• (a) If a real estate licensee is engaged as an agent, the real estate licensee serves as a limited agent retained to provide real estate services to a client. The licensee shall function as an intermediary in negotiations between the parties to a transaction unless the parties negotiate directly.

  • Terms Used In Tennessee Code 62-13-402

    • Client: means a party to a transaction with whom the broker has entered into a specific written agency agreement to provide services. See Tennessee Code 62-13-102
    • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
    • Fiduciary: A trustee, executor, or administrator.
    • 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
    • Transaction: means the purchase, sale, rental or option of an interest in real estate or business opportunity. See Tennessee Code 62-13-102

    (b) A real estate licensee shall owe all parties to a transaction the duties enumerated in § 62-13-403. A licensee shall owe to the licensee’s client the duties enumerated in § 62-13-404.

  • (c) Notwithstanding any law to the contrary, the duties enumerated in §§ 62-13-403 and 62-13-404 shall supersede any fiduciary or common law duties owed by a licensee to the licensee’s client on January 1, 1996.