Angela is a licensed Tennessee affiliate broker who has been hired to sell timeshare units at a new resort in Memphis. Before beginning sales activities, Angela's broker-in-charge reminds her to verify that the timeshare project has completed a specific step required by Tennessee law. Which step is the broker-in-charge most likely referring to?
Correct Answer
B) Completing the TREC registration of the timeshare project before any sales or marketing begins
Under the Tennessee Timeshare Act, Tenn. Code Ann. § 66-32-101 et seq., a timeshare project must be registered with TREC before any sales or marketing activities begin. The broker-in-charge is reminding Angela of this mandatory pre-sale registration requirement, which is enforced by TREC and protects both buyers and licensees from engaging in unlawful transactions.
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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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