(a) A broker, affiliate broker, or other person licensed by the real estate commission may receive compensation directly to a business entity that:

Terms Used In Tennessee Code 62-13-315

  • 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
  • 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
(1) Is solely owned by that broker, affiliate broker, or other person; and
(2) Has been formed for the purpose of receiving compensation earned by that broker, affiliate broker, or other person for acts regulated by this chapter.
(b) A business entity formed for the purpose stated in subdivision (a)(2) is not required to be licensed under this chapter so long as the sole owner of the business entity is licensed by the real estate commission.
  Previous section
Next section  
 Part 3 Contents