ERRORS AND OMISSIONS INSURANCE
Upon revocation of license the commission may, in its discretion:
A)Waive reexamination or additional education requirements for applicant, B) Reinstate a license if compliance has been met, such as payment of a penalty fee in addition to the penalty previous provided, if licensee proves the license suspension of revocation was in error and errors and omissions insurance
In making appointments to the commission , the governor shall strive to :
Ensure that at least one person serving on the commission is at least 60 years or older and at least one person serving on the commission is a member of a racial minority.
The commission is declared to be a
Judicial body and the members or its employees are granted immunity from any civil liability when acting in good faith in the performance of their duties
Powers of the Commission
The power to: 1. select a chair and vice chair 2. adopt a code of ethics 3. fine licensees 4. petition the courts to issue injunctions 5. refuse to issue a license, suspend a license or revoke a license 6. downgrade a broker to an affiliate broker status 7. hold hearings, thus granting due process 8. Make rules and regulations 9. inspect office records without a warrant curing normal business hours
If license suspended a licensee can request:
a formal hearing. A license can be reinstated if within 31 days of suspension, the licensee provides proof of insurance. For a license suspended more than 30 days but less than 120 days, a penalty fee of not more than $500. More than 120 but less than a year, a penalty of $500 PLUS additional fee of not more than $100 per month for months 6 - 12.
The licensee shall be notified of the required terms and conditions of coverage for the policy:
at least thirty(30) days before the licensee renewal date. It is a condition of license granting or renewal. If you don't have errors and omissions your license will be suspended.
A license suspended more that one (1) year shall be:
automatically revoked without any further action by the commission. The commission shall send notification of the license revocation by regular mail ( the same as above)
How will the commission notify you of suspension?
by regular mail to the licensee's last know business or home address as registered with the commission, and to the licensee's broker at their registered address
Real Estate Commission (Tennessee)
consists of 9 members appointed by the governor, 7 of the members have been a broker or affiliate for at least 5 years prior to date of appointment, the 2 remaining shall not be engaged in real estate of any kind (Public Members). Appointed for a term of 5 years and until a successor is appointed by subscribing to the constitutional oath of office, which shall be filed with the secretary of state. Governor may remove a member for misconduct, incompetency, or willful neglect of duty.
The commission shall make the insurance required under this section available to each licensee by:
contracting with an insurance provider for errors and omissions insurance coverage for each licensee after competitive, sealed bidding
Errors and Omissions Insurance
real estate equivalent of malpractice coverage, the firm does not have to have E&O but the broker or affiliate does. Each agent pays for their own.
Upon revocation of license, any individual seeking reissuance of license shall:
reapply for licensure and pay the penalty fees.
