No, can you please confirm if you're using the edition that corresponds to the installed version of Visual Studio / Team Explorer?
So if you use the "2010 Edition", you need to have VS2010/TE2010 installed or it won't work because it won't find the right versions of the TFS assemblies. Likewise, if you use the "2012 Edition", you need to have VS2012/TE2012 installed. Is that what you have or are you mixing versions?