TENNESSEE AFFILIATE BROKER COMPREHENSIVE 2026
EXAM QUESTIONS AND ANSWERS GRADED A+
✔✔What is the Real Estate License Act? - ✔✔prohibits conduct cause for revocation;
willful misrepresentation, false promises, unauthorized use of trade names, failing to
account for funds of others, failing to preserve transaction records for 3 years,
undisclosed and non-consenting dual agency, using contract form that doesn't specify
termintation date, inducing a person to break a contract for the licensee's advantage,
licensee accepting a commission from anyone buy the broker, being convicted of any
kind of fraudulent financial behavior, discriminating, failing to supervise affiliates, giving
or receiving an undisclosed payment, failing to disclose self-interest in a transaction,
pracicing law without a license, violating the Time-Share Act or the Licensing Law in any
way
✔✔What are some examples of conflict of interest? - ✔✔potential violations of agency
and Licensing Act (net listings, undisclosed dual agency, undisclosed dealing for one's
own account)
✔✔When should a complaint against a licensee be filed? - ✔✔whichever period is
longest: within 2 years from commission or discovery of violation, statue of limitation if
criminal offense, ten days after criminal conviction for the violation
✔✔What is the required time frame to report conviction for any prohibited act to the
Commission? - ✔✔within 60 days
✔✔What is regulated by the Time-Share Act? - ✔✔Time-Share programs, Vacation
Clubs, Time-Share salespersons, managing agents, acquisition agents
✔✔What is a Time-Share Program? - ✔✔periodic use of time-share intervals occurring
annually over more than 1 year
✔✔What is a vacation club? - ✔✔recurring right to use accommodations in more than
one site according to mandatory reservation system
✔✔What is a time-share salesperson, managing agents, acquisition agents affiliated
with? - ✔✔a firm that is affiliated with a registered project
✔✔What does a managing agent of a time-share project do? - ✔✔licensed real estate
firm or bonded agent; responsible for escrow account for project reserves
✔✔What does a principal broker of a time-share managing firm do? - ✔✔controls
accounts, ensures Commission access to account records, must maintain time-share
records for 4 years
, ✔✔What is a public offering statement from time-share developer or agent
requirements? - ✔✔must be given to purchaser by date of sales contract and may not
be used for promotion before project is registered
✔✔What is the purchaser's right to rescind time share sales contract? - ✔✔anytime
before receipt of the offering statement; 10 days from date of signing if buyer inspected
site before signing or 15 days from date of signing if buyer did not inspect before signing
✔✔What regulates the rental location agents? - ✔✔The Licensing Act
✔✔What qualifies a rental location agent? - ✔✔pertains to residential property, fee paid
by tenant; must be licensed by the Commision; must be bonded for $10,000 or $2,500 if
firm is duly licensed
✔✔What is the rental agent responsibilities? - ✔✔refund tenant fee if tenant fails to
obtain a rental or full fee if info is inaccurate, advertise only currently available
properties, disclose required info in advertising, refer prospects only to properly listed
properties and give accurate information
✔✔What is the criminal act for the rental agent for failure to give accurate information? -
✔✔Class C misdemeanor
✔✔What required information should be properly listed on advertisements by rental
agents? - ✔✔rent, location, when available; rental agent's name and occupation
✔✔How often should a rental agent verify current available properties? - ✔✔every day
✔✔What does the Uniform Landlord and Tenant Act regulate? - ✔✔landlords, tenants,
rental property managers, residential leases
✔✔What is NOT subject to the Landlord and Tenant Act? - ✔✔hotels and motels,
condos and cooperatives, residences under contract for deed, rental agreements before
July 1, 1975
✔✔What is the key provisions of the Landlord and Tenant Act? - ✔✔landlord access,
security deposits, abandonment and repossession, landlord default, grace period
✔✔True or False: A tenant may refuse entry of landlord for emergencies, repairs,
maintenance, inspections, showings - ✔✔False
✔✔What information is included in the abandonment and repossession section of the
Uniform Landlord and Tenant Act? - ✔✔landlord may retake after 30 days of tenant
absense and a missed payment; after 15 days of lateness in payment and tenant
