• As used in this part, unless the context otherwise requires:
    • (1) “Agency contract” means a valid written contract authorizing a real estate licensee to act as a party‘s exclusive agent for the purchase, sale or lease of real estate;

    • Terms Used In Tennessee Code 62-13-601

      • Agency contract: means a valid written contract authorizing a real estate licensee to act as a party's exclusive agent for the purchase, sale or lease of real estate. See Tennessee Code 62-13-601
      • 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
      • 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
      • 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
      • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105

      (2) “Agency relationship” means the relationship resulting from an agency contract; and

    • (3) “Referral fee” means a commission or any other type of compensation for the referral of a potential buyer, seller, lessor or lessee of real estate.