State Portion Content Outline Review exam latest update with 100% correct answers.

Purpose of the Tennessee Real Estate Commission aka. TREC Their mission is to protect the public. The commission may enact and enforce bylaws, rules and regulations that are reasonably necessary. Number of Members in TREC 9 Required Member Demographics The governor appoints 7 members who are brokers and/or affiliate brokers. 2 non-licensee members are selected to serve on the commission who must be from different divisions (i.e. east, west, or middle). Also must have at least 1 member who is 60 years of age or older as well as at least 1 member of a racial minority. TREC Member Term Limits Every member of the commission shall be appointed for a term of 5 years. No member can succeed themselves more than 1 term. Who appoints the members of the commission? The Governor Who appoints the TREC chair, vice chair, and executive director? The Commission 2 Employees of TREC The commission has full time legal council (i.e. General Counsel) and a full time Director of Education. Meetings TREC meets regularly each month for up to 3 days per session. Complaints and Notifications If a member of the public files a complaint, the commission with review the complaint, and if merited, the commission will forward the complaint to the respondent for a reply within 10 days. The commission may refer a complaint to a court of competent jurisdiction. Disciplinary Actions Include (a) to fine licensees (b) to petition the courts to use injunctions (c) to refuse to issue a license; to suspend or revoke (d) to downgrade license status (e) to hold hearings thus granting due process (f) True or False: As of Jan 1, 2005, a candidate applying for a TN real estate license must successfully complete a 60hr course in the general principles of real estate, pass the state exam, complete the 30hr New Affiliate Broker course and purchase errors and omissions insurance. True Other Requirements The applicant must be at least 18yrs of age, have a high school diploma or GED certificate, reside in the state for at least 45 days, be sponsored by a licensed broker and have no past criminal record, without first submitting a request for a hearing before the commission. Renewals All licenses issued after Jul 1, 2005, expire on the anniversary date of the individual affiliate broker's license. The Core Course of 4hrs and 12 additional hours of commission approved courses must be completed prior to each renewal period by affiliate brokers. After the first renewal, affiliate brokers must take the current 4hr Core Course and 12 additional hours of continuing education during that period and every 2 years thereafter to renew their license for the following 2 years. When a license expires there is no "free" time in which to renew without penalties.