Carlos holds a Tennessee Broker license and has obtained the Broker-in-Charge designation for his firm, Volunteer Realty. He decides to open a second office location across town. Under Tennessee law, what must Carlos do to legally operate the second office location?
Correct Answer
B) Carlos must designate a separate Broker-in-Charge for the second office location
Under TREC regulations implementing Tenn. Code Ann. § 62-13-301, each separate office location of a real estate firm must have its own designated Broker-in-Charge. A single BIC designation covers only the office for which it was issued. Carlos must designate a qualified Broker-in-Charge for the second office, which could be himself (if he will be physically present) or another qualifying broker, and register that designation with TREC.
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Related Topics & Key Terms
Key Terms:
Related Concepts
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
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