381 / 411
8
AGENCY POLICY & PROCEDURES
All of the following constitute the office agency policies for Parks (“the Firm”). In the
event an affiliate broker has any questions regarding applications of the policies to specific
situations they are urged to consult with their principal broker before making any agency
decisions.
1. All brokers and affiliate brokers affiliated with the Firm (“the Agent/Agents”) are
expected to understand and follow all Tennessee Agency law statutes and TREC rules
and regulations at all times.
2. All Agents shall make all verbal and written disclosures required by TREC regulations
and state statutes on a timely basis.
3. Parks is a Realtor® member firm. As such, all agents affiliated with Parks are required
to belong to NAR, TAR and their local association of choice (GNAR, MTAR, WCAR,
EMTAR, Sumner, Southern Middle) pay their dues and abide by the Realtor® Code of
Ethics.
4. All agents are responsible for paying for their Realtracs dues.
5. It is the policy of the Firm to encourage a designated agent for each party to a
transaction.
6. It is the policy of the Firm to disallow the use of facilitator status at any time by Agents
of the Firm without consulting first with your principal broker. Prior to becoming a
facilitator and/or changed to facilitator status and using the correct TAR form, the
Agent must consult with their principal broker. Under no circumstances shall an Agent
create and/or be a dual agent/agency and/or sub agent/agency. Furthermore, the
excess errors and omissions policy will not cover any transactions under which the
agent has become Facilitator. Relocation referrals, and any other business derived from
Freddie Mac/Fannie Mae or THDA, etc. will not allow agent to change agency status at
any point.
7. It is permissible under state law for a Seller’s agent to render assistance to an
unrepresented Buyer and Firm policy allows such a situation only after full written and
verbal disclosures have been made by the Agent.
8. Under state law, when a consumer executes a listing agreement the Agent of the Firm
becomes a Seller’s agent and shall make all verbal and written agency disclosures as
required by state law. All listings much be input into Realtracs within 48 hours of the
listing agreement being signed unless otherwise stipulated in the listing agreement.