Exam (elaborations)
Tennessee Real Estate Commission (TREC) Questions with correct Answers
- Course
- Institution
Tennessee Real Estate Commission (TREC)
[Show more]
Content preview
Tennessee Real Estate Commission (TREC)Affiliate Broker Qualifications - answer Must complete sixty (60) hours of education, complete the thirty (30) hour "Course for New Affiliates) prior to licensing being issued.
Acquisition Agent - answer requires a special acquisition agent licensure which allows the agent to solicit an encourage people to attend special presentations for a timeshare program. This solicitation must be done off-site from the timeshare location.
Adverse Fact - answer Condition recognized by licensees that have a negative impact on a property that must be disclosed
Affiliate Broker - answer A licensee that is engaged under a licensed broker to provide real estate services.
Broker - answer A licensee who may be paid directly by the consumer for negotiating a listing, sale, purchase, lease or options. One who acts as an intermediary on behalf of others for a fee or commission.
Client - answer A party to a transaction with whom the broker has entered into a specific
written agency agreement to provide services.
Customer - answer Any party to a transaction that is not a client for whom the real estate agent provides services.
Designated Agent - answer A licensee who has been chased by the managing broker to
service as the agent to a party of a transaction.
Dual Agent - answer A licensee that has an agreement to provide service as an agent to
more than one party in a specific transaction.
Facilitator (Transaction Broker) - answer Any licensee who assists but does not represent one or more party in a transaction. In TN, a facilitator is also known as a transaction broker.
Timeshare Salesperson - answerA licensee who only sells timeshares.
Material - answer Any statement, representation, or fact relative to a transaction that would affect a reasonable person's decision to enter into an agreement and that has been identified by the person as being of significance to a particular party. Exemptions to Licensure - answerThe following may engaged in real estate transactions
without a required license. 1. An owner of real estate (FSBO)
2. An attorney-in-fact acting under a duly executed and recorded power of attorney from
the owner
3.An attorney at law performing duties as an attorney at law
4. A receiver, trustee in bankruptcy, administrator, executor, or guardian or trustee acting under a trust agreement, deed of trust or will or acting under a court order
Penalties - answerThe penalty for someone acting as a licensed real estate agent without first obtaining a license is guilty ofc class B misdemeanor.
Civil Penalties - answer$50-$1000 per violation per day
Tennessee Real Estate Broker License Act of 1973 - answerDesigned to protect the public from irresponsible or unscrupulous persons dealing in real estate.
Creation of TREC - answerAll members are appointed by the governor for a term of 5 years and can be reappointed for a second term of 5 years. There are a total of 9 members; 7 are real estate agents; 2 are from a non-real estate related industry. 3 members must be from each grand division; east, middle, and west Tennessee. 1 member must be 60 years old or older. 1 member must be of a racial minority.
TREC Meetings - answerThe commission meets once a month for no more than 3 days and shall have at least one meeting a year in each grand division.
Executive Director - answerThe executive director must pass the broker's exam, and director of education with a college degree from an accredited university. The term for executive director's is 4 years.
General Counsel - answerThe commission also has a general counsel who is licensed to practice law in Tennessee and a graduate of an accredited law school.
Notice & Hearing - answer1. Commission notify in writing the accused applicant of a complaint, and encloses a copy. 2. The accused applicant shall file an answer to the complain within 10 days which will be sent to the complainant. 3. If determined a hearing, a time and place for the hearing will be set. 4. If commission determined that the complaint was not filed in a timely manner or there is no cause to believe the licensee has engaged in the alleged violation, the commission
shall issue an order, to that effect, and furnish a copy to the complainant, applicant, licensee, and person that the commission deems proper. 5. The affirmative vote of majority of the commission to revoke or suspend a license; or, to establish a quorum. 6. If there is a court case involving the same matter as the complaint, the commission may withhold a decision until the court case has concluded.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller julianah420. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78998 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now