Tenn. Comp. R. & Regs. 1260-02-.38 - DEATH OR EXTENDED ABSENCE OF PRINCIPAL BROKER

(1) The Commission must be notified within ten (10) days of the death, resignation, termination, or incapacity of a principal broker. In the event of an unexplained extended absence of a principal broker, the Commission must be notified within a reasonable time period. At the time of notification, a plan must be submitted which addresses the continuation of operations without a principal broker.

(2) The Commission may, in its discretion, based on the merits and circumstances of each case, permit a real estate firm to continue operating without a principal broker for a period of time not to exceed thirty (30) days from the date of death, resignation, termination, or incapacity of a principal broker, subject to conditions imposed by the Commission.

(3) If, within the aforementioned thirty (30) day period, a real estate firm contacts the Commission demonstrating compliance with their initial approved plan and circumstances which require additional time to continue operating without a principal broker, the executive director shall have the authority to grant a thirty (30) day extension to the period originally allowed by the Commission. In the event that a thirty (30) day extension is granted, a new principal broker must be in place no later than the sixty-first (61^st) day from the date of death, resignation, termination, or incapacity of a principal broker.

Notes

Tenn. Comp. R. & Regs. 1260-02-.38

Original rule filed December 3, 2012; effective March 3, 2013.

Authority: T.C.A. §§ 62-13-203 and 62-13-309.