ennessee Real Estate License Law Exam | Questions & 100% Correct Answers (Verified) | Latest Update | GradeA+

Never Correct Answer: When is it legal for the commission to set real estate commisions? An unlicensed person who receives payment for performing an activity requiring licensure is liable for Correct Answer: Up to three times the amount of the payment received. How is the Real Estate Recovery Fund funded? Correct Answer: By fees paid by applicants for license and license renewal. What is the dollar limit of the additional license renewal fee that goes toward the Real Estate Fund? Correct Answer: $30 The Commission has the authority to Correct Answer: Suspend, revoke, or downgrade a license. 2 Which rule applies to the appointment of a full-time director of education? Correct Answer: The person must be a college graduate. A broker's license enables a licensee, among other things, to: Correct Answer: Employ an affiliate broker. Act as a principal or managing broker of an office. Handle client funds. Enter into agency contracts. What is the number of required hours of prelicense education for an affiliate broker's license applicant? Correct Answer: 90 hours-- 60+30 Which of the following is prohibited for an unlicensed person? Correct Answer: Accepting a commission Sally has been hired as a freelance worker to solicit time-share customers. What type of license must she hold? Correct Answer: Acquisition Agent What is the residency requirement for an affiliate broker's license? Correct Answer: Fourty-five days. If the broker maintains more than one office within the state, there must be an additional firm license for each such branch office an