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FAQ: What is errors and omissions insurance?

What is errors and omissions insurance?

You will need to show proof that you have acquired errors and omissions insurance when you apply for your affiliated broker license. Errors and omissions insurance, which is sometimes referred to as E&O insurance or even professional liability insurance, helps protect you from lawsuits claiming you made an error while providing professional real estate services. This insurance is critical and can help cover court costs or settlements, if a lawsuit were to be brought against you. It can be very costly for you to try to pay for legal services on your own, even if you are ultimately found not to be at fault. You will be required to continue coverage while you have an active affiliate broker or broker license in Tennessee.

Related Questions

Will I get my license if I pass the exam and meet all requirements?

The Tennessee Real Estate Commission states that successful completion of the examination does not guarantee issuance of an affiliate broker license.

What will I need to do once I have passed the TN state exam?

Your next step in the process is to make your application to the Tennessee Real Estate Commission for your affiliate broker license. Applications forms and other information can be found on the TREC website.

What is errors and omissions insurance?

You will need to show proof that you have acquired errors and omissions insurance when you apply for your affiliated broker license.

What documents are required when applying to the TREC for my license?

You will need to include a list of documents with your affiliate broker’s license application.

After passing the exam, how long do I have to apply for my license?

After you have passed the state exam for affiliate broker license, you have six months to apply for your license. You may choose to submit your application online at CORE or email the items in to trec.info@tn.gov

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