Tennessee Real Estate Tests Compilation Bundle

A corporation is correct answer: a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is correct answer: property owned by one individual or corporation. A house is owned by three joint tenants, and one of the owners, as permitted by state law, s...

The terms of the _______ determine who receives the earnest money. correct answer: contract Woody wanted to work for the new broker in town, so he filed the paperwork necessary to affiliate with a new broker. What will happen to his three listings and two buyer clients? correct answer: They rem...

What is the purpose of an escrow account? correct answer: Keep money that doesn't belong to you SEPARATE from personal account/money Who is responsible for looking after Escrow Accounts for property? correct answer: Broker Another name for Escrow Money (earnest money, security deposits) is_...

Who of the following is required to have a real estate license? correct answer: B. Neighbor helping an owner sell his house in exchange for the seller's sewing machine How often does the Tennessee Real Estate Commission (TREC) meet? correct answer: D. Once a month for up to three days a month ...

Regulatory Powers correct answer: Enable the agency to pass specific regulations and rules to support the administration of the license law Judicial Powers correct answer: Enable it to conduct hearings and investigations into the activities of licensees and to rule on license suspensions or rev...

coordinate inspections and deliver documents and escrow monies to the appropriate attorney correct answer: a broker or affiliate broker may perform all of the following in preparation for the closing EXCEPT may conduct the closing correct answer: a broker decides he wants to conduct the closing...

What year did the state enact the Tennessee real estate Broker License Act? correct answer: 1973 What is the purpose of the Tennessee real estate broker license Act? correct answer: to create rules for real estate professionals to protect the public against harmful actions by licenses What d...

What Tennessee law covers landlord-tenant relations? correct answer: Tennessee has the Uniform Landlord and Tenant Act for residential rentals. This law is designed to simplify, clarify, modernize, and revise the laws governing the rental of dwelling units and the rights and obligations of both lan...

When an earnest money check is deposited, what information does Tennessee require be recorded and maintained? correct answer: Who provided the funds (the depositor) A principal broker in Tennessee is required ______ for all transactions in which affiliated licensees participate. correct answer: ...

Conditional use permit or zoning variance correct answer: A land owner wishes to build a neighborhood grocery store on a busy street in the area zoned for residential use which of the following would most likely be used to obtain permission for the store The federally subsidized flood insurance ...

Ratification, Estoppel, agreement are all correct An agency relationship may be created by: correct answer: Ratification, Estoppel, agreement are all correct Failure to perform any of the terms or conditions of a contract is called correct answer: Breach A licensed real estate broker is...

A Tennessee licensee must use the "Exclusive Right to Sell" form correct answer: required by the licensee's broker. According to the level of authority delegated to the agent, the usual real estate agency is a correct answer: limited agency. When must the contract be in writing? correct a...

Enable the agency to pass specific regulations and rules to support the administration of the license law correct answer: Regulatory Powers Enable it to conduct hearings and investigations into the activities of licensees and to rule on license suspensions or revocations correct answer: Judicia...

TREC can hold as many meetings as it deems necessary throughout the year, but it must have a minimum of three meetings. Where must these meetings take place? correct answer: One in each, West, middle, east division Gideon is planning to run a full-page ad in the Knoxville newspaper to promote hi...