Affiliate Broker TN STATE PRACTICE exam with 100% correct answers

1. Tim, a Tennessee licensee, is affiliated with principal broker Ashton. After a team meeting, Tim asked him "Why do we need to keep purchase documents and closing statements?" Ashton's response should be ______. "Tennessee law requires I keep records relating to any real estate transaction or else risk my license being revoked." 1. As part of her license renewal requirement, Tamsin must complete 16 hours of continuing education. What type of license does she hold? Affiliate broker 1. Which of these transactions is exempt from the disclosure requirements of the Tennessee Residential Property Disclosure Act? · A newly constructed home 1. Why should Tennessee licensees avoid describing a property as "secluded" when marketing through a social network? · Thieves may see this as an opportunity to enter the house unseen. 1. Which of the following best describes a net listing? · The seller specifies a desired price for the property and agrees to pay the broker any amount received that's more than that price. 1. Simon is a buyer in Tennessee represented by Peter. Peter shows Simon several homes currently on the market. What is Peter's relationship to the sellers? · The sellers are Peter's customers. 1. Which entity administers and enforces residential and commercial laws for activities that require a license? · Tennessee Real Estate Commission 1. In Tennessee, what's a consumer? · Someone who uses or purchases a product or service 1. 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? · They remain with Woody's original broker, unless the broker agrees to other arrangements in writing. 1. In what way(s) do Tennessee consumers compensate brokers for their services? · As a flat fee, fee for service, and/or percentage of sale 1. What's the pre-licensing education requirement for affiliate brokers in Tennessee? · 90 hours 1. Determine which of these is an example of commingling in Tennessee. · Cynthia deposited her client's earnest money check into the firm's operating account. 1. What's a record? Anything that is documented as part of business 1. When an earnest money check is deposited, what information does Tennessee require be recorded and maintained? · Who provided the funds (the depositor) 1. Derek made an on-site inspection of the timeshare project prior to signing the contract. He signed the contract, but is having second thoughts. In Tennessee, how many days does Derek have to cancel the contract? · 10 days 1. Which of the following best indicates that Harry is Kelsey's seller client? · Kelsey and Harry have a signed agency agreement. 1. How is a license law violation classified in Tennessee? · Class B misdemeanor 1. Which of the following is a true statement about transactional recordkeeping requirements in Tennessee? · Licensees must produce records within 24 hours of a TREC request. 1. Retaining paper and electronic records of transactional documents for the time period prescribed by your regulating authority helps to ______ risk. · Manage 1. Susie's a little nervous about the $20,000 earnest money check she just deposited with a Tennessee title company. When should she expect to see this money applied toward her purchase of the property? · When conditions are met at closing 1. Which of the following statements about Tennessee brokers and license law violations is true? · If a broker has committed a violation, the broker's license can be downgraded to affiliate broker status. 1. Which of the following is required on any Tennessee real estate advertising? · Business name and office phone number 1. How many days after being convicted of a license law offense will the Tennessee Real Estate Commission revoke a licensee's license? · 60 1. Which of the following is a true statement about filing a civil suit related to a complaint in Tennessee? · Complainants can pursue a civil suit independently. 1. What's true about a consumer who is working with a real estate licensee but hasn't signed an agency agreement? · The consumer is free to sign an agreement or work with any other licensee 1. Which of the following is a responsibility of the Tennessee Real Estate Commission, as provided in the Tennessee Real Estate Broker License Act? · The right to grant and renew licenses