TN - Broker / FSBO Rules

[Joe McCall]

Attn TN Wholesalers & Realtors...

Has anyone ever heard of laws in TN (laws that are actually in the books) that say realtors are not allowed to buy and or sell a house, "for sale by owner", outside of their brokerage?

I understand that every realtor has to disclose that they're an agent.

But can a licensed agent buy a house (FSBO), fix it up, then sell it (FSBO), OUTSIDE of their brokerage & all the realtor's paperwork???

Or put it this way... Can a licensed agent NOT buy their own house to live in, from the FSBO section of Craigslist? And then 10 years later, when they want to sell their own house, they're not allowed to sell it FSBO? They have to list it, put it on the MLS, and pay commissions to their broker?

I have a friend who is getting his license in TN, and his broker is telling him he can't buy and / or sell a personal property outside of the brokerage. And this is coming from their attorney. It's not a broker rule. It's TN Statute... they adamantly claim. 

I have never heard of this before. And frankly, if this is true, I'm going to stop recommending that investors get licensed. That is absolutely ridiculous and fascist. 

When I got my license in MO, I was taught that you CAN buy and sell properties on your own, as long as you fully disclose your an "owner-agent".