Real Estate Broker Exam Practice Questions with Correct Answers
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Course
Licensed Realtor
Institution
Licensed Realtor
Who makes and changes the Commission rules?
Qualified state courts
The Commission
The state legislature
A committee appointed by the Governor - Answer-The Commission
The Human Rights Act exists to ensure that
national mandated rights are carried out.
basic rental rights laws are carr...
Real Estate Broker Exam Practice
Questions with Correct Answers
Who makes and changes the Commission rules?
Qualified state courts
The Commission
The state legislature
A committee appointed by the Governor - Answer-The Commission
The Human Rights Act exists to ensure that
national mandated rights are carried out.
basic rental rights laws are carried out.
local civil rights laws are carried out.
federal civil rights laws are carried out. - Answer-federal civil rights laws are carried out.
Which law regulates the sale and promotion of vacation clubs?
The Summer Act of 1967
The Tennessee Vacation Club Act of 1995
The Lake and Stream Act of 1995
The Vacations Act of 1988 - Answer-The Tennessee Vacation Club Act of 1995
Which of the following is a section in the License Act?
Obtaining listings
Office management
Selling and marketing
Qualifications and licensing - Answer-Qualifications and licensing
What is the overall purpose of the Tennessee Broker License Act?
To create brokers and affiliate brokers
To protect the public from irresponsible or unscrupulous people in the real estate
business
To regulate real estate markets and broker commissions in Tennessee
To create a Real Estate Commission and a set of rules for it to enforce - Answer-To
protect the public from irresponsible or unscrupulous people in the real estate business
What is the purpose of the Commission rules?
,To keep unlicensed persons from collecting commissions
To control the real estate industry in Tennessee
To test the effects of new regulations before they become law
To enable the Commission to carry out its duties under the License Act - Answer-To
enable the Commission to carry out its duties under the License Act
When is it legal for the Commission to set real estate commissions?
At the beginning of the fiscal year
Whenever it sees fit
Never
When requested to do so by a competent court - Answer-Never
Which rule applies to the appointment of a full-time director of education?
The person must be a college graduate.
The person must hold a real estate license.
The person must be over 25 years of age.
The person must have lived in the State for over 5 years. - Answer-The person must be
a college graduate.
Among the Commission's duties and responsibilities are
establishing standards of practice for licensees.
establishing commission rates for standard services.
hiring instructors for real estate schools.
educating the public about licensee's illegal behavior. - Answer-establishing standards
of practice for licensees.
What minimum balance must always be maintained in the Recovery Fund?
Which of the following actions can the Commission NOT take?
Regulate real estate training schools.
Establish ethic standards for licensees.
Set commissions.
Establish meeting dates to carry out its responsibilities. - Answer-Set commissions.
, A person in violation of the Recovery Act cannot be reinstated until he or she has
repaid the full amount plus interest to the State Treasurer .
repaid the full amount plus interest to the victim.
repaid 50% of the full amount plus interest to the fund.
repaid the full amount plus interest to the fund. - Answer-repaid the full amount plus
interest to the fund.
How is the Real Estate Recovery Fund funded?
By appropriation in the state budget
By a tax on all real estate transactions
By fines levied on violators of the License Act
By fees paid by applicants for license and license renewal - Answer-By fees paid by
applicants for license and license renewal
How many of the members of the Commission may come from the real estate industry?
None
Two
Five
Seven - Answer-Seven
Who chooses the chairman of the Real Estate Commission?
The Governor
The Commission itself
The legislature
The Realtor's association - Answer-The Commission itself
A person who acts as a broker without a broker's license
has committed a Class B misdemeanor.
has committed a Class C misdemeanor.
has committed a felony.
has committed no civil or criminal act; merely an administrative violation. - Answer-has
committed a Class B misdemeanor.
What can the Commission do to stop an unlicensed person from acting as if licensed?
Nothing. The Commission has no authority over unlicensed persons.
Force the unlicensed person to take the license exam.
Seize the individual's bank accounts.
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