Tennessee License Law 104 Questions with 100% Correct Answers | Updated & Verified

How many of the members of the Commission may come from the real estate industry? - ️️7 Which rule applies to the appointment of a full-time director of education? - ️️The person must be a college graduate. What is the purpose of The Real Estate Act? - ️️To protect the public against harmful acts by licensees If the Recovery Fund currently has $612,000 on-hand, what would be the most the Commission could spend on educational activities? - ️️$112,000 What minimum balance must always be maintained in the Recovery Fund? - ️️$500,000 What is the dollar limit of the additional license renewal fee that goes towards The Real Estate Fund? - ️️$30 What statement from a broker must a license applicant provide in the application? - ️️That the broker will supervise and train the applicant What license is required for a real estate branch office? - ️️A firm license -All real estate offices and branch offices must have; a real estate firm license, a principal broker, and a fixed location with adequate facilities for affiliated licensees. On 8/1/2011, Norm was released on probation. When is the earliest he could be considered for licensure? - ️️8/1/2013 -It is the Commission's policy that any person will not be considered for licensure until two years after the expiration of a probation, parole, conviction, or release from incarceration, whichever is later in time.