A Tennessee buyer files a complaint with TREC alleging that a broker failed to disclose a known material defect in a property the broker sold. TREC initiates an investigation. Which of the following best describes the procedural right the broker has before TREC takes final disciplinary action?
Correct Answer
A) The broker has the right to a formal hearing before TREC imposes any disciplinary sanction.
Under Tennessee's Uniform Administrative Procedures Act and the Tennessee Real Estate Broker License Act, a licensee is entitled to due process, which includes the right to a formal hearing before TREC imposes a final disciplinary sanction such as suspension or revocation. The licensee must be given notice of the charges and an opportunity to be heard.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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