Under Tennessee's three-tier real estate licensing system, which of the following statements about the Broker-in-Charge (BIC) designation is NOT accurate?
Correct Answer
C) Any licensed Affiliate Broker may apply for the BIC designation after two years of experience
An Affiliate Broker cannot apply for the Broker-in-Charge designation. Under Tenn. Code Ann. § 62-13-301, the BIC designation is only available to licensees who already hold a Broker license (not an Affiliate Broker license). The path is: Affiliate Broker (minimum 3 years) → Broker license → then BIC designation. An Affiliate Broker, regardless of years of experience, is not eligible to apply directly for the BIC designation.
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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.
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