appears absent
EXAM QUESTIONS AND ANSWERS GRADED A+
✔✔What is the Real Estate License Act? - ✔✔prohibits conduct cause for revocation;
willful misrepresentation, false promises, unauthorized use of trade names, failing to
account for funds of others, failing to preserve transaction records for 3 years,
undisclosed and non-consenting dual agency, using contract form that doesn't specify
termintation date, inducing a person to break a contract for the licensee's advantage,
licensee accepting a commission from anyone buy the broker, being convicted of any
kind of fraudulent financial behavior, discriminating, failing to supervise affiliates, giving
or receiving an undisclosed payment, failing to disclose self-interest in a transaction,
pracicing law without a license, violating the Time-Share Act or the Licensing Law in any
way
✔✔What are some examples of conflict of interest? - ✔✔potential violations of agency
and Licensing Act (net listings, undisclosed dual agency, undisclosed dealing for one's
own account)
✔✔When should a complaint against a licensee be filed? - ✔✔whichever period is
longest: within 2 years from commission or discovery of violation, statue of limitation if
criminal offense, ten days after criminal conviction for the violation
✔✔What is the required time frame to report conviction for any prohibited act to the
Commission? - ✔✔within 60 days
✔✔What is regulated by the Time-Share Act? - ✔✔Time-Share programs, Vacation
Clubs, Time-Share salespersons, managing agents, acquisition agents
✔✔What is a Time-Share Program? - ✔✔periodic use of time-share intervals occurring
annually over more than 1 year
✔✔What is a vacation club? - ✔✔recurring right to use accommodations in more than
one site according to mandatory reservation system
✔✔What is a time-share salesperson, managing agents, acquisition agents affiliated
with? - ✔✔a firm that is affiliated with a registered project
✔✔What does a managing agent of a time-share project do? - ✔✔licensed real estate
firm or bonded agent; responsible for escrow account for project reserves
✔✔What does a principal broker of a time-share managing firm do? - ✔✔controls
accounts, ensures Commission access to account records, must maintain time-share
records for 4 years
, ✔✔What is a public offering statement from time-share developer or agent
requirements? - ✔✔must be given to purchaser by date of sales contract and may not
be used for promotion before project is registered
✔✔What is the purchaser's right to rescind time share sales contract? - ✔✔anytime
before receipt of the offering statement; 10 days from date of signing if buyer inspected
site before signing or 15 days from date of signing if buyer did not inspect before signing
✔✔What regulates the rental location agents? - ✔✔The Licensing Act
✔✔What qualifies a rental location agent? - ✔✔pertains to residential property, fee paid
by tenant; must be licensed by the Commision; must be bonded for $10,000 or $2,500 if
firm is duly licensed
✔✔What is the rental agent responsibilities? - ✔✔refund tenant fee if tenant fails to
obtain a rental or full fee if info is inaccurate, advertise only currently available
properties, disclose required info in advertising, refer prospects only to properly listed
properties and give accurate information
✔✔What is the criminal act for the rental agent for failure to give accurate information? -
✔✔Class C misdemeanor
✔✔What required information should be properly listed on advertisements by rental
agents? - ✔✔rent, location, when available; rental agent's name and occupation
✔✔How often should a rental agent verify current available properties? - ✔✔every day
✔✔What does the Uniform Landlord and Tenant Act regulate? - ✔✔landlords, tenants,
rental property managers, residential leases
✔✔What is NOT subject to the Landlord and Tenant Act? - ✔✔hotels and motels,
condos and cooperatives, residences under contract for deed, rental agreements before
July 1, 1975
✔✔What is the key provisions of the Landlord and Tenant Act? - ✔✔landlord access,
security deposits, abandonment and repossession, landlord default, grace period
✔✔True or False: A tenant may refuse entry of landlord for emergencies, repairs,
maintenance, inspections, showings - ✔✔False
✔✔What information is included in the abandonment and repossession section of the
Uniform Landlord and Tenant Act? - ✔✔landlord may retake after 30 days of tenant
absense and a missed payment; after 15 days of lateness in payment and tenant
appears absent
