TN Real Estate Exam Prep Questions And Answers With Verified Quiz

TN Real Estate Exam Prep Questions And Answers With Verified Quiz In accordance with TN law, transaction records should be maintained for a period of ✔✔Three years A type of listing illegal in TN ✔✔A net listing TN licensee Doug wants to advertise another brokers listing. Whose permission must he have to do this ✔✔The property owner What is the minimum number of years that brokers in TN must keep rec ords of escrow/trustee accounts ✔✔Three A principal broker in TN, has a legal responsibility to review all of the following documents for accuracy and in a timely manner except ✔✔Consumer reports 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. When trust funds are deposited into an interest bearing escrow account in TN, what must first happen ? ✔✔Consent and agreement on interest distribution from the parties 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 w eek. 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. Within how many day s of a firm changing locations must the licensees who are registered with that firm send written notification to the Tennessee Real Estate Commission of their change of address, along with the change -of-address fee? ✔✔10 Ted is an affiliate broker in Tenn essee. Which of the following statements about Ted's E&O coverage is true? ✔✔Ted can obtain his E&O independently. Lisa, a licensee with Hometown Realty, is accompanying her buyer, Francis, to an open house. Travis, the seller's agent, approaches Lisa and asks what brings them to the open house today. In order to properly disclose her agency status, how should Lisa respond? ✔✔"Hi, I'm Lisa. I'm an agent for Hometown Realty. This is Francis, who is my buyer client." Which of the following statements is tru e regarding timeshare estates in Tennessee? ✔✔Timeshare estates can be sold or passed down to heirs. A broker would not be a dual agent for an in -house transaction under what circumstances? ✔✔If the clients have designated agency agreements. Mary and Sha wn are both Tennessee affiliate brokers working under Lawrence at Broker One. Mary represents the buyer and Shawn represents the seller as designated agents in a sale that's scheduled to close in two weeks. Who's the dual agent in this transaction? ✔✔No on e Which type of Tennessee property manager is most likely to work for real estate developers and investors? ✔✔Real estate development As a property manager for several residential landlords in Tennessee, Tomas must provide critical reports to each of the property owners for whom he works. Which of the following information points needs to be updated and issued monthly? ✔✔Income and expenses for each property The protected classes under Tennessee's fair housing law are ______. ✔✔Race, color, religion, nat ional origin, creed, sex, familial status, and disability The Tennessee Real Estate Commission has many duties and powers. Which of the following falls within its scope of authority? ✔✔Issue, deny, suspend, or revoke real estate licenses Brandi had to pa y a $700 penalty fee to reinstate her license. That's likely because her license expired more than ______ ago. ✔✔One year Which entity administers license law in Tennessee? ✔✔Tennessee Real Estate Commission The Old People's Senior Community caters to residents who are 55 and older. The community has 100 units. Thirteen units are occupied by adults who are between 45 and 55. Will this community qualify for a fair housing exemption under Tennessee's Human Right s Act? ✔✔No, the exemption in Tennessee applies only when at least 90% of the units are occupied by residents who are at least 55 years old. Whose responsibility is it to ensure that a prospective buyer receives a copy of the Tennessee Residential Propert y Condition Disclosure prior to the buyer making a written offer to the seller? ✔✔The buyer's agent How many members of TREC are licensed real estate brokers or affiliate brokers in Tennessee? ✔✔Seven