Property Management Laws in Tennessee
Must Tennessee property management companies have a real estate broker's license?
YES. Key components of property management (leasing, renting and collecting rent) are considered real estate activities under existing Tennessee real estate licensing laws. If a property manager is going to lease or list real estate, or negotiate or attempt to negotiate to perform any of those acts, or collect rent or attempt to collect rent, or if he or she holds herself out as engaging in any of those activities, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.
Are there any exceptions to the requirement that a Tennessee property manager have a real estate broker's license?
YES. For example, resident managers (for brokers or owners) of apartments, duplexes or residential complexes are exempt if their duties are limited to supervision, exhibition of residential units, leasing or collection of security deposits and rentals from the property. Resident managers cannot negotiate the amounts of security deposits or rentals, nor may they negotiate leases on behalf of the broker.
For more information about these and other Tennessee property management requirements and exceptions, please contact the Tennessee Real Estate Commission.
Before hiring a property manager to manage your Tennessee rental property, you should always check that he or she is licensed appropriately. You can check the license status of Tennessee property managers at the Tennessee license Search and Verification.
More Property Law: Evictions & Security Deposits
Looking for more property law information? You can find an exhaustive collection of state eviction and security deposit laws on our parent company's website. Click the below link to be taken to Buildium's legal database.
Tennessee Community Association Management Licensing
There is no requirement that a community association manager or condo association manager in Tennessee hold a real estate broker's license.
Tennessee Real Estate Broker Licensing Requirements
Tennessee real estate broker licensing requirements include:
- Age: must be at least 18 years old
- Experience: must have been actively licensed for 3 years; or for two years if the candidate has a B.A. degree with a major in real estate
- Education: must have successfully completed 120 classroom hours of approved real estate education, 30 hours of which must be an "Office/Broker Management" course taken at a school approved by the Tennessee Real Estate Commission
- Application: must submit the completed Broker Examination Application to the Tennessee Real Estate Commission. Commission approval is necessary to make an examination appointment.
- Exam: must pass the broker examination
Tennessee Affiliate Broker Licensing Requirements
Tennessee affiliate broker licensing requirements include:
- Age: must be at least 18 years old
- Education: must have successfully completed 60 classroom hours of real estate principles/fundamentals; in addition the 30-hour Course for New Affiliates must be completed
- Exam: must pass the affiliate broker licensing exam
For more information about these and other licensing requirements and exceptions, please contact the Tennessee Real Estate Commission.
- HOME / CONDO
- Single Home or Condo (Valued up to $300K)
- Single Home or Condo ($300K to $500K)
- Single Home or Condo ($500K to $1 Million)
- Single Home or Condo (Over $1 Million)
- Multi-Family (2-4 units)
- Multi-Family (5-19 units)
- Multi-Family (20-99 units)
- Multi-Family (100+ units)
- Homeowners Association (2-49 units)
- Homeowners Association (50-99 units)
- Homeowners Association (100+ units)
- Condominium Association (2-49 units)
- Condominium Association (50-99 units)
- Condominium Association (100+ units)
- Retail (Up to 9,999 sqft)
- Retail (10,000 - 100,000 sqft)
- Retail (100,000+ sqft)
- Office (Up to 9,999 sqft)
- Office (10,000 - 100,000 sqft)
- Office (100,000+ sqft)
- Warehouse/Distribution (Up to 100,000 sqft)
- Warehouse/Distribution (100,000+ sqft)
- Light Manufacturing (Up to 100,000 sqft)
- Light Manufacturing (100,000+ sqft)
- Parking Garage
- Vacation (1-2 units)
- Vacation (3+ units)
- Other Associations (Hotel, Resort etc.)
- Mobile Home Community