TN Real Estate | Questions and Correct Answers | Latest Update 2024/2025

TN Real Estate | Questions and Correct Answers | Latest Update 2024/2025 Brokerage - Answer -The business of bringing buyers and sellers together Agency - Answer -The broker is hired by someone called the client to represent that client in negotiating contracts Independent Contract - Answer -One who is not an employee-They are paid gross earnings and the broker does not subtract tax/S.S. from their earnings Law that passed to be treated as Independent Contractor - Answer - TEFRA (Tax, Equity, Fiscal, Responsibility, Act) *Single Agency - Answer -The broker represents either buyer or seller not both *Dual Agency (not recommended b/c of legal liability) - Answer - Represents buyer and seller in same transaction *Disclosed- Dual agency - Answer -Legal in TN if full disclosure is given to both clients and written consent is received from both clients *Undisclosed-Dual agency - Answ