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Tennessee (state exam) Real Estate Questions and Answers 2024/2025 with complete solution
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Tennessee (state exam) Real Estate Questions and Answers 2024/2025 with complete solution
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1 /13Tennessee (state exam)Real Estate1.Regulatory Powers: ans- Enable the agency to pass specific regulations
and rules to support the administration of the license law
2.Judicial Powers: ans- Enable it to conduct hearings and investigations into the activ- ities of licensees and to rule on license suspensions or revocations
3.Administrative Powers: ans- Enable it to establish the staff organization,
records, and facilities to manage the licensing process and the licensees
themselves
4.Mission of the Tennessee Real Estate Commission: ans- Protect the public
5.TREC consists of how many members?: 9
6.Who appoints members of TREC?: Governor
7.How many years are the TREC member terms?: 5
8.Who chooses the TREC chair, vice chair, and executive director?: The com- mission 2 /139.Affiliate Broker: • High school diploma
•Completion of 60 classroom hours + 30 credits
10.Broker: • Must have high school, 120 classroom hours, 90 credits,
11.Time Share Salesperson: • High school diploma
•30 classroom hours
Only take state part of PSI exam
12.Contract: Agreement between 2 or more parties who, in a "meeting of the minds" have pledged to perform or refrain from performing some act
13.Exclusive Listing Agreement: Legally enforceable real estate agency agree- ment between a real estate broker and a client, authorizing a real estate licensee to act as a parties exclusive agent for the purchase,
sale, or lease of real estate
14.Commingling: Mixing escrow funds into the same account as non escrow funds
15.Conversion: Using escrow funds for the wrong purposes
16.Consumer Protection Act: Law makes it a Class B Misdemeanor to commit any unfair or deceptive act in any trade or commerce
17.Time Share Estate: Ownership/leasehold estate in property devoted to
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