Exam (elaborations)
Real Estate License - Tennessee Questions and Answers Graded A+
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Real Estate License - Tennessee
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Real Estate License - TennesseeWhat action should the seller take when an offer is rejected?
Make a formal counter offer.
Complete a contract rider.
Complete an addendum.
Note the rejection on the offer. - answerNote the rejection on the offer.
Which of the following requires a written contract?
The purchase of a TV for $378.00
A real estate lease for a term less than one year
A real estate lease for a term longer than one year
A potential buyer visiting an open house showing - answerA real estate lease for a term longer than one year
What is the Statute of Frauds?
A law that makes fraudulent behavior a felony
The part of the Real Estate License Act that describes prohibited conduct
A federal law that has no application in Tennessee real estate regulation
A legal doctrine that requires certain contracts to be in writing - answerA legal doctrine that requires certain contracts to be in writing
Preparing which of the following documents would expose a real estate licensee to a charge of practicing law without a license?
A listing agreement
A sworn statement
A deed
An escrow receipt - answerA deed
What is the preferred method of listing the location of a property?
By legal description
By mailing address
By subdivision plot number
By Post Office box number - answerBy legal description
Which of the following makes a contract voidable? Good faith
Legal act
Voluntary Act
Fraud - answerFraud
Which legal action asks the courts to disperse escrow funds?
Petition to Interplead Funds
Release of Funds Order
Petition to Release Escrow Funds
Jurist Releases - answerPetition to Interplead Funds
If an escrow account earns interest, who does the interest belong to?
Whoever is specified in the written agreement
The buyer until the time of closing
The seller from the date of the offer
The broker from the time of earning a commission - answerWhoever is specified in the written agreement
An escrow account must clearly specify the terms and conditions for disbursement and..
the name/address of the person who will actually hold the funds.
the holding company's legal name.
the interest rate on the account.
the PIN number on the account. - answerthe name/address of the person who will actually hold the funds.
What may a broker responsible for escrowed funds do to resolve a dispute over disbursement?
Ignore the disbursement instructions in the escrow agreement and divide the funds equally among the principals.
Ask a court to "interplead" the funds.
Impound the funds to pay for marketing expenses.
Move the funds to a non-escrow account to lessen the fiduciary responsibility. - answerAsk a court to "interplead" the funds.
An affiliate broker receives a check for earnest money from a purchaser. How soon must she turn it over to her broker?
At any time before closing
By the end of the week in which it was received
At any time before another offer is received
Immediately on receiving it - answerImmediately on receiving it When can a broker deposit his own funds into an escrow account?
To balance the account
To maintain the account
To deposit large sums of personal checks
To allow for special interest rates - answerTo maintain the account
Which best defines dual agent?
The seller is not represented by the buyer's agent.
The buyer's agent represents only the buyer.
The listing broker represents the buyer.
The listing broker represents both the seller and the buyer. - answerThe listing broker represents both the seller and the buyer.
When must a broker disclose to another licensee that he represents the buyer in a transaction?
When he brings the buyer to the seller's property for the first time
On initial contact
At any time after the buyer signs the exclusive representation agreement
The broker may do so only if the representation agreement does not have a loyalty clause - answerOn initial contact
When might an owner who lists with a broker be liable for the broker's misrepresentations?
When the owner knew the broker was misrepresenting
When the broker committed the misrepresentations before the listing agreement could be finalized
When the owner failed to give the broker clear instructions about avoiding misrepresentation
When the misrepresentations made the owner's property more attractive to buyers - answerWhen the owner knew the broker was misrepresenting
Which agency relationship is the most difficult to maintain?
Single Agency
Designated Agency
Dual Agency
Facilitator Relationship - answerDual Agency
Which of the following agency relationships are not permitted in Tennessee?
Undisclosed dual agency
Disclosed dual agency
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