REAL ESTATE BROKER EXAM PRACTICE QUESTIONS
Who makes and changes the Commission rules?
Qualied state courts
The Commission
The state legislature
A committee appointed by the Governor
Correct answer: The Commission
The Human Rights Act exists to ensure that
national mandated rights are carried out.
basic rental rights laws are carried out.
local civil rights laws are carried out.
federal civil rights laws are carried out.
Correct answer: federal civil rights laws are carried out.
Which law regulates the sale and promotion of vacation clubs?
The Summer Act of 1967
The Tennessee Vacation Club Act of 1995
The Lake and Stream Act of 1995
The Vacations Act of 1988
Correct answer: The Tennessee Vacation Club Act of 1995
,Which of the following is a section in the License Act?
Obtaining listings
Oice management
Selling and marketing
Qualications and licensing
Correct answer: Qualications and licensing
What is the overall purpose of the Tennessee Broker License Act?
To create brokers and ailiate brokers
To protect the public from irresponsible or unscrupulous people in the real estate business
To regulate real estate markets and broker commissions in Tennessee
To create a Real Estate Commission and a set of rules for it to enforce
Correct answer: To protect the public from irresponsible or unscrupulous people in the
real estate business
What is the purpose of the Commission rules?
To keep unlicensed persons from collecting commissions
To control the real estate industry in Tennessee
,To test the eects of new regulations before they become law
To enable the Commission to carry out its duties under the License Act
Correct answer: To enable the Commission to carry out its duties under the License Act
When is it legal for the Commission to set real estate commissions?
At the beginning of the scal year
Whenever it sees t
Never
When requested to do so by a competent court
Correct answer: Never
Which rule applies to the appointment of a full-time director of education?
The person must be a college graduate.
The person must hold a real estate license.
The person must be over 25 years of age.
The person must have lived in the State for over 5 years.
Correct answer: The person must be a college graduate.
Among the Commission's duties and responsibilities are
establishing standards of practice for licensees.
establishing commission rates for standard services.
hiring instructors for real estate schools.
, educating the public about licensee's illegal behavior.
Correct answer: establishing standards of practice for licensees.
What minimum balance must always be maintained in the Recovery Fund?
$50,000
$100,000
$500,000
$1,000,000
Correct answer: $500,000
Which of the following actions can the Commission NOT take?
Regulate real estate training schools.
Establish ethic standards for licensees.
Set commissions.
Establish meeting dates to carry out its responsibilities.
Correct answer: 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 State Treasurer .
repaid the full amount plus interest to the victim.
repaid 50% of the full amount plus interest to the fund.
repaid the full amount plus interest to the fund.
Correct answer: repaid the full amount plus interest to the fund.
Who makes and changes the Commission rules?
Qualied state courts
The Commission
The state legislature
A committee appointed by the Governor
Correct answer: The Commission
The Human Rights Act exists to ensure that
national mandated rights are carried out.
basic rental rights laws are carried out.
local civil rights laws are carried out.
federal civil rights laws are carried out.
Correct answer: federal civil rights laws are carried out.
Which law regulates the sale and promotion of vacation clubs?
The Summer Act of 1967
The Tennessee Vacation Club Act of 1995
The Lake and Stream Act of 1995
The Vacations Act of 1988
Correct answer: The Tennessee Vacation Club Act of 1995
,Which of the following is a section in the License Act?
Obtaining listings
Oice management
Selling and marketing
Qualications and licensing
Correct answer: Qualications and licensing
What is the overall purpose of the Tennessee Broker License Act?
To create brokers and ailiate brokers
To protect the public from irresponsible or unscrupulous people in the real estate business
To regulate real estate markets and broker commissions in Tennessee
To create a Real Estate Commission and a set of rules for it to enforce
Correct answer: To protect the public from irresponsible or unscrupulous people in the
real estate business
What is the purpose of the Commission rules?
To keep unlicensed persons from collecting commissions
To control the real estate industry in Tennessee
,To test the eects of new regulations before they become law
To enable the Commission to carry out its duties under the License Act
Correct answer: To enable the Commission to carry out its duties under the License Act
When is it legal for the Commission to set real estate commissions?
At the beginning of the scal year
Whenever it sees t
Never
When requested to do so by a competent court
Correct answer: Never
Which rule applies to the appointment of a full-time director of education?
The person must be a college graduate.
The person must hold a real estate license.
The person must be over 25 years of age.
The person must have lived in the State for over 5 years.
Correct answer: The person must be a college graduate.
Among the Commission's duties and responsibilities are
establishing standards of practice for licensees.
establishing commission rates for standard services.
hiring instructors for real estate schools.
, educating the public about licensee's illegal behavior.
Correct answer: establishing standards of practice for licensees.
What minimum balance must always be maintained in the Recovery Fund?
$50,000
$100,000
$500,000
$1,000,000
Correct answer: $500,000
Which of the following actions can the Commission NOT take?
Regulate real estate training schools.
Establish ethic standards for licensees.
Set commissions.
Establish meeting dates to carry out its responsibilities.
Correct answer: 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 State Treasurer .
repaid the full amount plus interest to the victim.
repaid 50% of the full amount plus interest to the fund.
repaid the full amount plus interest to the fund.
Correct answer: repaid the full amount plus interest to the fund.
