Affiliate Broker Mei wants to transfer her license from her current firm, Memphis Realty Group, to a new firm, Shelby Homes LLC. Under Tennessee license law, what must Mei do to legally transfer her license?
Correct Answer
B) Mei must submit a license transfer application to TREC and receive TREC's approval before she may perform any licensed activities for the new firm.
Under Tenn. Code Ann. § 62-13-101 et seq., an affiliate broker who wishes to transfer their license to a new firm must submit a license transfer application to TREC and receive TREC's approval before performing any licensed real estate activities for the new firm. Working for the new firm before receiving TREC approval would constitute unlicensed activity. The transfer requires formal TREC processing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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