Tennessee (state exam)Real Estate exam latest update with 100% correct answers

Enable the agency to pass specific regulations and rules to support the administration of the license law Regulatory Powers Enable it to conduct hearings and investigations into the activities of licensees and to rule on license suspensions or revocations Judicial Powers Enable it to establish the staff organization, records, and facilities to manage the licensing process and the licensees themselves Administrative Powers Protect the public Mission of the Tennessee Real Estate Commission 9 TREC consists of how many members? Governor Who appoints members of TREC? 5 How many years are the TREC member terms? The commission Who chooses the TREC chair, vice chair, and executive director? • High school diploma • Completion of 60 classroom hours + 30 credits Affiliate Broker • Must have high school, 120 classroom hours, 90 credits, Broker • High school diploma • 30 classroom hours Only take state part of PSI exam Time Share Salesperson Agreement between 2 or more parties who, in a "meeting of the minds" have pledged to perform or refrain from performing some act Contract 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 Exclusive Listing Agreement Mixing escrow funds into the same account as non escrow funds Commingling Using escrow funds for the wrong purposes Conversion