principal broker for two (2) firms as long as both firms are in the same location. As used in this subsection (g), “the same location” means that both firms are located at and use the same physical address.
