Tennessee (state exam) Real Estate Questions and Answers Rated A+

Tennessee (state exam) Real Estate Questions and Answers Rated A+ Regulatory Powers Ans Enable the agency to pass specific regulations and rules to support the administration of the license law Judicial Powers Ans Enable it to conduct hearings and investigations into the activities of licensees and to rule on license suspensions or revocations Administrative Powers Ans 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 Ans Protect the public TREC consists of how many members? Ans 9 Who appoints members of TREC? Ans Governor How many years are the TREC member terms? Ans 5 Who chooses the TREC chair, vice chair, and executive director? Ans The commission Affiliate Broker Ans • High school diploma • Completion of 60 classroom hours + 30 credits Broker Ans • Must have high school, 120 classroom hours, 90 credits, Time Share Salesperson Ans • High school diploma • 30 classroom hours Only take state part of PSI exam Contract Ans 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 Ans 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