Tennessee License Law
Under Tennessee license law, a licensee must disclose their licensed status when:
AOnly when representing a client in a transaction
BPurchasing or selling real estate for their own account✓ Correct
COnly when asked by the other party
DOnly in commercial transactions
Explanation
Tennessee requires licensees to disclose that they hold a real estate license when buying or selling real estate for their own account or for a family member, to ensure all parties are aware of the licensee's professional knowledge.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
State-Specific Concepts
License Law
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