Tennessee Affiliate Broker Exam

$50 - change of address fee $50 - penalty per 30 day period prior to 120 days for licensing lapse $80 - license renewal fee $100 - penalty per 30 day period beginning on 121st day but prior to 1 year $400,000 - price at which federally related transactions are exempt from appraisal requirements 2 categories of comparison - elements and units 3 causes of deterioration - external depreciation, functional obsolescence, and physical deterioration. 3 items found in a residential sales contract not found in a commercial contract - 1. appraisal contingency 2. financing contingency 3. property condition disclosures 3 methods for estimating value using income approach - gross rent multiplier, gross income multiplier, and capitalization method. 3 years - amount of time state law requires all documents and records be kept, both hard copy and electronic. 7 - number of TREC members required to have 5 years of real estate experience or more 10 days - amount of time a licensee has to respond to a TREC complaint 10 days - amount of time licensee has to complete tasks associated with transfer of affiliation 10 days - amount of time licensees have to notify TREC of change of firm address 15,000 - the maximum payout any consumer can receive from the Real estate education and recovery fund/maximum award per transaction no matter amount of judgements or number of complainants 24 hours - amount of time you have to make documents readily accessible to TREC 30,000 - maximum lifetime payout per licensee