Tennessee License Law Enforcement Overview Exam | Questions & 100% Correct Answers (Verified) | Latest Update | GradeA+

TREC may impose a civil penalty on unlicensed persons of up to what amount per violation per day? A) $3,000. B) $1,000. C) $4,000. D) $2,000. Correct Answer: B) $1,000. Regarding E&O coverage for the firm, A) the minimum coverage must be at least $1,000,000. B) the amount of coverage is determined by the number of affiliated licensees. C) E&O coverage is not required, but bonding is. D) E&O coverage is not required. Correct Answer: D) E&O coverage is not required. 2 Should a licensee's license be revoked by the court, TREC has the authority to reissue the license with a consenting vote of at LEAST A) a quorum. B) a majority of the commissioners voting in favor or reissuance. C) six. D) nine commissioners plus the vote of the executive director. Correct Answer: C) six. Witnesses who fail to cooperate with a TREC hearing may be found guilty of A) obstruction of justice. B) contempt of court. C) fraud. D) commingling. Correct Answer: B) contempt of court. The real estate licensees in Tennessee that TREC requires to be bonded are A) licensees that engage in property management. B) commercial licensees. C) residential licensees. D) none. 3 Correct Answer: D) none