Tennessee Real Estate Continuing Education
TENNESSEE Provider Number: 1571License Renewal Requirements
4.0 hours Valuation, Marketing, and Listings Course Syllabus
4.0 Elective Hours
A transaction file is a separate file which must be kept for each individual transaction. Most states require that all brokerages keep transaction files and can usually be kept electronically or via a paper copy.
A transaction folder containing all agreements, contracts, notes, documents, fax correspondence, documentation leases, closing statements, earnest money receipts, and correspondence for each real estate or business opportunity transaction, and for each rental, lease, contract or mortgage collection account. This includes all transactions including pending transactions. All required real estate records must be accurate and kept up to date. Maintaining transaction files are a state requirement and will be needed in case of a federal or state audit and can be vital in the event of a dispute between a brokerage and a client.
The licensee may also keep a duplicate copy of the transaction folder if desired, but it is the broker’s responsibility to keep these records on file. In most states, all required records must be stored at one location where the broker is licensed. Physical records may be able to be stored at one remote facility if they have been closed for a specific period of time.
Upon completion of this course, the real estate professional will have a better understanding of the importance of transaction files and the reasons for creating one.