Tennessee (state exam)Real Estate exam latest update with 100% correct answers

Regulatory Powers Enable the agency to pass specific regulations and rules to support the administration of the license law Judicial Powers Enable it to conduct hearings and investigations into the activities of licensees and to rule on license suspensions or revocations Administrative Powers Enable it to establish the staff organization, records, and facilities to manage the licensing process and the licensees themselves Mission of the Tennessee Real Estate Commission Protect the public TREC consists of how many members? 9 Who appoints members of TREC? Governor How many years are the TREC member terms? 5 Who chooses the TREC chair, vice chair, and executive director? The commission Affiliate Broker • High school diploma • Completion of 60 classroom hours + 30 credits Broker • Must have high school, 120 classroom hours, 90 credits, Time Share Salesperson • High school diploma • 30 classroom hours Only take state part of PSI exam Contract Agreement between 2 or more parties who, in a "meeting of the minds" have pledged to perform or refrain from performing some act Exclusive Listing Agreement Legally enforceable real estate agency agreement between a real estate broker and a client, authorizing a real estate licensee to act as a parties exclusive agent for the purchase, sale, or lease of real estate Commingling Mixing escrow funds into the same account as non escrow funds Conversion Using escrow funds for the wrong purposes Consumer Protection Act Law makes it a Class B Misdemeanor to commit any unfair or deceptive act in any trade or commerce Time Share Estate Ownership/leasehold estate in property devoted to a time share fee, tenants in common, time span ownership, interval ownership, and a time share lease