Terms Used In Tennessee Code > Title 62 > Chapter 13 > Part 4 - Representation by Real Estate Agents

• Adverse facts: means conditions or occurrences generally recognized by competent licensees that have negative impact on the value of the real estate, significantly reduce the structural integrity of improvements to real property or present a significant health risk to occupants of the property. See Tennessee Code 62-13-102
• 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
• Client: means a party to a transaction with whom the broker has entered into a specific written agency agreement to provide services. See Tennessee Code 62-13-102
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Customer: means any party, other than a client in a transaction, for whom or to whom a licensee provides services. See Tennessee Code 62-13-102
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Designated agent: refers to a licensee who has been chosen by the licensee's managing broker to serve as the agent of an actual or prospective party to a transaction, to the exclusion of other licensees employed by or affiliated with the broker. See Tennessee Code 62-13-102
• Dual agency: refers to a situation in which the licensee has agreements to provide services as an agent to more than one (1) party in a specific transaction and in which the interests of the parties are adverse. See Tennessee Code 62-13-102
• Facilitator: means any licensee:
  (A) Who assists one (1) or more parties to a transaction who has not entered into a specific written agency agreement representing one (1) or more of the parties. See Tennessee Code 62-13-102
• Fiduciary: A trustee, executor, or administrator.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Party: means any person or persons seeking to obtain or divest an interest in real estate or a business opportunity as a buyer, seller, landlord, tenant, option grantee or option grantor. See Tennessee Code 62-13-102
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• 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
• signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Transaction: means the purchase, sale, rental or option of an interest in real estate or business opportunity. 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