Tennessee Affiliate Broker Law exam with 100% correct answers

A woman passed the affiliate broker examination and is eager to begin listing and selling homes. What can she do? Apply for a license on the forms provided by the TREC and wait to receive it. A broker has several branch offices. Which is true regarding the management? Each branch office must be under the supervision of a broker licensed at that address. To create an agency relationship, there must be a written bilateral agreement. A licensed affiliate broker wants to include her home phone number on a sign that she placed on one of her listed properties. The sign must also include her broker's business telephone number. From whom may an affiliate broker receive compensation? From the broker he or she is affiliated with. Affiliate broker Oscar discriminates, in violation of the Tennessee Human Rights Act, and also uses an earnest money check for personal use. Oscar's managing broker, Aidan, is unaware of these illegal activities. When the Commission finds out about Oscar's actions, what will be the impact on Aidan? Aidan may be disciplined for failure to exercise adequate supervision of Oscar. When a broker engages an affiliate broker, the managing broker must swear to actively supervise and train that affiliate during the period the affiliate's license remains in effect. If the broker fails to exercise adequate supervision, the broker can be disciplined by the Commission. During the noon hour, all of the licensees at Dream Home Realty were out to lunch. A secretary was left to answer the telephone and to take messages. At 12:30, affiliate broker Sampson of New Homes, Inc., called to ask for information concerning one of Dream Homes' residential listings. In this situation, the secretary should: reveal only the listing information as directed by the Dream Homes broker and tell Sampson to call back if any more information is needed. A licensee negotiates the sale of a home intended for his fiancée and himself. He properly identifies himself as a licensee to the seller but neglects to disclose that he is getting married to the buyer. Do the actions of the licensee violate the license law? Yes, because the licensee did not disclose his possible future interest to the seller. Affiliate broker Frank may have his license revoked by the commission if he: deposits a buyer's down payment in his checking account. Can the Commission suspend a license while the affiliate broker is under investigation in response to a complaint? Yes, the TREC can suspend a license anytime it wants. The Commission must complete an investigation and reach a majority vote in order to revoke or suspend a license. How often must a rental location agent verify that her advertised properties are still available? Every day. An applicant for the time-share salesperson license received notice he had passed the licensing examination on February 1 of the current year. When is the last date he may apply for the license? January 31. An applicant for the time-share salesperson or acquisition agent license has 12 months to apply for the license after passing the exam. How many broker members are there on the TREC? 7 In the first three years after the issue of a broker's license, how many hours of continuing education does the licensee need for renewal? 120 hours. Within 3 years from the date of obtaining an original broker's license, the broker must satisfactorily complete an additional 120 classroom hours in real estate at any school, college, or university approved by the Commission in order to renew the license. An affiliate broker decides to transfer to another broker. He wants to take his listings with him. If he gets the consent of each seller to do this, is he within his rights to take these listings to another broker? No, a listing agreement may not be transferred to another broker without the express written consent of the original broker. The rights of renters are protected by which law? Uniform Residential Landlord and Tenant Act. Affiliate broker Bird has been licensed for at least two years. He has just passed the state broker examination and would like to apply for a broker's license. In order to meet the requirements, he must include which of the following with his application? Proof of satisfactory completion of 120 classroom hours approved by the Commission. The TREC, believing a licensee has violated the law, may file a complaint in any court of competent jurisdiction. The Commission may file a complaint for violation of the Real Estate Act before any court of competent jurisdiction and may request any court having jurisdiction over an individual to stop that individual from violating any provision of the License Act. Which of the following is a true statement about an affiliate broker who violates the Tennessee Real Estate License Law? The agent could have his license revoked for violation of the law. Violation of TREC rules is a Class B Misdemeanor. A listing agent who shows property to a ready, willing, and able buyer still has certain obligations to the buyer. Which of the following is NOT a true statement? An agent must disclose to the buyer all personal and financial facts regarding the seller's reasons for selling the property. A licensee owes certain duties to the parties in a transaction regardless of whether the licensee represents the party or not, such as reasonable care and skill, or disclosure of material facts. However, a licensee must keep his or her client's information confidential, unless the law requires disclosure. Broker Numberson was in the habit of preparing documents for clients. He could be liable to a charge of practicing law without a license for preparing which of the following? A deed. Brokers may prepare listing and sales agreements and buyer representation agreements without being considered to be practicing law without a license. However, they may not prepare deeds, installment sales contracts, mortgages or deeds of trust, or title documents, because that would be considered practicing law without a license. Which of the following is legal advertising on a sign? "For sale, 555-1224," on a building owned and listed by a broker. "For rent by owner/agent, 555-1234," on a building owned, but not listed, by a broker. For sale by owner, 555-1234, "on a building owned and listed by a broker. For sale, call ABC Realty," on a building owned and listed by a broker. "For rent by owner/agent, 555-1234," on a building owned, but not listed, by a broker. All advertising must; be under the direct