Robert is a licensed Broker in Tennessee and wants to open his own real estate company and hire three Affiliate Brokers to work under him. What additional step must Robert complete before he can legally operate the firm and supervise those Affiliate Brokers?
Correct Answer
B) Obtain a Broker-in-Charge (BIC) designation from TREC
Under Tenn. Code Ann. § 62-13-301 and TREC regulations, a broker must obtain the Broker-in-Charge (BIC) designation to supervise Affiliate Brokers and operate a real estate firm. Holding a Broker license alone is insufficient. The BIC designation is a distinct, separately applied-for designation that authorizes a broker to manage a firm and supervise licensees.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
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