Tennessee Laws & Loopholes
This must be done within 10 days of changing your address as a licensed TN agent.
What is updating your address with TREC?
This type of property includes four separate units in one building.
What is a fourplex?
“Bless your heart” might mean this when describing a client’s unrealistic offer.
What is “That’s cute, but no.”
This clause lets buyers get their earnest money back if the home doesn’t appraise.
What is an appraisal contingency?
This sparkling lake, bordered by Johnson City and Elizabethton, is a major draw for buyers looking for boating and mountain views.
What is Watauga Lake?
In TN, a contract must be this to be enforceable — not just verbal.
What is in writing?
A condo owner owns this space but not the land underneath it.
What is the air space (or interior unit)?
“Hotter than a pepper sprout” describes this kind of listing in a seller’s market.
What is a hot property or bidding war home?
A seller requests to stay in the home after closing. You’ll need this agreement.
What is a post-occupancy agreement?
Homes in this historic district of Jonesborough often feature brick sidewalks, white columns, and front porches full of charm.
What is the Historic Downtown District?
This term describes the legal description of property using metes and bounds.
What is a survey or plat?
This property type is typically found on large acreage with barns and fencing.
What is agricultural or farm property?
“That dog won’t hunt” is the polite Southern way to say this about a buyer’s loan preapproval.
What is “It’s not going to work”?
This clause allows a seller to continue marketing the home while under contract with a buyer who has a home sale contingency.
What is a kick-out clause or a bump clause?
Many buyers relocating to Northeast TN are escaping high property taxes from this nearby state.
What is North Carolina?
This law protects homeowners from losing all proceeds if sued — up to $5,000 in Tennessee.
What is the Homestead Exemption?
Properties with both commercial and residential units are labeled this.
What is mixed-use?
If a listing is “as is,” locals might say this about its condition.
What is “Rougher than a corn cob”?
This form removes inspection contingencies and binds the sale to move forward.
What is a notification (as is section 13)
Known for panoramic views, this ridge in Kingsport is a prime location for custom homes and luxury builds.
What is Bays Mountain?
TN requires this number of hours of continuing education to renew your license every 2 years.
What is 16 hours?
This rural financing program is popular in TN and backed by the USDA.
What is a USDA Rural Development Loan?
“Well, butter my biscuit!” might be your response to this surprise in a home inspection.
What is foundation damage or mold?
A backup offer becomes binding when this happens.
What is the termination of the primary contract and notification to secondary buyer?
(This moved the offer into primary and starts due diligence period)
If a listing says "no city taxes" in Johnson City, it’s likely located in this county.
What is Washington or Carter County (outside city limits)?