Marcus has held an Affiliate Broker license in Tennessee for three years and has completed the required continuing education. He now wants to upgrade his license so he can operate his own real estate firm independently. What license category must Marcus obtain?
Correct Answer
A) Broker-in-Charge designation
Under Tenn. Code Ann. § 62-13-102 and TREC rules, a licensee who wants to operate a real estate firm and supervise other licensees must obtain the Broker-in-Charge (BIC) designation. Simply upgrading to a Broker license is not sufficient to run a firm or supervise affiliate brokers — the BIC designation is separately required for those functions.
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Related Topics & Key Terms
Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
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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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
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