(a) There is created the Tennessee real estate commission, referred to in this part as the “commission,” which consists of nine (9) members appointed by the governor, each of whom shall be a resident of this state and shall possess good moral character.

(b) Seven (7) of the members shall each have been principally engaged as a licensed broker or affiliate broker in this state for at least five (5) years prior to the date of the member's appointment and shall be of recognized business standing.

(c) Each of the remaining two (2) members of the commission shall be a person who is not engaged in or conducting the business or acting in the capacity of a real estate broker or affiliate broker, nor shall the two (2) remaining members be engaged in the business of real estate financing or development.

(d)

(1) Every member of the commission shall be appointed for a term of five (5) years and shall serve until a successor is appointed and qualifies by subscribing to the constitutional oath of office, which shall be filed with the secretary of state.

(2) Any vacancy occurring on the commission shall be filled by the governor for the unexpired term.

(3) No members shall be appointed to succeed themselves for more than one (1) full term.

(4) The governor may remove any member of the commission for misconduct, incompetency or willful neglect of duty.

(5) Three (3) members shall be appointed from the eastern grand division, three (3) members shall be appointed from the middle grand division and three (3) members shall be appointed from the western grand division. No more than one (1) of the members appointed pursuant to subsection (c) shall reside in the same grand division. No more than three (3) of the members appointed pursuant to subsection (b) shall reside in the same grand division.

(6) In making appointments to the commission, the governor shall strive to ensure that at least one (1) person serving on the commission is sixty (60) years of age or older and that at least one (1) person serving on the commission is a member of a racial minority.