HB 700 - SB 886
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
February 22, 2025
Fiscal Analyst: Laura Moore | Email: laura.moore@capitol.tn.gov | Phone: 615-741-2564
HB 700 - SB 886
SUMMARY OF BILL: Exempts real estate brokers from the requirement to furnish
certification of satisfactory completion of 16 classroom hours in real estate courses for reissuance of
a license if the real estate broker was originally licensed prior to January 1, 2005, and does not
supervise any affiliate brokers.
FISCAL IMPACT:
NOT SIGNIFICANT
Assumptions:
• Pursuant to Tenn. Code Ann. § 62-13-303(h), real estate brokers that were originally licensed
after January 1, 2005, are required to furnish certification of satisfactory completion of 16
classroom hours in real estate courses for reissuance of a license for a licensure period after
the period in which the licensee completed the required 120 classroom hours in real estate.
• The proposed legislation will exempt a real estate broker from such requirement if the
broker was licensed prior to January 1, 2005 and does not supervise any affiliate brokers.
• Real estate continuing education courses are offered by private entities. Any impact will be
relative to those entities and will not impact state or local government.
• The proposed legislation is not estimated to result in a significant impact on the number of
real estate broker licenses to be renewed; therefore, any fiscal impact to the Tennessee Real
Estate Commission is estimated to be not significant.
• Pursuant to Tenn. Code Ann. § 4-29-121, all regulatory boards are required to be self-
sufficient over any two-year period. The Tennessee Real Estate Commission experienced a
surplus of $606,386 in FY22-23, a surplus of $449,941 in FY23-24, and had a cumulative
reserve balance of $9,206,575 on June 30, 2024.
IMPACT TO COMMERCE:
NOT SIGNIFICANT
Assumption:
• The proposed legislation will have no significant impact on jobs or commerce in Tennessee.
HB 700 - SB 886 2
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director