TENNESSEE STATE EXAM PRACTICE
QUESTIONS & ANSWERS (RATED A+)
The terms of the _______ determine who receives the earnest money. -
ANSWERcontract
Woody wanted to work for the new broker in town, so he filed the paperwork
necessary to affiliate with a new broker. What will happen to his three listings and
two buyer clients? - ANSWERThey remain with Woody's original broker, unless the
broker agrees to other arrangements in writing.
Who's entitled to reimbursement from the Real Estate Education and Recovery
Account? - ANSWERA member of the public who's been granted a judgment against
a licensee
Ralph is a broker whose license was suspended when one of his affiliated brokers
committed a violation. This is mostly likely because ______. - ANSWERRalph either
knew about the violation or is guilty of failure to supervise
A Tennessee license expired more than 120 days but less than one year due to
failure to comply will be subject to an additional penalty fee of ______ . -
ANSWER$100 per 30 day period
How many hours of continuing education must you complete to renew your license
for another two years? - ANSWER16 hours
Samantha is an affiliate broker working for Pigeon Forge Best Realty. While she's
affiliated with the firm, all her listings and buyer representation agreements are done
in _______ . - ANSWERHer broker's name
What does it mean to affiliate with a broker? - ANSWERYou will work as the agent of
a broker who is responsible for your actions and required to supervise you.
Which of the following is a true statement about transactional recordkeeping
requirements in Tennessee?
A) Electronic recordkeeping isn't allowed.
B) Hard copies must be kept for three years, electronic records for two years.
C) Hard copy recordkeeping is preferred.
D) Licensees must produce records within 24 hours of a TREC request. -
ANSWERD) Licensees must produce records within 24 hours of a TREC request.
What is a net listing? - ANSWERThe seller specifies a price desired for the property
and agrees to pay the broker any amount received that's more than that price.
, In other words, a seller says "I'll sell my property for a MINIMUM of X amount." The
agent's commission then becomes the difference between X amount and the larger
sum that the property sold for.
Gary is the listing agent for the Turners, who are downsizing. An affiliate broker at
his firm, Randa, has a trade-up buyer who seems like a perfect fit for the Turners'
house. Both the Turners and Randa's buyer have signed designated agency
agreements with Gary and Randa respectively. If the in-house transaction proceeds,
who will be the dual agent? - ANSWERNo one; no ONE agent is representing both
the buyer and seller clients. It does not matter if the buyer and seller agents are from
the same firm, as long as they are not the same person.
In Tennessee, how long must electronic real estate forms be kept with the broker? -
ANSWERThree years
Brokerage documents that the Tennessee Real Estate Commission requests must
be produced within ______ of the request. - ANSWER24 hours
What's the name for someone providing general assistance to a buyer and/or seller,
but not serving as a legal representative? - ANSWERFacilitator
What are the requirements for advertising real estate in Tennessee? - ANSWERYou
must make it clear you are a real estate agent;
Your managing broker's information must also be included;
The firm's name and phone number must be placed in the ad (you can include yours
as well);
Everything must be honest and nothing can be misleading or deceptive.
Two members of the Tennessee Real Estate Commission, Barb and Jeff, represent
the public at large. Besides not being real estate licensees, what else do we know
about Barb and Jeff? - ANSWERThey don't live in the same part of the state
Tamara is assisting a buyer who's making an offer on her client's listing. Tamara and
the buyer develop a good rapport, and in her desire to be helpful, Tamara offers the
buyer advice about how to structure her offer. What does Tamara risk being charged
with? - ANSWERUndisclosed dual agency
What's the term length for a member of the Tennessee Real Estate Commission? -
ANSWERFive years
For residential property managers dealing with prospective tenants in Tennessee,
their responsibilities include checking ______. - ANSWERreferences
In Tennessee, what's the pre-licensing education requirement for affiliate brokers? -
ANSWER90 hours
What happens when a broker signs a change of affiliate form for a licensee? -
ANSWERAll supervisory responsibility for that licensee ceases.
Which of the following statements is true regarding timeshare estates in Tennessee?
