Real Property - As enacted, requires the Tennessee advisory commission on intergovernmental relations to conduct a study and compile a report to be submitted to the general assembly on real estate fraud in this state. - Amends TCA Title 4; Title 8, Chapter 13; Title 8, Chapter 16 and Title 66.

This bill, known as the Real Estate Fraud Reduction Act, requires county recorders and notaries public in Tennessee to verify the identity of anyone recording or notarizing real estate documents. Under new rules, these officials must check a government-issued photo ID and keep a permanent copy of that ID along with the person's name, address, and unique identification number. Additionally, recorders must mail a notice to the property's last known tax payer within ten business days after recording a document, informing them of the transaction details. The law also establishes penalties for notaries who fail to follow these identification procedures, including fines and potential revocation of their commission.