(a)

(1) A nonresident of this state who is a licensed broker, affiliate broker or time-share salesperson or equivalent real estate licensee in another state may apply for a license as a broker or affiliate broker in this state by submitting appropriate application to the commission.

(2) The nonresident applicant need not maintain a place of business within this state; provided, that the applicant is regularly engaged in the real estate business and maintains a place of business in the other state.

(3) The commission may issue the appropriate license to the nonresident applicant if:

(A) The applicant has qualified for the license held in the applicant's state of residence by written examination;

(B) The applicant meets or exceeds each of the qualifications for licensure in this state;

(C) The applicant certifies that the applicant has read this chapter and the rules and regulations promulgated under this chapter; and

(D) The applicant's state of residence permits the issuance of licenses without written examination to brokers, affiliate brokers and time share salespersons resident in and licensed by this state.

(4) The commission may, in its discretion, refuse to issue, renew or reinstate a broker's, affiliate broker's or time share salesperson's license if the applicant for, or holder of, the license is not a resident of this state.

(b)

(1) Every nonresident applicant shall file an irrevocable consent that legal actions may be commenced against the nonresident applicant in the proper court of any county of this state in which a cause of action may arise or in which the plaintiff may reside by service of process or pleading authorized by the laws of this state or by any member of the commission or the director of the commission, the consent stipulating that the service of process or pleading shall be taken in all courts to be valid and binding as if personal service had been made upon the nonresident licensee in this state.

(2) The consent shall be duly acknowledged and, if made by a corporation, shall be authenticated by its seal.

(3) Any service of process or pleading shall be served on the executive director of the commission by filing duplicate copies, one (1) of which shall be filed in the office of the commission and the other forwarded by registered mail to the last known principal address of the nonresident licensee against whom the process or pleading is directed; and no default in any such action shall be taken except upon affidavit certification of the commission or the director of the commission, that a copy of the process or pleading was mailed to the defendant as provided in this subdivision (b)(3), and no default judgment shall be taken in any such action or proceeding until thirty (30) days after the day of mailing of process or pleading to the defendant.

(c) Notwithstanding any law to the contrary, the Tennessee real estate commission has the authority to enter into reciprocity agreements with another state, if in the judgment of the commission that state has meaningful requirements for licensure. The reciprocity agreement may authorize the licensure of Tennessee licensees in that state and for the licensure of licensees of that state in this state.