(a)

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Terms Used In Tennessee Code 62-13-304

  • Acquisition agent: means a person who by means of personal inducement, solicitation, or otherwise attempts directly to encourage any person to attend a sales presentation for a time-share program. See Tennessee Code 62-13-102
  • Affiliate broker: means any person engaged under contract by or on behalf of a licensed broker to participate in any activity included in subdivision (4). See Tennessee Code 62-13-102
  • Appraisal: A determination of property value.
  • Broker: means any person who, for a fee, commission, finders fee or any other valuable consideration or with the intent or expectation of receiving a fee, commission, finders fee or any other valuable consideration from another, solicits, negotiates or attempts to solicit or negotiate the listing, sale, purchase, exchange, lease or option to buy, sell, rent or exchange for any real estate or of the improvements on the real estate or any time-share interval as defined in the Tennessee Time-Share Act, compiled in title 66, chapter 32, part 1, collects rents or attempts to collect rents, auctions or offers to auction or who advertises or holds out as engaged in any of the foregoing. See Tennessee Code 62-13-102
  • Real estate: means and includes leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, and whether the real estate is situated in this state or elsewhere. See Tennessee Code 62-13-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Time-share salesperson: means any person acting as a seller of any time-share interval under contract with or control of a licensed real estate broker pursuant to a registered time-share program. See Tennessee Code 62-13-102
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(1) In addition to submitting proof of honesty, trustworthiness, integrity and good reputation, each applicant shall pass a written examination prepared by or under the supervision of the commission.
(2) The examination may be given orally at the discretion of the commission if a written examination is precluded by reason of physical disability.
(3) The examination shall be given at times and places within the state that the commission shall prescribe. Notwithstanding any law to the contrary, the commission may administer the examination at requested locations and may charge special fees that the commission may deem appropriate.
(4) The examination for a license shall include business ethics, composition, arithmetic, elementary principles of land economics and appraisal, closing statements, a general knowledge of the statutes of this state relating to deeds, mortgages, trust deeds, contracts of sale, leases and other related matters and the provisions of this chapter.
(5) The examination for a broker‘s license shall be of more exacting nature and scope than the examination for an affiliate broker‘s license.
(6) An applicant failing to pass an examination may be reexamined under rules that the commission may prescribe.
(7)

(A) The examination for time-share salesperson license shall include the fundamentals of the time-share business, the Tennessee Time-Share Act, compiled in title 66, chapter 32, and other related topics including the parts of this chapter relative to time-share salespersons.
(B) The minimum passing grade for the time-share salesperson examination shall be seventy percent (70%).
(C) An application for the time-share salesperson license examination must be received by the commission at least ten (10) days before the examination date on which the applicant wishes to be examined.
(8)

(A) The examination for an acquisition agent license shall be the same as the examination administered for a time-share salesperson license.
(B) The minimum passing grade for an acquisition agent license examination shall be seventy percent (70%).
(C) An application for the acquisition agent license examination must be received by the commission at least ten (10) days before the examination date on which the applicant wishes to be examined.
(b) No applicant shall engage in the real estate business as a broker, affiliate broker, time-share salesperson or acquisition agent until satisfactorily passing the examination and complying with other requirements of this chapter and until a license has been issued to the applicant. An applicant for a time-share salesperson license or acquisition agent license who has passed the examination for either license in the twelve-month period preceding the date of application shall be deemed to have satisfied the examination requirements for the pending application.
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