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Tennessee Law real estate Questions and Answers Fully Solved
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Tennessee Law real estate
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Tennessee Law real estateThe title of the Tennessee law is - answer Tennessee Broker license act of 1973
Adverse facts are defined under Tennessee law as - answer Conditions or occurrences generally recognized as having a negative impact on the value of real estate.
A person engaged under contract by or on behalf of a licensed broker participating in real estate activities as defined by Tennessee law is considered a? - answer Affiliate broker
Which of the following do not have to be licensed to perform any actions covered by Tennessee real estate law? - answer Owner of real estate and Attorney in fact operation
under a recorded power of attorney
Who is required to carry Errors and Omissions insurance in Tennessee? - answer All active licensees
Sally mistakenly let her E&O insurance lapse. She applied for her renewal license after completing her continuing education and sent in her renewal fee. Which of the following activities are permissible by TREC? – answer TREC will notify both Sally and her broker
of the lapsed insurance.
How many licensed members are there on the Tennessee Real Estate Commission? - answer7
Which of the following is not a power of TREC? - answer Turn agent over to proper court of this state for violations of this law.
The TREC, under the law administers the education and recovery account. In that law there are maximum fines set by the legislature. Which of the following best describes these maximum fines? - answer$30,000.00 per licensee total and $15,000.00 total per transaction.
In the events a licensee is found guilty of breaking the real estate law, the TREC? - answerMust either suspend, revoke or downgrade the licensee
What restrictions are set that allow the TREC to withhold payments from the education and recovery account when ordered to by the courts? - answerMay not pay if the payment would drop the account balanc below $500,000.00
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