Tennessee Principle Agreement
Description
How to fill out Principle Agreement?
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FAQ
Under what circumstances must Tennessee real estate licensees disclose their license status when buying or selling their own property? They must always disclose themselves as licensees.
33 - GIFTS AND PRIZES (1) A licensee may offer a gift, prize, or other valuable consideration as an inducement to the purchase, listing, or lease of real estate only if the offer is made: (a) Under the sponsorship and with the approval of the firm with whom the licensee is affiliated; and (b) In writing, signed by the ...
As a fee for service only As a flat fee, fee for service, and/or percentage of sale As a flat fee only As a percentage of the sales price only Consumers generally compensate brokers for their services in the form of a percentage of the sales price of the property, but other options include a flat fee or fee for service ...
This bill specifies that a person licensed by the real estate commission may receive compensation directly to a business entity that the licensee owns and was formed for the purpose of receiving compensation earned by that licensee for acts regulated by the commission.
What action may the Tennessee Real Estate Commission take against a person who engages in regulated real estate activities without a license? Impose a fine of $1,000 per violation.
In Tennessee, any contract for the sale of goods valued over $500 must be in writing to be legally binding (the Statute of Frauds). If the sale is for a good that has a price tag of less than $500, there does not need to be a written contract for the transaction to be legally valid.
After investigation, the Commission can seek criminal prosecution against those it finds are operating or practicing without a license. It can also seek an injunction to prohibit further unlicensed activities. The Commission cannot recover or order the refund of any money or property to which you may be entitled.