What action may the Tennessee Real Estate Commission take against a person who e

Question

What action may the Tennessee Real Estate Commission take against a person who engages in regulated real estate activities without a license?

Impose a fine of $1,000 per violation.

Issue a bench warrant.

Impose a fine of four times the amount of money they received illegally.

None. The Commission has no authority over unlicensed persons.

If Mike decides to put his broker's license in temporary retirement, is he required to continue to carry E&O insurance?

Yes, but he must purchase it from the E&O insurance company that has a contract with the state.

Yes, but he must get the policy independently.

No, it is not required.

No, E&O insurance is not available to licensees who temporarily retire their license.

Explanation / Answer

1. Impose a fine of $1000 per violation.Tennessee Real Estate Commission can impose a fine of $1000 per violation in case of absence of license.

2. No it is not required. If Mike decides to put his broker's license in temporary retirement, then he is not required to continue to carry E&O insurance.

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