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Tennessee State Exam Practice Questions with Accurate Answers 2024
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Tennessee State Exam Practice
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Tennessee State Exam PracticeThe terms of the _______ determine who receives the earnest money. - answer contract
Woody wanted to work for the new broker in town, so he filed the paperwork necessary to affiliate with a new broker. What will happen to his three listings and two buyer clients? - answer They remain with Woody's original broker, unless the broker agrees to
other arrangements in writing.
Who's entitled to reimbursement from the Real Estate Education and Recovery Account? - answer A member of the public who's been granted a judgment against a licensee
Ralph is a broker whose license was suspended when one of his affiliated brokers committed a violation. This is mostly likely because ______. - answer Ralph either knew
about the violation or is guilty of failure to supervise
What are the requirements for advertising real estate in Tennessee? - answer You must
make it clear you are a real estate agent;
Your managing broker's information must also be included;
The firm's name and phone number must be placed in the ad (you can include yours as well);
Everything must be honest and nothing can be misleading or deceptive.
Two members of the Tennessee Real Estate Commission, Barb and Jeff, represent the public at large. Besides not being real estate licensees, what else do we know about Barb and Jeff? - answerThey don't live in the same part of the state
Tamara is assisting a buyer who's making an offer on her client's listing. Tamara and the buyer develop a good rapport, and in her desire to be helpful, Tamara offers the buyer advice about how to structure her offer. What does Tamara risk being charged with? - answerUndisclosed dual agency
A Tennessee license expired more than 120 days but less than one year due to failure to comply will be subject to an additional penalty fee of ______ . - answer$100 per 30 day period
How many hours of continuing education must you complete to renew your license for another two years? - answer16 hours Samantha is an affiliate broker working for Pigeon Forge Best Realty. While she's affiliated with the firm, all her listings and buyer representation agreements are done in _______ . - answerHer broker's name
What does it mean to affiliate with a broker? - answerYou will work as the agent of a broker who is responsible for your actions and required to supervise you.
Which of the following is a true statement about transactional recordkeeping requirements in Tennessee? A) Electronic recordkeeping isn't allowed. B) Hard copies must be kept for three years, electronic records for two years.
C) Hard copy recordkeeping is preferred.
D) Licensees must produce records within 24 hours of a TREC request. - answerD) Licensees must produce records within 24 hours of a TREC request.
What is a net listing? - answerThe seller specifies a price desired for the property and agrees to pay the broker any amount received that's more than that price.
In other words, a seller says "I'll sell my property for a MINIMUM of X amount." The agent's commission then becomes the difference between X amount and the larger sum
that the property sold for.
Gary is the listing agent for the Turners, who are downsizing. An affiliate broker at his firm, Randa, has a trade-up buyer who seems like a perfect fit for the Turners' house. Both the Turners and Randa's buyer have signed designated agency agreements with Gary and Randa respectively. If the in-house transaction proceeds, who will be the dual agent? - answerNo one; no ONE agent is representing both the buyer and seller clients.
It does not matter if the buyer and seller agents are from the same firm, as long as they are not the same person.
In Tennessee, how long must electronic real estate forms be kept with the broker? - answerThree years
What happens when a broker signs a change of affiliate form for a licensee? - answerAll
supervisory responsibility for that licensee ceases.
Which of the following statements is true regarding timeshare estates in Tennessee?
A) Timeshare estates are illegal.
B) Timeshare estates can be sold or passed down to heirs.
C) Timeshare estates cannot be passed down to heirs.
D) Timeshare estates cannot be sold. - answerB) Timeshare estates can be sold or passed down to heirs.
Dolly is a real estate salesperson. She placed an advertisement online that includes her
name, the firm's number, city and state where her brokerage is located, and the county
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