Real Estate TN Broker exam latest update with 100% correct answers.

What year was the Real Estate Commision for TN formed? 1951 Licenses, registers and regulates real estate brokers and affiliate brokers, real estate firms, rental location agents, time-share salespersons and developments, vacation clubs and vacation lodging services. Responsibilities of the TN Real Estate Commision Who enacts rules addressing professional conduct and standards of practice. Tennessee Real Estate Commision The mission is to protect the public through establishment and administration of ________ ________ _______ _____ ______ _______, effective professional education of licensees and enforcement of professional conduct. minimum requirements for candidates and licensees Persons and Disputes Not Within the Commission's Jurisdiction A. Cannot decide on Zoning Issues; B. Commission Disputes; C. Associate Disputes; D. Inspection or Survey Issues How many members are there on the Tennessee Real Estate Commission? 9 Amount of money to reinstate an expired license. $1,500 An ad by a licensee that fails to identify the licensee as a professional real estate agent. Blind Ad Who can file a complaint against a real estate agent. Any person may file a complaint for unlicensed activity where such activity requires licensure by law. Can the RE Commission recover or order the refund of any money or property to which you may be entitled. No How does one recover the refund of money or property to which one may be entitled. You must institute a civil lawsuit for this purpose and hire your own legal counsel, if necessary. In certain instances, a judge can revoke or suspend the license of the person against whom you are complaining, the Respondent. How many days does a respondent have to reply to the complaint. 10 days of the postmarked date of receipt Can the respondent contact the person/persons filing a complaint? When the response is received by our office, we will send a copy to you. You may respond to the Respondent's answer if you wish. After you complaint is received and the respondent has time to respond (10) days, what happens next? An Administrative Review If the Commission votes to hold a formal hearing regarding a complaint, what happens next? You will be subpoenaed to testify. How old do you have to be to become a Real Estate Agent? 18 How long do you have to be a resident of Tennessee to obtain a license? 45 Days Do you have to have a college degree to obatin a RE License? No, graduated from high school or (GED). How many hours of Real Estate Principles licensing course before registering for the PSI Affliate Broker Real Estate Exam? 60 After passing both the national and state Real Estate Exams, how many hours of real estate courses do new affliates complete before applying for licensure? 30 Hours After you have completed, signed and submitted the licensing application provided by the Tennessee Real Estate Commission along with the required fee. What else is required as of January 1, 2014 required to be submitted when applying for a license. electronic fingerprint files In order to become a Real Estate Broker, one must have an active license that meets one of the following criteria: 1.) Twenty-four months actively licensed, if licensed as an affiliate broker on or before May 12, 1988. -OR- 2.) Thirty-six months actively licensed, if licensed as an affiliate broker after May 12, 1988. -OR- 3.) Twenty-four months actively licensed, if the candidate has a baccalaureate degree with a major in real estate. How many hours of approved real estate education must once complete to test to be a Broker? 120-hours including 30 hours in "Office/Broker Management" One must have completed, signed and submitted the licensing application provided by the Tennessee Real Estate Commission along with the required fee. In order to do what? Take the real estate Broker Exam How many hours must a Broker complete after passing the Broker exam? 120 How long does a newly licensed real estate broker have to complete their additional real estate courses? 3 years What happens if a newly licensed Real Estate Broker does not complete his/her additional education classes required? non-issuance of a license renewal When any individual applies for an original license as a broker, affiliate broker or time-share salesperson, the applicant shall pay, in addition to the original license fee, a fee in the amount of _______ dollars for deposit into the real estate education and recovery account $10 What four things must any licensee or principal broker wishing to terminate the licensee's affiliation with a firm shall submit to the Commission a completed Transfer, Release and Change of Status Form (TREC Form 1). 1.) A completed Transfer, Release and Change of Status Form (TREC Form 1); 2.) Form must be faxed, mailed, or emailed to the Commission to be effective. 3.)The principal broker's supervisory to the Commission to be effective. 4.) The principal broker shall retain a copy of the executed form. The principal broker's supervisory responsibility for the future acts of the licensee shall terminate upon the Commission's receipt of the release form. When any individual applies for an original license as a broker, affiliate broker or time-share salesperson, the applicant shall pay, in addition to the original license fee, a fee in the amount of _______ dollars for deposit into the real estate education and recovery account $10 No person shall be eligible for examination or be considered for licensure unless how many years have passed since the date of expiration of probation, parole or conviction, or from the date of release from incarceration. 2 Years