Tennessee Real Estate Commission (TREC)2023 updated correctly answered

Tennessee Real Estate Commission (TREC)2023 updated correctly answered Affiliate Broker Qualifications - correct answer Must complete sixty (60) hours of education, complete the thirty (30) hour "Course for New Affiliates) prior to licensing being issued. Acquisition Agent - correct answer requires a special acquisition agent licensure which allows the agent to solicit an encourage people to attend special presentations for a timeshare program. This solicitation must be done off-site from the timeshare location. Adverse Fact - correct answer Condition recognized by licensees that have a negative impact on a property that must be disclosed Affiliate Broker - correct answer A licensee that is engaged under a licensed broker to provide real estate services. Broker - correct answer A licensee who may be paid directly by the consumer for negotiating a listing, sale, purchase, lease or options. One who acts as an intermediary on behalf of others for a fee or commission. Client - correct answer A party to a transaction with whom the broker has entered into a specific written agency agreement to provide services. Customer - correct answer Any party to a transaction that is not a client for whom the real estate agent provides services. Designated Agent - correct answer A licensee who has been chased by the managing broker to service as the agent to a party of a transaction. Dual Agent - correct answer A licensee that has an agreement to provide service as an agent to more than one party in a specific transaction. Facilitator (Transaction Broker) - correct answer Any licensee who assists but does not represent one or more party in a transaction. In TN, a facilitator is also known as a transaction broker. Timeshare Salesperson - correct answer A licensee who only sells timeshares. Material - correct answer Any statement, representation, or fact relative to a transaction that would affect a reasonable person's decision to enter into an agreement and that has been identified by the person as being of significance to a particular party. Exemptions to Licensure - correct answer The following may engaged in real estate transactions without a required license. 1. An owner of real estate (FSBO) 2. An attorney-in-fact acting under a duly executed and recorded power of attorney from the owner 3.An attorney at law performing duties as an attorney at law 4. A receiver, trustee in bankruptcy, administrator, executor, or guardian or trustee acting under a trust agreement, deed of trust or will or acting under a court order Penalties - correct answer The penalty for someone acting as a licensed real estate agent without first obtaining a license is guilty ofc class B misdemeanor. Civil Penalties - correct answer $50-$1000 per violation per day Tennessee Real Estate Broker License Act of 1973 - correct answer Designed to protect the public from irresponsible or unscrupulous persons dealing in real estate. Creation of TREC - correct answer All members are appointed by the governor for a term of 5 years and can be reappointed for a second term of 5 years. There are a total of 9 members; 7 are real estate agents; 2 are from a non-real estate related industry. 3 members must be from each grand division; east, middle, and west Tennessee. 1 member must be 60 years old or older. 1 member must be of a racial minority.