Tennessee (state exam) Real Estate Questions and Answers Rated A+

Tennessee (state exam) Real Estate Questions and Answers Rated A+ Regulatory 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 ma nage the licensing process and the licensees themselves Mission of the Tennessee Real Estate Commission - Answer ✔️✔️-Protect the public TREC consists of how many members? - Answer ✔️✔️-9 Who appoints members of TREC? - Answer ✔️✔️-Governor How many years are the TREC member terms? - Answer ✔️✔️-5 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 parties 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 Protect ion 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 ownersh ip, 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 ye ar 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? - Answer ✔️✔️-10 days Cancellation (backing out) of a timeshare contract must happen within ________ days if you did not looked at the property in person? - Answer ✔️✔️-15 days Who holds depos it for a timeshare? - Answer ✔️✔️-(Third -party) attorney, bank, title company, etc. At least ______ of each prize/gift must be given? - Answer ✔️✔️-1 With timeshares, If a sales presentation is required to qualify it must be stated. True or false? - Answer ✔️✔️-True