TN Real Estate Exam

coordinate inspections and deliver documents and escrow monies to the appropriate attorney - Answer- a broker or affiliate broker may perform all of the following in preparation for the closing EXCEPT may conduct the closing - Answer- a broker decides he wants to conduct the closing on a all-cash sales of a property between his clients, the seller, and the buyer, his customer. with these parties, the broker receive up to $50K from the real estate education and recovery account for the full judgment amount plus court costs and attorney's fees - Answer- an aggrieved person is awarded a judgment against a real estate licensee for violation of the Tennessee Real Estate Broker Act of 1973. Regarding the real estate education and recovery account, the aggrieved party has the right to provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee violating the license law or committing other illegal acts related to a real estate transaction - Answer- the purpose of the Tennessee Real Estate Education and Recovery Account is $15K - Answer- the maximum liability of the Tennessee Real Estate Education and Recovery Account for any single transaction, regardless of the number of persons aggrieved or parcels of real estate involved in such transaction, shall not exceed $30K - Answer- a real estate licensee ( broker, affiliate broker, or time share salesperson) is found financially liable in four law suits involving several different transactions. The court orders payment from the Real Estate Education and Recovery Account for the judgments. What is the maximum that can be paid to the consumers of behalf of the broker affiliate broker, or time share salesperson for these judgments licensee must repay the full amount plus interest to the account if his or her license is to be reinstated. - Answer- whenever the commission is required to satisfy a claim against a licensee with money from the real estate education and recovery account, they may revoke the licensee's license. In the event that this happens, the $500,000 - Answer- what is the minimum balance of the Tennessee Real Estate Education and Recovery Account the licensee's license may be suspended or revoked, at the discretion of the commission - Answer- after proper investigation or upon a court order to the commission, payment is made from the real estate education and recovery account due to the improper activities of a license. what happens when the payment is made?