A licensed Tennessee broker operates a real estate firm that also manages a timeshare sales program for a resort in Gatlinburg. The broker assigns an affiliate broker on her team — who holds only an affiliate broker license — to serve as the sole person responsible for registering the timeshare project with TREC and overseeing compliance. Under Tennessee law, which of the following is the most significant concern with this arrangement?
Correct Answer
A) An affiliate broker cannot independently register a timeshare project with TREC or serve as the compliance officer without the supervising broker's involvement and oversight
Under Tenn. Code Ann. § 62-13-101 et seq., an affiliate broker operates under the supervision and authority of a licensed broker and cannot act independently in matters requiring broker-level authority. Registering a timeshare project with TREC and serving as a compliance officer are responsibilities that require the supervising broker's active involvement and oversight — not independent action by an affiliate broker. Allowing the affiliate broker to act as the sole responsible party for TREC registration without broker supervision undermines the statutory supervisory structure and may expose both the affiliate broker and the broker to disciplinary action.
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Related Topics & Key Terms
Key Terms:
Related Concepts
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.
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.
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