Exam (elaborations)
Real Estate - TN Questions and Answers Fully Solved
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Exam of 6 pages for the course Tennessee Real Estate at Tennessee Real Estate (Real Estate - TN)
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Real Estate - TNAdvertisements placed by licensed agents may only contain prizes, money or gifts as inducement to get customers to purchase, lease, sell or list property, if - answer the ad contains accurate specifications of the gift, prize, or other valuable consideration offered.
A broker representing a seller knows that the property has a cracked foundation, and that the former owner committed suicide in the kitchen. What is the broker required to disclose? - answer The foundation but not the suicide (The licensee must only disclose the fact regarding the physical condition of the property.)
A real estate agent wishes to sell her home without using a broker. What professional disclosure does is required in this case? - answer That she disclose her status as a real estate salesperson in the listing.
A broker has made the decision to terminate the employment of an affiliate broker. What
steps must he take? - answer Notify the affiliate broker in writing and return her license to the TREC immediately.
An affiliate broker engages in activities that violate the Tennessee Human Rights Act and uses an earnest money check for personal use. His managing broker is unaware of these illegal activities. When the affiliate's actions are brought to the attention of the TREC, what will be the impact on the broker? - answer) The broker will not have her license revoked or suspended due to the affiliate's activity. (If a broker is unaware of an affiliate broker's illegal activities, the commission will not take any action against the broker. However, a broker is responsible for training and supervising licensees, and injured parties may have other means of legal recourse against the broker.
A member of the public is awarded a judgment against a licensee who violated the Tennessee Real Estate Broker Act. What rights does the aggrieved party have in regards to the Tennessee Real Estate Education and Recovery Account? - answerTo receive a maximum of $15,000 from the account if so ordered by the court. (The maximum amount that will be paid to an aggrieved party from the Tennessee Real Estate Education and Recovery Account is $15,000.)
How often does the board of the Tennessee Real Estate Commission meet? - answerAs often as necessary to carry out its duties and functions
A broker and a seller fill out a listing agreement with the clause "If the property has not been sold after 3 months from the date of signing, this agreement will automatically continue for additional 3-month periods until the property is sold." Which is TRUE? - answerThis agreement is illegal in Tennessee. (Under Tennessee license law a listing agreement MUST have a specific termination date. This agreement contains rollover extensions, a practice that is illegal in Tennessee.)
A Tennessee real estate license is NOT required to - answerresell an unattached mobile home. ( A mobile home is considered personal property so a person does NOT need a real estate license to sell it. Managing commercial property, collecting rent and selling or buying real estate all require a license.)
An unlicensed real estate assistant works late nights and weekends to help his broker close a difficult sale, including making phone calls to the prospective buyers urging them to accept the seller's counteroffer. Can the broker pay the assistant a percentage of the commission to show her gratitude? - answer)No, she may not pay the assistant for assisting in negotiations or compensate him in any tangible way. (A broker may NOT
compensate an unlicensed assistant for participating in an activity that requires a license, including helping negotiate a contract or offering advise to potential buyers. Unlicensed assistants may not be compensated based on the broker's real estate activity.)
How can a broker or affiliate broker get their license reissued after it has been revoked by a court? - answerBy receiving consenting votes from 6 members of the TREC.
If a broker has errors and omissions insurance herself, is it also required of the firm for which she works? - answerNo, only the licensees are required to have the insurance. (License law requires that all brokers and affiliate brokers have E&O insurance, but it is optional for the firm.)
A preprinted offer to purchase that is to become a binding contract must have which heading? - answerNo particular contract heading is required in Tennessee
A seller lists her house for sale with an agent on February 1st with a listing agreement that the listing is to last 5 months. The seller changes her mind about selling the house in April and calls the agent to tell him to cancel the listing agreement. Which is TRUE? - answerThe seller has withdrawn the broker's authority to sell the house and may owe the broker compensation. (A listing agreement may be cancelled by either party, but the
canceling party may be in breach of contract, depending on terms of the agreement, and may be liable for expenses or damages.)
A sales contract is signed February 15th, closing is on March 28th and the deed of trust is recorded 5 days later. When is the soonest the broker can receive the commission check? - answerMarch 28th (The broker usually receives the commission check at closing when the broker has completed the contract.)
An escrow or trust account can contain how much of a broker's personal money? - answerOnly enough to keep the account open if other funds are disbursed (Tennessee
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