TN PRE Exam Prep: Licensing Questions With Complete Solutions

Broker correct answer: Any person, partnership, association who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate of others, or represents publicly that he does Affiliate broker correct answer: Any person engaged under contract by or on behalf of a licensed broker to participate in any activity in which the broker may legally engage Appraisal correct answer: An estimate of the current value of the property produced by a licensed or certified appraiser Comparative market analysis (CMA) correct answer: The product of comparing recent sales of similar properties, properties currently offered for sale, and recently expired listings, which results in a suggested list price range From a broker's standpoint, what are the four phases of a listing? correct answer: Obtaining the listing, preparing for the listing, listing and marketing the property, and managing the transaction through closing Code of ethics correct answer: A systematic set of rules and procedures used to guide the behavior of an individual, a business, or a culture (e.g., the National Association of REALTORS(R) Code of Ethics For how long must real estate licensees in Tennessee maintain