QUESTIONS & ANSWERS (RATED A+)
The terms of the _______ determine who receives the earnest money. -
ANSWERcontract
Woody wanted to work for the new broker in town, so he filed the paperwork
necessary to affiliate with a new broker. What will happen to his three listings and
two buyer clients? - ANSWERThey remain with Woody's original broker, unless the
broker agrees to other arrangements in writing.
Who's entitled to reimbursement from the Real Estate Education and Recovery
Account? - ANSWERA member of the public who's been granted a judgment against
a licensee
Ralph is a broker whose license was suspended when one of his affiliated brokers
committed a violation. This is mostly likely because ______. - ANSWERRalph either
knew about the violation or is guilty of failure to supervise
A Tennessee license expired more than 120 days but less than one year due to
failure to comply will be subject to an additional penalty fee of ______ . -
ANSWER$100 per 30 day period
How many hours of continuing education must you complete to renew your license
for another two years? - ANSWER16 hours
Samantha is an affiliate broker working for Pigeon Forge Best Realty. While she's
affiliated with the firm, all her listings and buyer representation agreements are done
in _______ . - ANSWERHer broker's name
What does it mean to affiliate with a broker? - ANSWERYou will work as the agent of
a broker who is responsible for your actions and required to supervise you.
Which of the following is a true statement about transactional recordkeeping
requirements in Tennessee?
A) Electronic recordkeeping isn't allowed.
B) Hard copies must be kept for three years, electronic records for two years.
C) Hard copy recordkeeping is preferred.
D) Licensees must produce records within 24 hours of a TREC request. -
ANSWERD) Licensees must produce records within 24 hours of a TREC request.
What is a net listing? - ANSWERThe seller specifies a price desired for the property
and agrees to pay the broker any amount received that's more than that price.
, In other words, a seller says "I'll sell my property for a MINIMUM of X amount." The
agent's commission then becomes the difference between X amount and the larger
sum that the property sold for.
Gary is the listing agent for the Turners, who are downsizing. An affiliate broker at
his firm, Randa, has a trade-up buyer who seems like a perfect fit for the Turners'
house. Both the Turners and Randa's buyer have signed designated agency
agreements with Gary and Randa respectively. If the in-house transaction proceeds,
who will be the dual agent? - ANSWERNo one; no ONE agent is representing both
the buyer and seller clients. It does not matter if the buyer and seller agents are from
the same firm, as long as they are not the same person.
In Tennessee, how long must electronic real estate forms be kept with the broker? -
ANSWERThree years
Brokerage documents that the Tennessee Real Estate Commission requests must
be produced within ______ of the request. - ANSWER24 hours
What's the name for someone providing general assistance to a buyer and/or seller,
but not serving as a legal representative? - ANSWERFacilitator
What are the requirements for advertising real estate in Tennessee? - ANSWERYou
must make it clear you are a real estate agent;
Your managing broker's information must also be included;
The firm's name and phone number must be placed in the ad (you can include yours
as well);
Everything must be honest and nothing can be misleading or deceptive.
Two members of the Tennessee Real Estate Commission, Barb and Jeff, represent
the public at large. Besides not being real estate licensees, what else do we know
about Barb and Jeff? - ANSWERThey don't live in the same part of the state
Tamara is assisting a buyer who's making an offer on her client's listing. Tamara and
the buyer develop a good rapport, and in her desire to be helpful, Tamara offers the
buyer advice about how to structure her offer. What does Tamara risk being charged
with? - ANSWERUndisclosed dual agency
What's the term length for a member of the Tennessee Real Estate Commission? -
ANSWERFive years
For residential property managers dealing with prospective tenants in Tennessee,
their responsibilities include checking ______. - ANSWERreferences
In Tennessee, what's the pre-licensing education requirement for affiliate brokers? -
ANSWER90 hours
What happens when a broker signs a change of affiliate form for a licensee? -
ANSWERAll supervisory responsibility for that licensee ceases.
Which of the following statements is true regarding timeshare estates in Tennessee?
