TENNESSEE AFFILIATE BROKER TEST PAPER 2026
QUESTIONS AND ANSWERS GRADED A+
✔✔Ellen and Isaac have a timeshare near the Smoky Mountains. They'll be able to use
it for two weeks every September, for the next eight years. What type of timeshare is
this? - ✔✔timeshare use
✔✔when must written confirmation of agency status occur? - ✔✔prior to offer
preparation
✔✔the first disclosure of agency status can be either - ✔✔verbal or written
✔✔what MUST be in place prior to providing any real estate services - ✔✔agency
disclosure
✔✔the disclosure of agency status in Tennessee is required in writing: - ✔✔Prior to
creating an offer with an unrepresented buyer Prior to execution of a listing agreement
with or presentation of an offer to purchase to an unrepresented seller (whichever
comes first)
✔✔REALTORS® Confirmation of Agency Status disclosure form - ✔✔lets all parties
know whether the licensee is representing the buyer or seller.
✔✔Licensees should obtain a signed receipt for each ________ from the party to whom
it was provided - ✔✔disclosure
✔✔Tennessee's Residential Property Disclosure Act - ✔✔establishes residential sellers'
property condition disclosure requirements. Under this law, sellers of single-family
residential real properties that include four or fewer single-family units must provide
buyers with a written disclosure of what they know about the property's condition. The
disclosure must be provided before the parties sign the sales contract.
✔✔If the seller fails to provide the disclosure statement, - ✔✔it doesn't give the buyer
the right to terminate the contract, or right to rescind, but the buyer may seek other legal
actions.
✔✔adverse fact - ✔✔conditions or occurrences generally recognized by competent
licensees that significantly reduce the structural integrity of improvements to real
property, or present a significant health risk to occupants of the property.
✔✔What type of property is exempt from property disclosure but must offer home
warranty - ✔✔new construction
, ✔✔Prior to a presentation to an offer to an unrepresented buyer - ✔✔agency status
disclosure must be confirmed in writing.
✔✔if the licensee or someone associated with the licensee also represents another
party to the same transaction, - ✔✔the licensee will default to a facilitator to avoid dual
agency.
✔✔A facilitator (aka transaction broker or non-agent) - ✔✔is any licensee who assists
one or more unrepresented transaction parties.
✔✔Three types of timeshares: - ✔✔Time Share Estate, Time Share Use, and Vacation
Ownership
✔✔Timeshare estate: - ✔✔Pieces of real estate owned by multiple unrelated individuals
who occupy the dwelling unit in one- to two-week intervals during the year.
✔✔Timeshare use: - ✔✔Gives the purchaser the right to possess the property at given
times for a given duration, but does not convey ownership.
✔✔Vacation ownership: - ✔✔Buyers agree to a one-time purchase price and an annual
maintenance fee. Owners can rent, sale, or give time to others.
✔✔How many hour sis the timeshare prelicensing program - ✔✔30
✔✔The Time-Share Act of 1981 - ✔✔protects timeshare owners and prospective buyers
by regulating advertising and discouraging scams and fraud.
✔✔In situations where the buyer has made an on-site inspection of the timeshare
project, the buyer has __ days after signing to rescind the contract. - ✔✔10
✔✔In situations where the buyer has NOT made an on-site inspection of the timeshare
project, the buyer has __ days after signing to rescind the contract. - ✔✔15
✔✔All payments made before timeshare rescission must be refunded to the buyer
within __ days after cancellation notice. - ✔✔30
✔✔The statute of limitations for an injured party to file a timeshare lawsuit - ✔✔4 years
✔✔Specialty area that does not require certifications but certifications are available -
✔✔property management
✔✔The Uniform Residential Landlord and Tenant Act applies to counties with a
population greater than_____ and only to these counties (by statute). - ✔✔75,000
QUESTIONS AND ANSWERS GRADED A+
✔✔Ellen and Isaac have a timeshare near the Smoky Mountains. They'll be able to use
it for two weeks every September, for the next eight years. What type of timeshare is
this? - ✔✔timeshare use
✔✔when must written confirmation of agency status occur? - ✔✔prior to offer
preparation
✔✔the first disclosure of agency status can be either - ✔✔verbal or written
✔✔what MUST be in place prior to providing any real estate services - ✔✔agency
disclosure
✔✔the disclosure of agency status in Tennessee is required in writing: - ✔✔Prior to
creating an offer with an unrepresented buyer Prior to execution of a listing agreement
with or presentation of an offer to purchase to an unrepresented seller (whichever
comes first)
✔✔REALTORS® Confirmation of Agency Status disclosure form - ✔✔lets all parties
know whether the licensee is representing the buyer or seller.
✔✔Licensees should obtain a signed receipt for each ________ from the party to whom
it was provided - ✔✔disclosure
✔✔Tennessee's Residential Property Disclosure Act - ✔✔establishes residential sellers'
property condition disclosure requirements. Under this law, sellers of single-family
residential real properties that include four or fewer single-family units must provide
buyers with a written disclosure of what they know about the property's condition. The
disclosure must be provided before the parties sign the sales contract.
✔✔If the seller fails to provide the disclosure statement, - ✔✔it doesn't give the buyer
the right to terminate the contract, or right to rescind, but the buyer may seek other legal
actions.
✔✔adverse fact - ✔✔conditions or occurrences generally recognized by competent
licensees that significantly reduce the structural integrity of improvements to real
property, or present a significant health risk to occupants of the property.
✔✔What type of property is exempt from property disclosure but must offer home
warranty - ✔✔new construction
, ✔✔Prior to a presentation to an offer to an unrepresented buyer - ✔✔agency status
disclosure must be confirmed in writing.
✔✔if the licensee or someone associated with the licensee also represents another
party to the same transaction, - ✔✔the licensee will default to a facilitator to avoid dual
agency.
✔✔A facilitator (aka transaction broker or non-agent) - ✔✔is any licensee who assists
one or more unrepresented transaction parties.
✔✔Three types of timeshares: - ✔✔Time Share Estate, Time Share Use, and Vacation
Ownership
✔✔Timeshare estate: - ✔✔Pieces of real estate owned by multiple unrelated individuals
who occupy the dwelling unit in one- to two-week intervals during the year.
✔✔Timeshare use: - ✔✔Gives the purchaser the right to possess the property at given
times for a given duration, but does not convey ownership.
✔✔Vacation ownership: - ✔✔Buyers agree to a one-time purchase price and an annual
maintenance fee. Owners can rent, sale, or give time to others.
✔✔How many hour sis the timeshare prelicensing program - ✔✔30
✔✔The Time-Share Act of 1981 - ✔✔protects timeshare owners and prospective buyers
by regulating advertising and discouraging scams and fraud.
✔✔In situations where the buyer has made an on-site inspection of the timeshare
project, the buyer has __ days after signing to rescind the contract. - ✔✔10
✔✔In situations where the buyer has NOT made an on-site inspection of the timeshare
project, the buyer has __ days after signing to rescind the contract. - ✔✔15
✔✔All payments made before timeshare rescission must be refunded to the buyer
within __ days after cancellation notice. - ✔✔30
✔✔The statute of limitations for an injured party to file a timeshare lawsuit - ✔✔4 years
✔✔Specialty area that does not require certifications but certifications are available -
✔✔property management
✔✔The Uniform Residential Landlord and Tenant Act applies to counties with a
population greater than_____ and only to these counties (by statute). - ✔✔75,000
