Tennessee state exam Real Estate
questions & answers
Regulatory Powers - ANSWERSEnable the agency to pass specific regulations and rules to
support the administration of the license law
Judicial Powers - ANSWERSEnable it to conduct hearings and investigations into the activities of
licensees and to rule on license suspensions or revocations
Administrative Powers - ANSWERSEnable 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 - ANSWERSProtect the public
TREC consists of how many members? - ANSWERS9
Who appoints members of TREC? - ANSWERSGovernor
How many years are the TREC member terms? - ANSWERS5
Who chooses the TREC chair, vice chair, and executive director? - ANSWERSThe commission
Affiliate Broker - ANSWERS• High school diploma
• Completion of 60 classroom hours + 30 credits
Broker - ANSWERS• Must have high school, 120 classroom hours, 90 credits,
, Time Share Salesperson - ANSWERS• High school diploma
• 30 classroom hours
Only take state part of PSI exam
Contract - ANSWERSAgreement 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 - ANSWERSLegally 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 - ANSWERSMixing escrow funds into the same account as non escrow funds
Conversion - ANSWERSUsing escrow funds for the wrong purposes
Consumer Protection Act - ANSWERSLaw makes it a Class B Misdemeanor to commit any unfair
or deceptive act in any trade or commerce
Time Share Estate - ANSWERSOwnership/leasehold estate in property devoted to a time share
fee, tenants in common, time span ownership, interval ownership, and a time share lease
Time Share Program - ANSWERSArrangement for time share intervals in a time share project
where use is subject to a schedule on a periodic basis occurring annually over any period of
time in excess of 1 year
Vacation Club - ANSWERSProgram in which a purchaser obtains a recurring right to use and
occupy the space in more than one site through the mandatory use of a reservation system
questions & answers
Regulatory Powers - ANSWERSEnable the agency to pass specific regulations and rules to
support the administration of the license law
Judicial Powers - ANSWERSEnable it to conduct hearings and investigations into the activities of
licensees and to rule on license suspensions or revocations
Administrative Powers - ANSWERSEnable 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 - ANSWERSProtect the public
TREC consists of how many members? - ANSWERS9
Who appoints members of TREC? - ANSWERSGovernor
How many years are the TREC member terms? - ANSWERS5
Who chooses the TREC chair, vice chair, and executive director? - ANSWERSThe commission
Affiliate Broker - ANSWERS• High school diploma
• Completion of 60 classroom hours + 30 credits
Broker - ANSWERS• Must have high school, 120 classroom hours, 90 credits,
, Time Share Salesperson - ANSWERS• High school diploma
• 30 classroom hours
Only take state part of PSI exam
Contract - ANSWERSAgreement 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 - ANSWERSLegally 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 - ANSWERSMixing escrow funds into the same account as non escrow funds
Conversion - ANSWERSUsing escrow funds for the wrong purposes
Consumer Protection Act - ANSWERSLaw makes it a Class B Misdemeanor to commit any unfair
or deceptive act in any trade or commerce
Time Share Estate - ANSWERSOwnership/leasehold estate in property devoted to a time share
fee, tenants in common, time span ownership, interval ownership, and a time share lease
Time Share Program - ANSWERSArrangement for time share intervals in a time share project
where use is subject to a schedule on a periodic basis occurring annually over any period of
time in excess of 1 year
Vacation Club - ANSWERSProgram in which a purchaser obtains a recurring right to use and
occupy the space in more than one site through the mandatory use of a reservation system
