TN Residential Core Final Exam Prep Questions With Guaranteed pass Solutions Rated A+.

Under which of the following circumstances may a licensee give a cash gift? - Answer A licensee may never provide a cash gift related to a real estate transaction. Agency relationships in Tennessee are created by ______. - Answer Written agreement When does a licensee involved in a transaction have any disclosure obligations to the other licensee? - Answer Always; any agency relationship must be disclosed. Tonya, a buyer, has three days to pay for a(n) ______ which she instructs her lender to order. - Answer Credit report If sinkholes are common in an area, but don't show up on a recorded plat map, prospective buyers should ______. - Answer Consult with a geologist You've provided a written disclosure to an unrepresented person. What more's required? - Answer Get a signed receipt. The Smiths have a sinkhole on their property. If they decide to sell, what's their disclosure requirement to prospective buyers? - Answer Whether obvious or not, they must disclose the sinkhole. At least how many people must live in a county for the Tennessee Landlord and Tenant Act to apply to rental agreements in that county? - Answer 75,000 You show a property to an unrepresented buyer. You disclose to the seller that you don't represent the buyer. If the buyer later decides to write an offer, using you as her agent, what must you do? - Answer Write the offer only after disclosing the change in relationship to the seller. You owe which of the following duties to the client in an agency agreement? - Answer Obedience and loyalty Lenny and the rest of his team work best when they're ultra-focused. They decide to rent a small office space across the street from their affiliated firm and perform real estate activities from there. Does this adhere to license law? - Answer No; this would be a prohibited act.