Tennessee (state exam)Real Estate Actual
Questions And Correct Answers
Regulatory Powers
Enable the agency to pass specific regulations and rules to support the
administration of the license law
Judicial Powers
Enable it to conduct hearings and investigations into the activities of licensees and
to rule on license suspensions or revocations
Administrative Powers
Enable 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
Protect the public
TREC consists of how many members?
9
Who appoints members of TREC?
Governor
,How many years are the TREC member terms?
5
Who chooses the TREC chair, vice chair, and executive director?
The commission
Affiliate Broker
• High school diploma
• Completion of 60 classroom hours + 30 credits
Broker
• Must have high school, 120 classroom hours, 90 credits,
Time Share Salesperson
• High school diploma
• 30 classroom hours
Only take state part of PSI exam
Contract
Agreement 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
, Legally 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
Mixing escrow funds into the same account as non escrow funds
Conversion
Using escrow funds for the wrong purposes
Consumer Protection Act
Law makes it a Class B Misdemeanor to commit any unfair or deceptive act in any
trade or commerce
Time Share Estate
Ownership/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
Questions And Correct Answers
Regulatory Powers
Enable the agency to pass specific regulations and rules to support the
administration of the license law
Judicial Powers
Enable it to conduct hearings and investigations into the activities of licensees and
to rule on license suspensions or revocations
Administrative Powers
Enable 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
Protect the public
TREC consists of how many members?
9
Who appoints members of TREC?
Governor
,How many years are the TREC member terms?
5
Who chooses the TREC chair, vice chair, and executive director?
The commission
Affiliate Broker
• High school diploma
• Completion of 60 classroom hours + 30 credits
Broker
• Must have high school, 120 classroom hours, 90 credits,
Time Share Salesperson
• High school diploma
• 30 classroom hours
Only take state part of PSI exam
Contract
Agreement 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
, Legally 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
Mixing escrow funds into the same account as non escrow funds
Conversion
Using escrow funds for the wrong purposes
Consumer Protection Act
Law makes it a Class B Misdemeanor to commit any unfair or deceptive act in any
trade or commerce
Time Share Estate
Ownership/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
