Robert is a Tennessee broker who has just received his broker license after three years as an affiliate broker. He wants to immediately open his own independent real estate office and hire two affiliate brokers. Under Tennessee law, what additional step must Robert take before he can legally operate this office?
Correct Answer
B) Obtain a Broker-in-Charge designation from TREC
Under Tenn. Code Ann. § 62-13-101 et seq., Tennessee requires a separate Broker-in-Charge (BIC) designation to supervise other licensees and operate a real estate firm. Simply holding a Broker license is not sufficient. Robert must obtain the BIC designation from TREC before he can legally operate an office and supervise affiliate brokers.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A relationship where a listing broker authorizes other brokers to act as agents of the seller, extending the seller's agency relationship to cooperating brokers.
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
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