TENNESSEE LICENSE LAW COMPREHENSIVE EXAM
2026/2027 QUESTIONS AND SOLUTIONS RATED A+
✔✔A landlord must hold security deposits in a - ✔✔special account.
✔✔Al wants to specialize in the listing of commercial real estate. What type of license is
required? - ✔✔A broker's or affiliate broker's license
✔✔Which of the following is NOT a specialty within the control of the Commission?
- Rentals
- Time Shares
- Property Management
- Rehabbing - ✔✔Rehabbing
✔✔A consumer made a walk-through inspection of a time-share project before signing
the sales contract. How long does she have to void the contract? - ✔✔Ten days after
signing
✔✔If you hold a time-share estate, what type of estate do you hold?
- Trust estate
- Shared Estate
- Estate by proxy
- Leasehold estate - ✔✔Leasehold estate
- A timeshare estate is an ownership or leasehold estate in property devoted to a
timeshare fee, tenants in common, time span ownership, interval ownership, and a
timeshare lease.
✔✔Fred has visited Sun Valley Time-Shares and signed a contract. He has returned
home to Texas. How many days does he have to rescind the agreement? - ✔✔10 days
✔✔The Time Share public offering statement must include:
- plat map.
- description of liens.
- titles to unit.
- cash out value. - ✔✔description of liens.
✔✔A person tells a rental location agent she is looking for a small two-bedroom house
to rent. The agent says he has a number of such houses in his listings, although he
really has none. When the prospective tenant comes in to the office, the agent tries to
convince her to rent a three-bedroom house. Has the agent committed any violation? -
✔✔Yes, a Class C misdemeanor
, ✔✔A time-share developer must maintain records for at least - ✔✔4 years.
✔✔Which of the following activities is regulated by the Commission?
- Highway land acquisition
- Eminent domain
- Commercial real estate
- State zoning - ✔✔Commercial real estate
✔✔Norm sells time-shares on the weekend and works for Mr. Black, a licensed broker.
He would be called a:
- vacation sale representative.
- time-share vacation salesperson.
- time-share salesperson.
- time-share marketer. - ✔✔time-share salesperson.
✔✔The managing agent of a time-share project must be a licensed real estate firm or
a(n) - ✔✔bonded agent.
- The managing agent of a timeshare project must be a licensed real estate firm or
bonded agent, and must maintenance an escrow or reserve account to contain the
assessments collected for maintenance and replacement purposes.
✔✔Which of the following property types is not subject to the law regulating landlords?
- An apartment in a building with more than ten units
- A high-rise that does not rent to transients
- A property that uses no rental agreements entered into before 1975
- A condominium - ✔✔A condominium
✔✔How often must a rental location agent verify that her advertised properties are still
available? - ✔✔Every day
✔✔Which feature is prominent in a vacation club program?
- Purchaser obtains a recurring right to occupy accommodations in more than one site.
- Purchaser obtains a right to sell lease rights.
- Purchaser obtains the right to use only one site location.
- Purchaser obtains points for cash awards. - ✔✔Purchaser obtains a recurring right to
occupy accommodations in more than one site.
✔✔Jill received a time-share schedule, also called a
- schedule of visits.
- time-share order.
- list of appointments.
2026/2027 QUESTIONS AND SOLUTIONS RATED A+
✔✔A landlord must hold security deposits in a - ✔✔special account.
✔✔Al wants to specialize in the listing of commercial real estate. What type of license is
required? - ✔✔A broker's or affiliate broker's license
✔✔Which of the following is NOT a specialty within the control of the Commission?
- Rentals
- Time Shares
- Property Management
- Rehabbing - ✔✔Rehabbing
✔✔A consumer made a walk-through inspection of a time-share project before signing
the sales contract. How long does she have to void the contract? - ✔✔Ten days after
signing
✔✔If you hold a time-share estate, what type of estate do you hold?
- Trust estate
- Shared Estate
- Estate by proxy
- Leasehold estate - ✔✔Leasehold estate
- A timeshare estate is an ownership or leasehold estate in property devoted to a
timeshare fee, tenants in common, time span ownership, interval ownership, and a
timeshare lease.
✔✔Fred has visited Sun Valley Time-Shares and signed a contract. He has returned
home to Texas. How many days does he have to rescind the agreement? - ✔✔10 days
✔✔The Time Share public offering statement must include:
- plat map.
- description of liens.
- titles to unit.
- cash out value. - ✔✔description of liens.
✔✔A person tells a rental location agent she is looking for a small two-bedroom house
to rent. The agent says he has a number of such houses in his listings, although he
really has none. When the prospective tenant comes in to the office, the agent tries to
convince her to rent a three-bedroom house. Has the agent committed any violation? -
✔✔Yes, a Class C misdemeanor
, ✔✔A time-share developer must maintain records for at least - ✔✔4 years.
✔✔Which of the following activities is regulated by the Commission?
- Highway land acquisition
- Eminent domain
- Commercial real estate
- State zoning - ✔✔Commercial real estate
✔✔Norm sells time-shares on the weekend and works for Mr. Black, a licensed broker.
He would be called a:
- vacation sale representative.
- time-share vacation salesperson.
- time-share salesperson.
- time-share marketer. - ✔✔time-share salesperson.
✔✔The managing agent of a time-share project must be a licensed real estate firm or
a(n) - ✔✔bonded agent.
- The managing agent of a timeshare project must be a licensed real estate firm or
bonded agent, and must maintenance an escrow or reserve account to contain the
assessments collected for maintenance and replacement purposes.
✔✔Which of the following property types is not subject to the law regulating landlords?
- An apartment in a building with more than ten units
- A high-rise that does not rent to transients
- A property that uses no rental agreements entered into before 1975
- A condominium - ✔✔A condominium
✔✔How often must a rental location agent verify that her advertised properties are still
available? - ✔✔Every day
✔✔Which feature is prominent in a vacation club program?
- Purchaser obtains a recurring right to occupy accommodations in more than one site.
- Purchaser obtains a right to sell lease rights.
- Purchaser obtains the right to use only one site location.
- Purchaser obtains points for cash awards. - ✔✔Purchaser obtains a recurring right to
occupy accommodations in more than one site.
✔✔Jill received a time-share schedule, also called a
- schedule of visits.
- time-share order.
- list of appointments.
