Tennessee State Exam Practice Questions with Verified Solutions

Tennessee State Exam Practice Questions with Verified Solutions The terms of the _______ determine who receives the earnest money. - contract Woody wanted to work for the new broker in town, so he filed the paperwork necessary to affiliate with a new broker. What will happen to his three listings and two buyer clients? - They remain with Woody's original broker, unless the broker agrees to other arrangements in writing. 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 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 What are the requirements for advertising real estate in Tennessee? - You must make it clear you are a real estate agent; Your managing broker's information must also be included; The firm's name and phone number must be placed in the ad (you can include yours as well); Everything must be honest and nothing can be misleading or deceptive. Two members of the Tennessee Real Estate Commission, Barb and Jeff, represent the public at large. Besides not being real estate licensees, what else do we know about Barb and Jeff? - They don't live in the same part of the state 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 A Tennessee license expired more than 120 days but less than one year due to failure to comply will be subject to an additional penalty fee of ______ . - $100 per 30 day period How many hours of continuing education must you complete to renew your license for another two years? - 16 hours Samantha is an affiliate broker working for Pigeon Forge Best Realty. While she's affiliated with the firm, all her listings and buyer representation agreements are done in _______ . - Her broker's name What does it mean to affiliate with a broker? - You will work as the agent of a broker who is responsible for your actions and required to supervise you. Which of the following is a true statement about transactional recordkeeping requirements in Tennessee? A) Electronic recordkeeping isn't allowed. B) Hard copies must be kept for three years, electronic records for two years. C) Hard copy recordkeeping is preferred. D) Licensees must produce records within 24 hours of a TREC request. - D) Licensees must produce records within 24 hours of a TREC request. What is a net listing? - The seller specifies a price desired for the property and agrees to pay the broker any amount received that's more than that price. In other words, a seller says "I'll sell my property for a MINIMUM of X amount." The agent's commission then becomes the difference between X amount and the larger sum that the property sold for. Gary is the listing agent for the Turners, who are downsizing. An affiliate broker at his firm, Randa, has a trade-up buyer who seems like a perfect fit for the Turners' house. Both the Turners and Randa's buyer have signed designated agency agreements with Gary and Randa respectively. If the in-house transaction proceeds, who will be the dual agent? - No one; no ONE agent is representing both the buyer and seller clients. It does not matter if the buyer and seller agents are from the same firm, as long as they are not the same person.