Real Estate Tennessee State Exam questions with correct answers

When an earnest money check is deposited, what information does Tennessee require be recorded and maintained? - Answer Who provided the funds (the depositor) A principal broker in Tennessee is required ______ for all transactions in which affiliated licensees participate. - Answer Review and approve transactional documents and agreements What must licensees do to maintain their licenses? - Answer Complete continuing education requirements and pay the renewal fee Addision 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? - Answer 15 days Licensees in Tennessee are required to keep transaction documents for a minimum of_____ - Answer Three years Before applying for relief from the recovery fund, what must Tennessee consumers do when they receive a judgment against a licensee for wrongdoing? - Answer Exhaust other legal remedies. Which of the following situations is outside of the Tennessee Real estate Commission's jurisdiction? - Answer Kathi just bought a house and claims that her credit union promised her one interest rate but gave her a higher one. (TREC can't mediate or resolve a problem with a financial institution)