Tennessee state exam Real Estate Updated 2024/2025 Actual Questions and answers with complete solutions

Tennessee state exam Real Estate A licensee cannot live more than _____ from the firm office? - 50 miles A licensee may lose his license for failing to furnish a *copy *of any listing, sales, lease or other contract of a real estate transaction to all parties involved *right after they have signed*. True or false - True. Copies of documents must be given right after they are signed A principal broker can be *part - time* as long as they don't have sales people under them. True or false - true A principal broker must be available to a licensee and accessible during normal daytime working hours. True or false - true A retired status license must be renewed. True or false - true Administrative Powers - Enable it to establish the staff organization, records, and facilities to manage the licensing process and the licensees themselves Affiliate Broker - • High school diploma • Completion of 60 classroom hours + 30 credits Affiliate broker can offer a prize but it cannot be money or be able to be converted into cash True or false - true Affiliates brokers name cannot be in print bigger and then the firm's name true or false - true After you pass your national/state test what steps do you need to take in order to get your license? - *(30 hours)* course for new affiliate_ must be completed within *6 months* after passing the state test All ads must have firm's name and telephone number True or false - true Any licensee wanting to terminate affiliation with a firm must submit what to the commission - A completed transfer, release and change of status form *(TREC form 1)* Are net listings legal in Tennessee? - No it is illegal in Tennessee At least ______ of each prize/gift must be given? - 1 Before you can get your license you must have what from a broker? - A sworn statement by the broker for him the applicant desires to be affiliated with Broker - • Must have high school, 120 classroom hours, 90 credits, Can a diamond ring be used as earnest money or commission? - yes Cancellation (backing out) of a timeshare contract must happen within ________ days if you actually looked at the property in person? - 10 days Cancellation (backing out) of a timeshare contract must happen within ________ days if you did not looked at the property in person? - 15 days Commingling - Mixing escrow funds into the same account as non escrow funds Consumer Protection Act - Law makes it a Class B Misdemeanor to commit any unfair or deceptive act in any trade or commerce Contract - Agreement between 2 or more parties who, in a "meeting of the minds" have pledged to perform or refrain from performing some act