Real Estate Tennessee State exam latest update with 100% correct answers.

When an earnest money check is deposited, what information does Tennessee require be recorded and maintained? Who provided the funds (the depositor) A principal broker in Tennessee is required ______ for all transactions in which affiliated licensees participate. Review and approve transactional documents and agreements What must licensees do to maintain their licenses? Complete continuing education requirements and pay the renewal fee Addision didn't make an on-site inspection of the timeshare project prior to signing the contract. She's now signed the contract but a little voice inside her head is telling her to get out while the getting is good. In Tennessee, how many days does Addison have to cancel the contract? 15 days Licensees in Tennessee are required to keep transaction documents for a minimum of_____ Three years Before applying for relief from the recovery fund, what must Tennessee consumers do when they receive a judgment against a licensee for wrongdoing? Exhaust other legal remedies. Which of the following situations is outside of the Tennessee Real estate Commission's jurisdiction? Kathi just bought a house and claims that her credit union promised her one interest rate but gave her a higher one. (TREC can't mediate or resolve a problem with a financial institution) What should you document to avoid E&O claims? Conversations and recommendations Dolly is a real estate salesperson. She placed an advertisement online that includes her name, the firm's number, city and state where her brokerage is located, and the county where her brokerage is licensed. What element did she leave off that must be included? Brokerage name Percy and Jackson have formed a team within their Gatlinburg real estate brokerage firm. They're drafting up some advertisements to help launch their team. What do they need to keep in mind when designing their marketing materials? Ads must include the team name and brokerage firm name. Edward, a Tennessee principal broker, is going through transaction and contract files from one year ago. Which of the following statements is NOT true? Edward's affiliate brokers are ultimately responsible for ensuring they comply with TREC'S document-handling rules. Margarita's seller client, Ralph, is completing the Tennessee residential property condition disclosure form. Which of the following duties does Margarita have to her client with regard to completing the form? Margarita should inform Ralph of his duty to disclose material facts about the property Where must required information, such as contact information, be included on your website? On every page As part of her license renewal requirement, Tamsin must complete 16 hours of continuing education. What type go license does she hold? Affiliate broker A real estate licensee is assisting a buyer client with the purchase of a retail strip mall. What's the appropriate Tennessee Association of REALTORS (TAR) form for the licensee to use? CF 401 Commercial Purchase and Sale agreement Which of these statements is true about your listing agreements, buyer representation agreements, offers to purchase, counter offers, contract amendments and addenda, disclosure statements, and settlement statements? Your principal broker is responsible for reviewing these documents for accuracy, and must do so in a timely manner For residential property managers dealing with prospective tenants in Tennessee, their responsibilities include checking _______ References You're planning to tweet information about a property you've just listed in Collierville. You cram the tweet as full of details about the property as you can, knowing that you don't need to include the name and number of your brokerage as long as ______ You include a link to another site where the brokerage name and number is clearly displayed Stan wants to drum up business, so he decides to hold a lottery-style contest, offering prizes to anyone who does business with him in November, and a big prize to the lottery winner. What must he be certain to do? Obtain his broker's approval A ______ is a piece of real estate owned by multiple, unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit based on the specific terms of a Tennessee time-sharing agreement, usually in one-to-two week intervals during the year. Timeshare Estate