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TREC staff outlines bills in play: wholesaling, grandfathered CE, MLS rules and 'less-is-more' changes
Summary
TREC staff highlighted pending bills that could change continuing-education rules for grandfathered brokers, permit some forms of wholesaling with written disclosures, and make broader changes to commission procedure and MLS governance.
Tennessee Real Estate Commission staff delivered a legislative update Feb. 6 highlighting multiple bills filed this session that, if enacted, would alter licensing requirements, industry practices and commission procedures.
Summary of bills presented - Continuing education for grandfathered principal brokers (HB0700 / SB0886): This bill would remove the CE exemption for principal brokers who were licensed before Jan. 1, 2005 if they supervise affiliate brokers; staff noted the change would require those previously exempt principal brokers to complete the statutory CE hours when supervising affiliates.
- Wholesaling statute (SB0909 / HB0781): Sponsors drafted a definition of "equitable interest" and permitted certain wholesaling behaviors if the buyer discloses in writing the buyer's…
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