TN Real Estate Law-Pre-license questions with correct answers

TN real estate broker license act of 1973 - Answer The R.E. laws purpose is to protect the general public in real estate transactions Acquisition Agent - Answer is licensed. attempts directly to encourage any person to attend a sales presentation for a time share program (Ex: Gatlinburg people soliciting people to talk to them) Adverse Facts - Answer conditions or occurrences that have negative impact on the value of the real estate, significantly reduce the structural integrity, or significant health risks Facilitator - Answer Agent who ends up representing both buyer and seller the contract with both will state that the agents position defaults to facilitator Corporeal - Answer the right to possess visible, tangible real property or personal property (buildings, fences, roads) Incorporeal - Answer non possessory rights, intangible rights in real property (right of way, easements, licenses) Time share salesperson - Answer person acting as a seller of any time share contract (only sell under specific time share developer) no license required for... - Answer 1. owner of real estate, 2. power of attorney (attorney in fact), 3. services rendered by an attorney at law, 4. trustee in bankruptcy, administrator, deed of trust or