Exam (elaborations)
Tennessee (state exam) Real Estate Questions and Answers 2024
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Tennessee (state exam) Real Estate
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Tennessee (state exam) Real EstateRegulatory Powers - answer Enable the agency to pass specific regulations and rules to
support the administration of the license law
Judicial Powers - answer Enable it to conduct hearings and investigations into the activities of licensees and to rule on license suspensions or revocations
Administrative Powers - answer Enable it to establish the staff organization, records, and facilities to manage the licensing process and the licensees themselves
Mission of the Tennessee Real Estate Commission - answer Protect the public
TREC consists of how many members? - answer9
Who appoints members of TREC? - answer Governor
How many years are the TREC member terms? - answer5
Who chooses the TREC chair, vice chair, and executive director? - answer The commission
Affiliate Broker - answer• High school diploma
• Completion of 60 classroom hours + 30 credits
Broker - answer• Must have high school, 120 classroom hours, 90 credits,
Time Share Salesperson - answer• High school diploma
• 30 classroom hours
Only take state part of PSI exam
Contract - answer Agreement between 2 or more parties who, in a "meeting of the minds" have pledged to perform or refrain from performing some act
Exclusive Listing Agreement - answer Legally enforceable real estate agency agreement between a real estate broker and a client, authorizing a real estate licensee to act as a party’s exclusive agent for the purchase, sale, or lease of real estate
Commingling - answer Mixing escrow funds into the same account as non escrow funds
Conversion - answer Using escrow funds for the wrong purposes Consumer Protection Act - answer Law makes it a Class B Misdemeanor to commit any
unfair or deceptive act in any trade or commerce
Time Share Estate - answer Ownership/leasehold estate in property devoted to a time share fee, tenants in common, time span ownership, interval ownership, and a time share lease
Time Share Program - answer Arrangement for time share intervals in a time share project where use is subject to a schedule on a periodic basis occurring annually over any period of time in excess of 1 year
Vacation Club - answer Program in which a purchaser obtains a recurring right to use and occupy the space in more than one site through the mandatory use of a reservation
system
Cancellation (backing out) of a timeshare contract must happen within ________ days if
you actually looked at the property in person? - answer10 days
Cancellation (backing out) of a timeshare contract must happen within ________ days if
you did not looked at the property in person? - answer15 days
Who holds deposit for a timeshare? - answer(Third-party) attorney, bank, title company, etc.
At least ______ of each prize/gift must be given? - answer1
With timeshares, If a sales presentation is required to qualify it must be stated. True or false? - answer True
With timeshares, The retail value of each prize/gift must be stated. True or false? - answer True
In regards to timeshares, the odds of winning the prize/gift do not necessarily need to be stated. True or false? - answer False
It costs $110 for Tennessee affiliate broker license application. True or false? - answer False. It costs $100
How often does the commission meet? - answer Once a month for 2 to 3 days
*NO MORE THAN 3 DAYS!!!!!*
What is the license renewal fee for an affiliate broker? - answer$80
How much is the PSI exam fee? - answer$43
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