Licensing Requirements

How much of a fee to change name on RE license? (Paid to TREC)

$10. Use TREC form 1

How much of a fee to change license status? (Paid to TREC)

$25 (active to retired, etc.) TREC Form 1

In addition to completing sixty hours of pre-licensing education prior to testing for an affiliate broker's license, before applying for a license, the applicant must complete an additional commission approved course consisting of:

30 hour new affiliates course

An affiliate broker candidate has passed the licensing exam with a passing grade of at least 70% on both the uniform principles portion and the Tennessee license law portion. The testing vendor will issue a pass certificate that is valid for:

6 months

The only required course that must be taken every twenty-four months by affiliate brokers or brokers who must complete 16 continuing education hour every twenty four month license renew period is the:

Affiliate brokers or brokers who must complete 16 hours of CE every twenty-four months must take the six hour CORE course. Other elective courses approved by TREC may be taken to satisfy the 16 total CE requirements

After a broker's license is issued, brokers must complete 120 hours of TREC approved education within the first three years. After doing so, for those licensed as brokers after January 1, 2005, brokers' educational requirements are:

After completing the initial 120 hours of post broker education, brokers licensed after January 1, 2005 must complete 16 hours every twenty-four months, 10 are elective, 6 must be the CORE course.

License renewal is how much and how often?

All licenses are renewed every twenty-four months at a cost of $80.00

When applying for a BROKER's license, the applicant must prove to the commission that they have already completed a minimum of 120 hours of TREC approved education, including 30 classroom hours covering:

Broker applicants must complete the TREC approved 30 hour course in Office or Brokerage Management

As of January 2014, new Tennessee license applicants are required to submit a set of fingerprints to the commission on a form prescribed by the commission or in electronic format as the commission requires. Twenty-four months after the license is issued and it is time to renew the license:

Fingerprints are not required for license renewal.

The minimum education acceptable to the commission to obtain an affiliate broker's license in Tennessee is:

HS or GED diploma

If a broker has a main office and additional branch offices, which of the following is correct?

If the broker has more than one place of business, the broker must obtain an additional firm license for each branch office.

All active licensees must carry errors and omissions (E & O) insurance. Retired or Inactive licensees are not required to carry errors and omissions insurance. Regarding the real estate firm itself:

It is not mandatory that the broker obtain errors and omissions insurance in the name of the firm.

How much of a fee to change address on RE license?

None. Use TREC form 1.

Broker

One who is licensed to represent one of the parties in a real estate transaction, for compensation

Errors & Omissions insurance

Professional liability insurance that protects real estate licensees from mistakes or negligence

The multipurpose commission form used affect status or affiliation change, name or address change, etc. is the:

TREC form 1

A broker wishes to cut her costs by having her office in her home. If she does so, she must:

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.

Minimum age to become a BROKER in TN:

To become either an affiliate broker or broker in Tennessee one must be of the age of majority which is 18 years of age in Tennessee.

Each office must have a firm license, a principal broker, a fixed location, adequate facilities for the affiliated licensees, and be located to conform with zoning laws and ordinances.

True

The examination may be given orally at the discretion of the commission if a written examination is precluded by reason of physical disability.

True

The license of the broker and of each affiliate broker under contract to the broker shall be prominently displayed in the broker's principal place of business

True!

Revocation

When a real estate agent's license is permanently withdrawn

Suspension

When a real estate agent's license is temporarily withdrawn