TN Real Estate Affiliate Broker 60 Hour Course Unit 27 exam with 100% correct answers

Class B Misdemeanor What an accused is charged with for practicing real estate without a license. unders tate law treble damages Being made to pay back up to three times the penalty. There are 21 violations listed in the law that can result in disciplinary action: aking any substantial and willful misrepresentation Making any promise of a character likely to influence, persuade, or induce any person to enter into any contract or agreement when the licensee could not or did not intend to keep such promise Pursuing a continued and flagrant course of misrepresentation or making false promises through affiliate brokers, other persons, any medium of advertising, or otherwise Misleading or untruthful advertising, including use of the term REALTOR® by a person not authorized to do so, or using any other trade name or insignia or claiming membership in any real estate association or organization of which the licensee is not a member Failing within a reasonable time to account for or to remit any moneys coming into the licensee's possession that belong to others Failing to preserve records relating to any real estate transaction for three years following its consummation Acting for more than one party in a transaction without the knowledge and consent in writing of all parties for whom the licensee acts Failing to furnish a copy of any listing, sale, lease, or other contract relevant to a real estate transaction to all signatories thereof at the time of execution Using or promoting the use of any real estate listing agreement form, real estate sales contract form, or offer to purchase real estate form that fails to specify a definite termination date Inducing any party to a contract, sale, or lease to break such contract for the purpose of substituting a new contract, where such substitution is malicious or is motivated by the personal gain of the licensee Acceptance of a commission or any valuable consideration by an affiliate broker for the performance of any acts specified in this chapter from any person except the licensed real estate broker with whom the licensee is affiliated Bein T/F: The mission of the Commission is to protect the public. true T/F: The Commission will arbitrate commission disputes between brokers and their affiliates or between brokers of different firms. false The licensee must respond back to the Commission personally or by registered mail within 10 days with the licensee's response to the complaint, a copy of which TREC sends to the complainant. If the complainant is not satisfied with the response, TREC will choose a time and place for the hearing and notify the complainant and the accused licensee. Both are invited to attend the hearing. T/F: The time and place for a disciplinary hearing are set by the licensee. false T/F: When a licensee is notified by TREC of a complaint filed against the licensee, the licensee must respond to the Commission with an answer to the complaint within 10 days. true T/F: Should a broker's license be revoked, all affiliated licenses under the broker are considered to be void. false T/F: Should a licensee obtain a listing and the firm license is revoked with no one to take over the business, the listing is considered void. true