Tennessee License Law Questions and Answers Rated A+

Tennessee License Law Questions and Answers Rated A+ The Human Rights Act exists to ensure that federal civil rights laws are carried out. What are the primary sources of laws and regulations governing real estate licensees in Tennessee? The Tennessee Real Estate License Act and the Commission rules. Which of the following is a section in the License Act? Qualifications and licensing What is a Commission policy statement? An occasional amplification that becomes part of the rules Who makes and changes the Commission rules? The Commission Which of the following is a section of the rules? Rules of Conduct What is the purpose of the Commission rules? To enable the Commission to carry out its duties under the License Act Which entity directs payment from the Real Estate Recovery Fund? Courts What minimum balance must always be maintained in the Recovery Fund? $500,000 The Commission has the authority to suspend, revoke, or downgrade a license. An unlicensed person who receives payment for performing an activity requiring licensure is liable for up to three times the amount of the payment received. When is it legal for the Commission to set real estate commissions? Never Which of the following actions can the Commission NOT take? Set commissions. A person in violation of the Recovery Act cannot be reinstated until he or she has repaid the full amount plus interest to the fund. How many members are there on the Tennessee Real Estate Commission? 9 Among the Commission's duties and responsibilities are establishing standards of practice for licensees. A person who acts as a broker without a broker's license has committed a Class B misdemeanor. When is it legal for the Commission to set real estate commissions? Never If the Recovery Fund currently has $612,000 on-hand, what would be the most the Commission could spend on educational activities? $112,000 If the broker maintains more than one office within the state, there must be an additional firm license for each such branch office and each branch office must be under the supervision of a broker licensed at that address. Jim works for Sunshine Vacation Lodging. Which of the following requirements apply? -Sunshine Vacation Lodging must hold a license. -Jim must hold a license. -Sunshine Vacation Lodging and Jim both must hold licenses. -Jim must hold a work permit. -Sunshine Vacation Lodging must hold a license. On 8/1/2011, Norm was released on probation. When is the earliest he could be considered for licensure? 8/1/2013 How much more is an original license fee than that of a renewal? $20 What statement from a broker must a license applicant provide in the application? That the broker will supervise and train the applicant