BrokerageIndustry News

Tennessee legislature passes real estate service bill

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A bill establishing new minimum service requirements for all real estate licensees in Tennessee unless such duties are waived in writing has passed the state legislature and is expected to be signed by the governor. Senate Bill 2897 mandates that licensees assist clients by showing properties, receiving all offers and forwarding them to the client, answering clients' questions during negotiations and advising them on what is needed for a successful closing – unless those duties "are specifically and individually waived in writing by a client." The bill, sponsored by State Sen. Jamie Woodson, R-Knoxville, also establishes that the negotiation and execution of either an exclusive agency listing agreement or an exclusive right to sell listing agreement with a seller establishes an agency relationship with the seller. Tennessee Gov. Phil Bredesen is expected to sign the bill, according to Alexanderia Honeycutt, a research analyst for Sen. Woodson. The initial version of the bill did...