Tennessee License Law Exam | Questions & 100% Correct Answers (Verified) | Latest Update | GradeA+

The Human Rights Act exists to ensure that Correct Answer: federal civil rights laws are carried out. What are the primary sources of laws and regulations governing real estate licensees in Tennessee? Correct Answer: The Tennessee Real Estate License Act and the Commission rules. Which of the following is a section in the License Act? Correct Answer: Qualifications and licensing What is a Commission policy statement? Correct Answer: An occasional amplification that becomes part of the rules Who makes and changes the Commission rules? Correct Answer: The Commission Which of the following is a section of the rules? 2 Correct Answer: Rules of Conduct What is the purpose of the Commission rules? Correct Answer: To enable the Commission to carry out its duties under the License Act Which entity directs payment from the Real Estate Recovery Fund? Correct Answer: Courts What minimum balance must always be maintained in the Recovery Fund? Correct Answer: $500,000 The Commission has the authority to Correct Answer: suspend, revoke, or downgrade a license. An unlicensed person who receives payment for performing an activity requiring licensure is liable for Correct Answer: up to three times the amount of the payment received. When is it legal for the Commission to set real estate commissions? Correct Answer: Never Which of the following actions can the Commission NOT take? 3 Correct Answer: Set commissions. A person in violation of the Recovery Act cannot be reinstated until he or she has Correct Answer: repaid the full amount plus interest to the fund. How many members are there on the Tennessee Real Estate Commission? Correct Answer: 9 Among the Commission's duties and responsibilities are Correct Answer: establishing standards of practice for licensees. A person who acts as a broker without a broker's license Correct Answer: has committed a Class B misdemeanor.