TENNESSEE LICENSE LAW STUDY GUIDE EXAM 2026/2027
QUESTIONS AND SOLUTIONS RATED A+
✔✔A person who acts as a broker without a broker's license has committed what type
of crime? - ✔✔has committed a Class B misdemeanor.
✔✔How is the Real Estate Recovery Fund funded? - ✔✔By fees paid by applicants for
license and license renewal
✔✔What is the purpose of The Real Estate Act? - ✔✔To protect the public against
harmful actions by licensees
✔✔Among the Commission's duties and responsibilities are - ✔✔establishing standards
of practice for licensees.
✔✔What is the dollar limit of the additional license renewal fee that goes towards The
Real Estate Fund? - ✔✔$30
✔✔When is it legal for the Commission to set real estate commissions? - ✔✔Never
✔✔Which entity directs payment from the Real Estate Recovery Fund? - ✔✔Courts
✔✔How many members are there on the Tennessee Real Estate Commission? - ✔✔9
✔✔Which rule applies to the appointment of a full-time director of education? - ✔✔The
person must be a college graduate
✔✔A person in violation of the Recovery Act cannot be reinstated until he or she has -
✔✔repaid the full amount plus interest to the fund.
✔✔Who chooses the chairman of the Real Estate Commission? - ✔✔The Commission
itself
✔✔ - ✔✔
✔✔ What is the purpose of the Commission rules? - ✔✔To enable the Commission to
carry out its duties under the License Act
✔✔Which law regulates the sale and promotion of vacation clubs?
The Summer Act of 1967
The Tennessee Vacation Club Act of 1995
The Lake and Stream Act of 1995
The Vacations Act of 1988 - ✔✔The Tennessee Vacation Club Act of 1995
QUESTIONS AND SOLUTIONS RATED A+
✔✔A person who acts as a broker without a broker's license has committed what type
of crime? - ✔✔has committed a Class B misdemeanor.
✔✔How is the Real Estate Recovery Fund funded? - ✔✔By fees paid by applicants for
license and license renewal
✔✔What is the purpose of The Real Estate Act? - ✔✔To protect the public against
harmful actions by licensees
✔✔Among the Commission's duties and responsibilities are - ✔✔establishing standards
of practice for licensees.
✔✔What is the dollar limit of the additional license renewal fee that goes towards The
Real Estate Fund? - ✔✔$30
✔✔When is it legal for the Commission to set real estate commissions? - ✔✔Never
✔✔Which entity directs payment from the Real Estate Recovery Fund? - ✔✔Courts
✔✔How many members are there on the Tennessee Real Estate Commission? - ✔✔9
✔✔Which rule applies to the appointment of a full-time director of education? - ✔✔The
person must be a college graduate
✔✔A person in violation of the Recovery Act cannot be reinstated until he or she has -
✔✔repaid the full amount plus interest to the fund.
✔✔Who chooses the chairman of the Real Estate Commission? - ✔✔The Commission
itself
✔✔ - ✔✔
✔✔ What is the purpose of the Commission rules? - ✔✔To enable the Commission to
carry out its duties under the License Act
✔✔Which law regulates the sale and promotion of vacation clubs?
The Summer Act of 1967
The Tennessee Vacation Club Act of 1995
The Lake and Stream Act of 1995
The Vacations Act of 1988 - ✔✔The Tennessee Vacation Club Act of 1995
