• As used in this part, unless the context otherwise requires:
    • (1) “Broker” has the same meaning as used in § 62-13-102;

    • Terms Used In Tennessee Code 62-13-501

      • 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
      • Commercial real estate: means any real estate other than:

        • (i) Real estate containing one (1) to four (4) residential units. See Tennessee Code 62-13-501

        • Contract: A legal written agreement that becomes binding when signed.
        • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
        • Notice: means a notice specifically referencing an agreement entered into after October 1, 1997, to pay commissions in any brokerage contract or lease or memorandum of the foregoing, sworn to and executed by the broker, identifying the subject real estate by lot and block number or by a metes and bounds description and in the form of notice set out in this subdivision (3) and containing only the information provided for in the form, recorded as provided for in §. See Tennessee Code 62-13-501
        • Owner: means the person or persons to whom the fee interest of real estate is titled and does not include a lessee or renter. See Tennessee Code 62-13-501
        • Party: means any person or persons seeking to obtain or divest an interest in real estate or a business opportunity as a buyer, seller, landlord, tenant, option grantee or option grantor. See Tennessee Code 62-13-102
        • Person: means and includes individuals, corporations, partnerships or associations, foreign and domestic. See Tennessee Code 62-13-102
        • Property: includes both personal and real property. See Tennessee Code 1-3-105
        • Real estate: means and includes leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, situated in this state. See Tennessee Code 62-13-501
        • real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
        • 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
        • Subsequent owner: means a transferee or purchaser of commercial real estate from the owner or from a previous subsequent owner, but will not include the transferee or purchaser of commercial real estate pursuant to a sale conducted pursuant to title 67, chapter 5, part 25. See Tennessee Code 62-13-501
        • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105

      (2)

      • (A) “Commercial real estate” means any real estate other than:

        • (i) Real estate containing one (1) to four (4) residential units; or

        • (ii) Real estate on which no buildings or structures are located and is zoned for no more than one (1) to four (4) family residential units;

      • (B) “Commercial real estate” does not include single family residential units such as condominiums, town houses or homes in a subdivision when sold, leased or otherwise conveyed on a unit-by-unit basis even though these units may be a part of a larger building or parcel of real estate containing more than four (4) residential units;

    • (3) “Notice” means a notice specifically referencing an agreement entered into after October 1, 1997, to pay commissions in any brokerage contract or lease or memorandum of the foregoing, sworn to and executed by the broker, identifying the subject real estate by lot and block number or by a metes and bounds description and in the form of notice set out in this subdivision (3) and containing only the information provided for in the form, recorded as provided for in § 62-13-503(e), in the office of the register of deeds of the county in which the property is located, no less than ten (10) business days before the transfer of the commercial real estate that is the subject of the agreement. The form of the notice to be recorded shall be:

      • NOTICE OF AGREEMENT TO PAY LEASING COMMISSION THIS NOTICE is made as of this ____ day of ____, ____, in accordance with the provisions of T.C.A. Section 62-13-501. The undersigned [Name of Broker][address] makes claim to fees or commissions with respect to the following real property located in the State of Tennessee [property must be identified below by County and City (if any) and by either lot and block or subdivision number, or metes and bounds description]. County: ____ City: ____ Lot And Block No. or Subdivision/Development Name: ____ ____ Property (Metes and Bounds) Description (either fill in here or attach Exhibit): ____ ____ ____ ____ ____ ____ [The Broker], is entitled to be paid certain leasing fees or commissions as a result of securing a tenant for the real property from the above-described real property pursuant to one or more provisions of the following written instrument (the “Instrument”): Name/Title of Instrument: ____ Date of Instrument: ____ Name of Parties to Instrument: ____ ____ ____ The Owner of the Property Is: ____ [NOTE: Any party seeking details or any other information regarding the Instrument shall rely only on the Instrument. Without the express written consent of all parties to the Instrument, neither the Instrument nor any other information regarding the Instrument shall be included in this Notice.] THIS NOTICE made for the purpose set out above to be effective as of the day and date first above written. STATE OF ____ COUNTY OF ____ The Undersigned Broker, being first duly sworn, hereby certifies that the foregoing Notice of Agreement to Pay Leasing Commission is true and correct, and that the agreement to pay leasing fees or commissions remains in force and has not been terminated. This the ____ day of ____, ____ BROKER: ____ By: ____ Print Name: ____ Title: ____ [NOTE: Insert the appropriate acknowledgment form as required by law and have the broker’s signature properly acknowledged.];
    • (4) “Owner” means the person or persons to whom the fee interest of real estate is titled and does not include a lessee or renter;

    • (5) “Real estate” means and includes leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, situated in this state; and

    • (6) “Subsequent owner” means a transferee or purchaser of commercial real estate from the owner or from a previous subsequent owner, but will not include the transferee or purchaser of commercial real estate pursuant to a sale conducted pursuant to title 67, chapter 5, part 25.