1.3 - License Maintenance and Discipline

• Grounds for discipline: fraud, commingling, conversion, unlicensed practice, antitrust
• Disciplinary options: denial, suspension, revocation, probation, civil penalty
• Trust account rules: separate account required; no commingling; TREC can audit anytime
• Advertising rules: licensed firm name required in all ads; team names must include brokerage
• Net listings: legal in TN but strongly discouraged
• Antitrust: Sherman Act — no rate-fixing or market allocation with competitors
• Property management: requires license; separate PM agreement required
• Timeshare regulation: TREC regulated; developers must register

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