real estate Tennessee State Exam Questions And Answers, Over 200 Questions And Answers, Complete Solution 2023

real estate Tennessee State Exam Questions And Answers, Over 200 Questions And Answers, Complete Solution 2023 What is the name of the Tennessee real estate regulatory body? a) Division of the Tennessee Real Estate B) Tennessee Real Estate Commission C) Board of Real Estate Regulators D) Tennessee Real Estate Board B How many members are on the Tennessee Real Estate Commission? A) 10 B) 9 C) 5 D) 15 B How many years may they serve? a) 3 years b) 5 years c) 6 years d) 4 years b What is the purpose and mission of TREC? a) to license and regulate real estate brokers and affiliate brokers b) to license and regulate time-share salespersons c) to license and regulate real estate firms d) all of the above d. TREC is charged with what statutory duties? a) hold court and impose criminal penalties b) the commission is authorized to promulgate rules and regulations c) carry out the provisions of the Tennessee Broker License Act of 1973 d) both b and c D. TREC is charged to do all things necessary and proper to carry out the provisions of the Tennessee Broker License Act of 1973 and the Rules and Regulations of the Commission. In TN, who is required to hold a real estate license? a) anyone that sells real estate b) Real estate brokers c) real estate affiliate brokers d) both b and c d what is the most important exemption from the licensing requirements? a) a person who acts on their own behalf b) unlicensed assistants to affiliate brokers c) paralegals under the legal reform act d) both a and c a. the most important exemption is the person who acts on his or own behalf. any person can list, buy, rent, or sell his or her own property. the state does not regulate such a transaction, if the owner makes a mistake, the owner must take responsibility, no one else. does TN recognize licensure in other states? a) Yes, TN recognizes all lawfully licensed agents b) no, TN is so unique that all persons must be licensed by the TREC c) Reciprocity agreements exist between TN and several states d) both a and c c what is the difference between an affiliate broker and a principal broker? a- affiliate broker is typically a sales person b-a principle broker is responsible for all licensees in their firm c- a principal can also be a sales person d- all the above are true d can there be more than one broker in any given office? a- no, there can be only one broker for each office b- yes, principle brokers can employ brokers c- there can be only one principle broker per office d- both b and c are correct d can a corporation or partnership receive a real estate license? a- no, only an individual person can be issued a firm license b- yes if one affiliated broker is designated as the manager c- a partnership or corporation may be granted a firm license d- both b and c are true c. What reasons permit the Real Estate Commission to deny a license? a- if the application is on parole or probation b- the applicant makes a false statement of any material fact on an application c- the applicant was convicted of obtaining money under false pretenses d- all the above are true d Will the commission make any exceptions to concerning the denial of a license? a- no, all applicants are to be treated equally b- possibly, yes. the TREC can consider the nature of a disqualifying act or circumstances c- yes, but only with the approval of the Governor d- possibly, but only with the approval of at least three law makers. b are any special duties imposed on principle brokers? a- the broker is responsible for all closings regardless of the listing agent b- the principle broker is responsible for the trust account. c- the broker must account for all sales made by unlicensed assistants d- both a and b are ture b what are the responsibilities of affiliated brokers? a- the affiliate broker must keep their broker fully informed of their license status b- the affiliated must act according to the broker's wishes c- the affiliate broker can only represent one principle broker d- all of the above are true d can an affiliate broker be licensed under more than one broker? a- no, the affiliate broker can only be employed by one broker b- no, but their personal assistant can work for another firm thereby doubling their income c- yes, having a real estate license gives an affiliate the right to work part time for several firms d- the affiliate can only work for one principle broker but can sell the real estate of friends on their own a What are specific requirements for an applicant to obtain an affiliate brokers license? a- successfully complete at least 60 hours of real estate principles approved by TREC b- successfully complete at the 30 hour course for new affiliates approved by TREC c- successfully pass the real estate examination administered by PSI d- all of the above are true d list the additional requirements to become a broker a- complete 120 hours of TREC approved education b- qualify with a specific time of real estate experience c- complete the TREC approved course in broker office management d- all of the above are true d Who administers the real estate exam? a- PSI b- ASI c-TREC d- FHA a who pays for the exam? a- the candidate b- the TREC for the first attempt c- there is no fee for the exam d- the fee is waived for all veterans a May a candidate who fails the exam retake it? a- yes, up to six retakes b- no if the candidate fails, they must start over c- only the national portion can be retaken d- yes, they can be rescheduled after 24 hours d What is the next step after the person passes the exam? a- candidates must apply for a license within 6 months b- candidates complete a background check c0 candidates must submit their fingerprints to the TBI d- all the above are true a how are license fees determined? a- fees for licensing based on the average commission earn by new affiliates b- fees for licensing based on the administrative costs and other related expenses c- fees for licensing vary from county to county depending upon the value of real estate d- all the above are true b can the first-time applicant ask for an inactive license? a- no b- yes c- yes, but only because of verified hardship d- yes, but only for six months a When does a real estate license expire? a- november 1st of every even-numbered year b- december 31st of every even-numbered year if licensed before july 1 2005 c- on the anniversary date of the license if licensed after july 1, 2005 d- both b and c are true d does the commission do a credit check? a- yes, TREC requires information on previous bankruptcies and therefore checks credit b- no, however the TREC does require information on previous bankruptcies c- yes, both credit and background checks are conducted d- no, but a fingerprint check is conducted by the TBI b are there any residency or citizenship requirements to be licensed as an affiliate broker? a- TN has a residency requirement of 45 days b- Licensees may live out of state if they live within 50 miles of the employing broker's office c- no, but the applicant has to be a U.S citizen d- both a and b are true d are bonds or other fees required? a- no bond is required b- a 100,000 recovery bond is required of all new licensees c- all licensees contribute to a recovery account d- both a and c are true d. no bond is required. TN requires the licensee contribute $30 to the TN Education and Recovery Account when applying for the original license. if the account falls below $500,000 all licensees are assessed up to $30. the errors and omissions insurance premium is also due no later than Nov 1 of each even-numbered year and is paid directly to the insurance carrier. how is a license renewed? a- all affiliated brokers must complete 16 hours of continuing education and pay a fee of $80 b- the affiliate takes a short refresher exam and pays a fee of $80 c- the affiliate can either pay $80 with continuing education or $120 and waive the education d- both a and c are true a What are the consequences if the license is not timely renewed? a- if the licensee fails to renew within the 60 day period, the license expires b- reeamination is required of all persons no renewing their license by Nov 1st c- the licensee can do business until Dec 31st at which time their license becomes void d- both b and c are ture a who keeps track of each license? a- the TREC is responsible for all licenses b- the principle broker is responsible for the renewal requirements of each license in their firm c- the license should be kept in a safe place such as a safe deposit box d- each licensee is responsible for maintaining active licensure d is is legal for a licensee to buy and/or sell property for his or her own portfolio? a- no, every licensee must turn over the sale of their real estate to a non-competing firm b- yes, but they must keep their interest secrete to avoid intimidating the buyer or seller c- yes, with proper disclosures d- yes, unless the license is in an inactive status c may licensees sell or buy property for themselves without going through their brokers? a- Yes, if it is sold strictly as a by owner" transaction b- licensees must advertise as the owner/agent