Tennessee Affiliate Broker Law Exam exam with 100% correct answers

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. An affiliate broker associated with Rainbow Realty decides to purchase one of the company's listed properties and submits an offer to purchase. The agent did not disclose to the seller that she/he is an agent with Rainbow Realty. This agent may be charged with which of the following license law violations? Undisclosed agent interest. If a seller rejects an offer, the broker must request the seller to note the rejection on the offer and return it to the offeror. An inactive licensee refers his brother as a buyer to an out-of-state broker. How much money can he receive for a referral fee? none If a broker wants to put a "For Sale" sign in a client's yard, the broker must first: obtain written consent from the owner. 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. How often must a rental location agent verify that her advertised properties are still available? Every day. 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. The rights of renters are protected by which law? Uniform Residential Landlord and Tenant Act. Telling a potential buyer that the property will definitely appreciate in value and that a substantial profit will be made on the resale of this real estate investment. Placing the buyer's $2,000 earnest money deposit in an escrow account after acceptance of a contract by the seller. 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. What does a broker need to include in a website developed to advertise the broker's office? The name and telephone number of the office. The TREC, believing a licensee has violated the law, may file a complaint in any court of competent jurisdiction. A new agent got permission from friends to put "for sale" signs in their yards. When buyers called in, she told them the house had sold, but she would be happy to help them find another. Is this permissible? No, since the properties were not really "for sale" and this is misrepresentation. An affiliate broker is asked to take a promissory note from the buyer as earnest money. What should he do? The affiliate broker should write the offer and explain to the seller in the offer that the earnest money is a promissory note. When must earnest money received by the broker be deposited into an escrow or trustee account? Promptly on acceptance of the offer, or according to instructions in the offer. The TREC, believing a licensee has violated the law, may file a complaint in any court of competent jurisdiction. Which of the following is legal advertising on a sign? "For rent by owner/agent, 555-1234," on a building owned, but not listed, by a broker. 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 need