Tennessee (state exam)Real Estate Questions And Answers 100% Correct.

Tennessee (state exam)Real Estate Questions And Answers 100% Correct. Regulatory Powers - Answer - Enable the agency to pass specific regulations and rules to support the administration of the license law Judicial Powers - Answer - Enable it to conduct hearings and investigations into the activities of licensees and to rule on license suspensions or revocations Administrative Powers - Answer - Enable it to establish the staff organization, records, and facilities to manage the licensing process and the licensees themselves Mission of the Tennessee Real Estate Commission - Answer - Protect the public TREC consists of how many members? - Answer - 9 Who appoints members of TREC? - Answer - Governor How many years are the TREC member terms? - Answer - 5 Who chooses the TREC chair, vice chair, and executive director? - Answer - The commission Affiliate Broker - Answer - • High school diploma • Completion of 60 classroom hours + 30 credits Broker - Answer - • Must have high school, 120 classroom hours, 90 credits, Time Share Salesperson - Answer - • High school diploma • 30 classroom hours Only take state part of PSI exam Contract - Answer - Agreement between 2 or more parties who, in a "meeting of the minds" have pledged to perform or refrain from performing some act Exclusive Listing Agreement - Answer - Legally enforceable real estate agency agreement between a real estate broker and a client, authorizing a real estate licensee to act as a parties exclusive agent for the purchase, sale, or lease of real estate Commingling - Answer - Mixing escrow funds into the same account as non escrow funds Conversion - Answer - Using escrow funds for the wrong purposes Consumer Protection Act - Answer - Law makes it a Class B Misdemeanor to commit any unfair or deceptive act in any trade or commerce.