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Tennessee Real Estate Commission debates whether gift cards should be treated as cash
Summary
Commissioners discussed proposed rule language making gift cards a cash-equivalent and debated limited exceptions for broker open-house giveaways and closing gifts; staff will refine language for the December rulemaking hearing.
The Tennessee Real Estate Commission debated on Nov. 13 whether gift cards should be classified as cash equivalents and therefore prohibited in conjunction with real estate transactions.
Anna Matlock, associate general counsel with the Department of Commerce & Insurance, told the commission the draft rule would add language stating that a real estate licensee shall not give or pay cash rebates, cash gifts, gift cards, cash prizes or any similar cash-based incentive in connection with a…
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