Affiliate Broker Study guides, Study notes & Summaries

An affiliate broker must pass the exams with a 70% or higher Affiliate broker pre-licensing educational requirements: -High school diploma or a GED certificate -90 hours of pre-licensing coursework (60 hours of real estate principles/fundamentals, which must be completed before sitting for the licensing exam) Affiliate broker post-licensing educational requirements: 30 hours of courses for new affiliates within 6 months of obtaining license Broker and affiliate broker co...

Affiliate broker Oscar discriminates, in violation of the Tennessee Human Rights Act, and also uses an earnest money check for personal use. Oscar's managing broker, Aidan, is unaware of these illegal activities. When the Commission finds out about Oscar's actions, what will be the impact on Aidan? Aidan has no responsibility for Oscar's violations. Aidan will only be held responsible for the violation of the Tennessee Human Rights Act. Aidan may be disciplined for failure to exerc...

Broker Numberson was in the habit of preparing documents for clients. He could be liable to a charge of practicing law without a license for preparing which of the following? A deed. An inactive licensee refers his brother as a buyer to an out-of-state broker. How much money can he receive for a referral fee? None Affiliate broker Frank may have his license revoked by the commission if he: deposits a buyer's down payment in his checking account. If a seller rejects an of...

Rectangular Survey The land description T3N, R4W Principal Meridian refers to what method of property description? B)Situs Two lots the same size are sold on a street the lot on the corner sells for $20,000 more than the lot in the middle of the street. Which of the following charateristics most likely explains the price difference? a) Uniqueness b)Situs c)indestructibility d)permanence of investment of indeterminable duration A major difference between freehold and nonfreehold ...

How many hours are required for AF Broker exam 90 Another name for escrow account Trust account What responsibility does a broker have when a licensee wants to change brokerages? Immediately sign TREC's Transfer, Release and Change of Status Form to release the licensee. Why do residential and commercial real estate purchases in Tennessee require different contracts? To provide the proper legal protections to the parties involved. You're the seller's agent for ...

Personal Property Also called Chattels Has mobitily! Life Estate that is willed and then sold, the buyer can live there... Until the seller, that sold the willed property, dies. Tenants in Common -unequal interest -no right of survivorship Joint Tenancy Everyone has an equal part/ownership Right to survivorship Devise gift of real property by will Alienation The transferring of property to another Encroachment A building or some portion of it -...

The State Regulator of real estate licensees The Tennessee Real Estate Commission Enacts rules addressing professional conduct, conducts hearings concerning violations of the Act, imposes penalties, and administers a Real Estate Recovery Fund to protect the public The Tennessee Real Estate Commission The Commission Is a judicial body. The attorney general defends the members in court. The Commission May make whatever rules it needs to enforce the Licensing Act. Th...

TN Real Estate Affiliate Broker exam with 100% correct answers.

AFFILIATE BROKER TN STATE PRACTICE EXAM WITH 100% CORRECT ANSWERS

What is a broker individual who is licensed to buy, sell, exchange, and lease property for other people, in exchange for compensation. What is a an affiliate broker practices real estate under a contract with a broker. What is a brokerage agreement contract between a broker and a client "seller" or a broker and an affiliate broker. What does the brokerage agreement state the responsibilities of both parties regarding services and compensation principle & affilia...