Exam (elaborations)
Tennessee Real Estate Commission (TREC) Questions with correct Answers
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Tennessee Real Estate Commission (TREC)
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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.
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