TENNESSEE REAL ESTATE COMMISSION NOTICE TO ALL LICENSEES

 

 

All Tennessee Real Estate Licenses expire December 31, 2002 and must be renewed on or before November 1, 2002.  The steps each licensee must complete depend on license type (affiliate, broker, or timeshare), the license status (active, inactive or retired) and the date of licensure in the current status.

 

All licensees must submit the signed renewal form and pay the $80.00 renewal fee by November 1, 2002.  Renewal notices will be mailed to the firm address for active licensees and to the home address of inactive and retired licensees on or before September 15, 2002.  When the renewal form is signed and sent to TREC, the licensee affirms that any and all renewal requirements have or will be met by November 1, 2002.  The requirements for the various licenses and license statuses are described in the table on page 2 of this newsletter.

 

Individuals who do not complete required education by November 1, 2002 and/or who do not purchase Errors and Omissions Insurance by November 1, 2002 ----

MUST CEASE AND DESIST PARTICIPATING IN ANY ACTS WHICH REQUIRE A REAL ESTATE LICENSE AFTER DECEMBER 31, 2002 UNTIL A NEW LICENSE IS GRANTED.

 

The Tennessee Real Estate Commission will no longer permit late reinstatement if a licensee fails to timely complete the required education or purchase Errors and Omissions Insurance.  If education is not is not completed timely and if Errors and Omissions Insurance is not purchased timely, the licensee must ----

(1)   meet current education requirements for licensure,

(2)   retest, and

(3)   reapply for licensure. 

 

That means that an individual who had previously held an affiliate licensee must have completed the sixty (60) hour prelicensure course, retake and successfully complete the affiliate broker examination and reapply for licensure (including repaying all application fees).  An individual who had previously held a broker license must show proof of 120 hours of approved education (including the Office Broker Management Course), retake and successfully complete the broker examination and reapply for licensure (including repaying all application fees).

 

All licensees who reapply must meet all statutory requirements to maintain the new license.   Reapplying licensees will forfeit any grandfather statuses which were connected to the previous license.