Tenn. Comp. R. & Regs. 1260-02-.33 - GIFTS AND PRIZES

(1) A licensee may offer a gift, prize, or other valuable consideration as an inducement to the purchase, listing, or lease of real estate only if the offer is made:

(a) Under the sponsorship and with the approval of the firm with whom the licensee is affiliated; and

(b) In writing, signed by the licensee, with disclosure of all pertinent details, including but not limited to:

1. accurate specifications of the gift, prize, or other valuable consideration offered;

2. fair market value;

3. the time and place of delivery; and

4. any requirements which must be satisfied by the prospective purchaser or lessor.

Notes

Tenn. Comp. R. & Regs. 1260-02-.33

New rule filed September 16, 1987; effective October 31, 1987. Amendment filed October 1, 1998; effective December 15, 1998. Amendment filed December 3, 2007; effective February 16, 2008.

Authority: T.C.A. § 62-13-203 and 62-13-203(b).