The Duties of real estate licensees as stated in the Tennessee Property Disclosure Law TCA 66-5-206.
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A
real estate licensee representing an owner of residential real property as the
listing broker has a DUTY TO INFORM
each such owner represented by that licensee of the owner's rights and
obligations under the Property Disclosure Law.
·
If
a purchaser is not represented by another licensee, the real estate licensee
representing the owner of residential real estate and dealing with the
purchaser has a DUTY TO INFORM the purchaser of the purchaser's rights and
obligations under the Property Disclosure Law.
·
A
real estate licensee representing a purchaser of residential real property has
a DUTY TO INFORM each such purchaser represented by that licensee of the
purchaser's rights and obligations under the Property Disclosure Law.
·
A
real estate licensee working with a purchaser of residential real property has
a DUTY TO INFORM that purchaser of the purchaser's rights and obligations under
the Property Disclosure Law.
If a real estate licensee performs these
duties, the licensee shall have no further duties to the parties to a
residential real estate transaction under the law, and shall not be liable to
any party to a residential real estate transaction for a violation of the law
or for any failure to disclose any information regarding any real property
subject to the law.
A cause of action for damages or equitable
remedies may be brought against a real estate licensee for:
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Intentionally
misrepresenting or defrauding a purchaser,
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Failing
to disclose adverse facts of which the licensee has actual knowledge or notice.