TN RE Salesperson·Agency & Disclosure·Agency Relationships
2.1 - Tennessee Agency Relationships
Fiduciary duties: OLD CAR (Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care)
Customer duties (non-clients): honesty, fair dealing, material facts, fund accounting
TN agency types:
- Seller agency: listing agreement required
- Buyer agency: buyer representation agreement required
- Consensual dual agency: ONE agent, both clients, written consent required, cannot advise on price
- Designated agency: TWO agents from same firm, full fiduciary each, written disclosure
- Transaction broker: ministerial only, no fiduciary
Disclosure timing: first substantive contact (price, terms, motivation)
Written agreements required for buyer and seller representation
Agency & Disclosure
Agency Relationships
2.1 - Tennessee Agency Relationships
Fiduciary duties: OLD CAR (Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care)
Customer duties (non-clients): honesty, fair dealing, material facts, fund accounting
TN agency types:
- Seller agency: listing agreement required
- Buyer agency: buyer representation agreement required
- Consensual dual agency: ONE agent, both clients, written consent required, cannot advise on price
- Designated agency: TWO agents from same firm, full fiduciary each, written disclosure
- Transaction broker: ministerial only, no fiduciary
Disclosure timing: first substantive contact (price, terms, motivation)
Written agreements required for buyer and seller representation