State Law Unit Quiz correctly answered rated A+ 2023 passed

State Law Unit Quiz correctly answered rated A+ 2023 passedWho, other than the executive director, serves the commission? - correct answer a legal counsel and a director of education The Tennessee Real Estate Commission is part of the Department of ? - correct answer commerce and Insurance How many members serve on the Tennessee Real Estate Commission - correct answer 9 members If a court revokes a broker's or affiliate broker's license, how may it be reissued? - correct answer upon the consenting vote of six of the members of the commission The on-site property manager for Acme Apartments is responsible for negotiating leases for the apartments. In this position, the on-site manager? - correct answer must have an affiliate broker's or broker's license Timeshare, also called interval ownership, is defined as fractional ownership of a specific real property and the Tennessee timeshare law allows individual licensees to market timeshares of fractional ownership units. Which statement concerning timeshare law is NOT correct? - correct answer 3 correct: There is a 10-day right of recession from the date of contract for an onsite inspection. A timeshare licensee can only market initial timeshare offerings. There is a 15-day right of rescission from the date of contract when no inspection has been made prior to purchase. 1 incorrect: A 30-day right of possession for whole ownership of real estate purchases is acceptable Mr. Barren owns two warehouses and uses them to store machinery parts and motors. This property falls into the real estate category of ? - correct answer industrial Listings based on net price are ? - correct answer illegal in TN at any time. Regarding listing agreements in TN, which of the following could result in the suspension or revocation of a license to practice real estate? - correct answer no specific termination date A licensee placed a sign on the property that contained only a telephone number and the words "FOR SALE." What type of ad would this be? - correct answer Blind Ad Janet, an affiliate broker, paid the telephone company to list her name in the directory under the real estate heading as "Janet, Real Estate Affiliate Broker, Residential Property My Specialty." Based on this information, Janet must also include? - correct answer the firm's name and the firm's telephone number Broker Sally uses a website and has listings on it from outside databases which do not belong to her. She can legally do this if? - correct answer she includes a statement that some or all of the listings may not belong to the firm whose website is being visited. The affiliate broker may offer an inducement to encourage a buyer to purchase provided? - correct answer it is approved by the broker An airline pilot, who does not hold a real estate license, told a broker about some friends who were looking for a new home. The broker contacted the friends and eventually sold them a home. When may the broker pay the airline pilot for this valuable lead? - correct answer at not time A broker wants to list a property but is getting a lot of competition from other brokers who would also like to list. The broker offers the seller the following inducement to sign his listing agreement: "I'll buy your property if it doesn't sell in 90 days." With this inducement, the broker must do all of the following EXCEPT? - correct answer 3 correct: Show the seller written details of the plan before any contract of guaranty is signed.