TN Real Estate Exam Questions and Answers Rated A+

TN Real Estate Exam Questions and Answers Rated A+ a broker or affiliate broker may perform all of the following in preparation for the closing EXCEPT - coordinate inspections and deliver documents and escrow monies to the appropriate attorney a broker decides he wants to conduct the closing on a all-cash sales of a property between his clients, the seller, and the buyer, his customer. with these parties, the broker - may conduct the closing an aggrieved person is awarded a judgment against a real estate licensee for violation of the Tennessee Real Estate Broker Act of 1973. Regarding the real estate education and recovery account, the aggrieved party has the right to - receive up to $50K from the real estate education and recovery account for the full judgment amount plus court costs and attorney's fees the purpose of the Tennessee Real Estate Education and Recovery Account is - provide a means of compensation for actual monetary losses suffered by individuals as a result of the acts of a licensee violating the license law or committing other illegal acts related to a real estate transaction the maximum liability of the Tennessee Real Estate Education and Recovery Account for any single transaction, regardless of the number of persons aggrieved or parcels of real estate involved in such transaction, shall not exceed - $15K a real estate licensee ( broker, affiliate broker, or time share salesperson) is found financially liable in four law suits involving several different transactions. The court orders payment from the Real Estate Education and Recovery Account for the judgments. What is the maximum that can be paid to the consumers of behalf of the broker affiliate broker, or time share salesperson for these judgments - $30K whenever the commission is required to satisfy a claim against a licensee with money from the real estate education and recovery account, they may revoke the licensee's license. In the eventthat this happens, the - licensee must repay the full amount plus interest to the account if his or her license is to be reinstated. what is the minimum balance of the Tennessee Real Estate Education and Recovery Account - $500,000 after proper investigation or upon a court order to the commission, payment is made from the real estate education and recovery account due to the improper activities of a license. what happens when the payment is made? - the licensee's license may be suspended or revoked, at the discretion of the commission