TN Real Estate state practice exam|2023 LATEST UPDATE|GUARANTEED SUCCESS

TREC can hold as many meetings as it deems necessary throughout the year, but it must have a minimum of three meetings. Where must these meetings take place? One in each, West, middle, east division Gideon is planning to run a full-page ad in the Knoxville newspaper to promote his open house in two weeks. He'll be offering a free overnight stay at a local resort to the winner of the door prize. Which of the following is a true statement? Gideon's ad must clearly state the value and all qualifications and accurate specifications of the prize. A principal broker in Tennessee is required to ______ for all transactions in which affiliated licensees participate. Review and approve transactional documents and agreements How many members of TREC are licensed real estate brokers or affiliate brokers in Tennessee? 7 Ralph is a broker whose license was suspended when one of his affiliated brokers committed a violation. This is mostly likely because ______ Ralph either knew about the violation or is guilty of failure to supervise Mike is applying for an affiliate broker license. What type of written examination requirement does this type of license have? The applicant must pass the national and state exams with a score of 70% or greater. Deborah, a sponsoring broker, is required to display the licenses of ________. All affiliate brokers, both independent contractors and employees Who's entitled to reimbursement from the Real Estate Education and Recovery Account? A member of the public who's been granted a judgment against a licensee Which of these must Tennessee licensees disclose relative to specific real estate transactions handled by their brokerages? Immediate family relationships Which violation is likely to result in license revocation? Criminal actions Ted and Tanya, Tennessee buyers, are represented by Brooke Sales. They want to make an offer on a home and give Brooke a check for $5,000 for earnest money. The check is post-dated for a week. Ted explains, "We have the money, but I need to shuffle a few things around before this check is good." Can Ted and Tanya do this? No. Earnest money needs to be able to be deposited immediately, so a post-dated check won't work. Which of the following statements is true regarding the termination date of a listing agreement or sales contract in Tennessee? A definite termination date must be included. In addition to a firm real estate license and a principal broker, what else must real estate firms have to meet Tennessee firm license requirements? A physical location and facility that can adequately accommodate affiliated licensees Which of the following would you need to disclose about a listed property? Your stepfather is the property owner. Elana is marketing a new listing. What must she obtain before posting a for sale sign in the seller's yard? The seller's written permission A default to facilitator policy is an attempt to avoid what? Dual agency Dual agency real estate scenario where a real estate agent represents both the buyer and seller on the same transaction. Rather than split the commission between buyer agent and listing agent — as a transaction normally would — dual agency gives the entire sum to one agent. As a security precaution, which of the following should Tennessee licensees do? Limit the amount of personal information they post. What must all agreements and contracts have per the Tennessee Real Estate Commission? Termination date Donnie is the buyer's agent for a transaction in which May (from a different brokerage) listed her seller client George's property. From whom will Donnie receive his compensation? From his own broker Addison didn't make an on-site inspection of the timeshare project prior to signing the contract. She's now signed the contract but a little voice inside her head is telling her to get out while the getting is good. In Tennessee, how many days does Addison have to cancel the contract? 15 days To become a designated agent in Tennessee, licensees must be ______. Appointed by the managing broker The commission uses an official seal, which is used to certify and authenticate ______. Records A Tennessee broker discloses to a potential buyer that she's not only the listing agent, but also the owner of the property the buyer's interested in. She makes this disclosure of personal interest because ______. It's required under Tennessee law Tamara is assisting a buyer who's making an offer on her client's listing. Tamara and the buyer develop a good rapport, and in her desire to be helpful, Tamara offers the buyer advice about how to structure her offer. What does Tamara risk being charged with? Undisclosed dual agency Which of the following statements is true about affiliating with a broker? All of the client engagement agreements you sign are done in the name of your principal broker. Maggie, a broker in Tennessee, collected an earnest money check at 6 p.m., after the bank closed. She attempted to deposit it via the ATM into her principal broker's trust account but she couldn't remember the PIN so she deposited it into her personal checking account. What is Maggie guilty of? Commingling Real estate licensees may offer gifts or prizes to buyers, sellers, or lessees under certain conditions. What is one of those conditions? The market value of the gift is disclosed. All funds entrusted to a Tennessee licensee on behalf of another party in the practice of real estate are by definition _____ Trust funds The ______ enforces federal fair housing laws at the state level in Tennessee. Tennessee Human Rights Commission TREC can't be held legally responsible for damages if a consumer sues the commission. This gives TREC immunity from _____ Civil liability Brokerage firms that engage in activities that require them to accept the funds of others are required by law to keep accurate records of all funds deposited in escrow/trustee accounts. At a minimum, what information must the records contain in addition to who provided the funds and the date the funds were deposited? The date the funds were withdrawn and who received the funds