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Real Estate > National Section - Chapter 1 > Flashcards

National Section - Chapter 1 Flashcards

1
Q

Regulates real estate brokerage in TN

A

TN Real Estate Brokers License Act of 1973

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2
Q

Rules of the TREC

A

assist the commission in carrying out its duties

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3
Q

What Act empowers the TREC to make whatever rules necessary

A

License Act

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4
Q

List of TREC rules

A

licensing, rules of conduct, rental location agents, rules of procedure for hearing contested cases, education requirements, time share programs

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5
Q

The Commission’s official manual includes:

A

conveyance of property, time share program and VC, human rights

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6
Q

Who appoints commissioners and how long do they serve?

A

The governor, 5 years

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7
Q

How many members are in TREC?

A

9

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8
Q

What is the breakdown of TREC members?

A

7 members - brokers for at least 5 years, 2 members - from outside the real estate industry residing in different grand divisions of the state, 3 members - each from the eastern, middle and western grand divisions

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9
Q

What can TREC not do?

A

set fees or commissions for real estate contracts or transactions

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10
Q

What is the timeline for complaints to TREC?

A

2 years from the date of alleged violation or discovery, 10 days after the completion of a successful prosecution of the illation as a criminal offense

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11
Q

A revoked license cannot be reissued unless _ members of TREC vote to reissue

A

6

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12
Q

If a licensee pleads guilty or is convicted of any offense, the licensee must notify TREC within _ days

A

60

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13
Q

A licensee’s license is auto revoked _ days after a licensee’s conviction less a written request for a hearing

A

60

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14
Q

What misdemeanor has someone committed when they act as a broker, AB, time share person, or acquisition agent without the appropriate license?

A

Class B

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15
Q

Real estate recovery fund has a min balance of

A

$500,000

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16
Q

How is the Real estate recovery fund funded?

A

fees charged to applicants for original licensure as a broker, AB, time share person

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17
Q

What does the real estate recovery fund pay out if a licensee is found in violation of the Act?

A

to an individual for actual or compensatory damages, up to $15,000/transaction

a max of $30,000 on behalf of any individual licensee

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18
Q

Who does the Act NOT apply to?

A

property owners representing themselves, attorneys in fact or at law, resident managers acting for broker/owner, corporations acting through authorized office, individuals who work for firms that provide vacation lodging services

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19
Q

A broker can maintain more than one branch office in that state if

A

additional firm license for each branch and each branch must be under supervision of broker licensed at that address

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20
Q

Requirements for AB license

A

character, education (high school and 90 hours), age, 45 days in state, 70% on exam, $100 new or $80 renewed

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21
Q

Requirements for Broker

A

education of 120 hours, 24 months experience, 75% pass on exam

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22
Q

Requirements to maintain a license

A

E&O insurance, license display, sign display, notification of change of status, name or address

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23
Q

Expired license may be reinstated without exam within 60 days if the licensee

A

provides E&O insurance, pays penalty fee for failure to comply, and additional penalty fee

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24
Q

AB to Broker responsibilities

A

obtain and sell listings, follow policies and employment provisions, and promote ethics and broker’s reputation

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25
Q

Broker to AB responsibilities

A

provide data, office support, compensation and training, uphold ethics, policies, and employment agreement, supervise and train

26
Q

Licensee may engage in real estate activities only in an office where there is a principal broker who:

A

devotes full time to the management in the office and is engaged primarily in the real estate business and accessible during normal business hours

27
Q

Licensees must notify TREC in writing within _ days after any change of location with their new business address and pay the established fee

A

10

28
Q

All ads must be

A

under the direct supervision of the principal broker and list the firm name and number

29
Q

If a web site provides access to MLS listings through the web site rather than by sending the user to another web site

A

the web site owner’s firm name and number must appear on each page of the site, if the web site displays thumbnails of multiple listings there must be a disclaimer

30
Q

Discriminatory ads are a violation of

A

the TN Human Rights Act

31
Q

contract that is legally enforceable by virtue of meeting certain requirements of contract law

A

valid

32
Q

requirements of valid contracts

A

competent parties, mutual consent, valuable consideration, legal purpose, and voluntary good faith act

33
Q

contracts ___ have to be in writing to be valid and enforceable

A

do NOT

34
Q

Statute of frauds states that a contract must be in writing to be enforceable if it involves:

A

sale of goods $500+ or the sale of real estate, or a lease for a term of 1 year +

35
Q

what agreement is governed both by agency law and contract law

A

listing agreement

36
Q

Listing agreements must

A

be in writing, have a termination date, and specify a selling price

37
Q

List of contracts that must be in writing

A

exclusive right to sell/agency/right to represent buyer, lease for more than a year, purchase contract, employment contract

38
Q

What can TN brokers NOT prepare?

A

deeds, installment sales contracts, mortgages or deeds of trust, or title documents

39
Q

_ records must specifically show the depositor and payee of the fund and the date of deposit and withdrawal

A

escrow

40
Q

What can be maintained electronically?

A

transaction docs and records

41
Q

Failure to _ may lead the division to pursue legal remedies

A

permit access to records

42
Q

The TREC requires what disclosure in addition to the purchase agreement

A

agency disclosure

43
Q

What is the essence of the agency relationship?

A

trust, confidence, and mutual good faith

44
Q

Duties licensee owes to clients

A

obey all lawful instructions, be loyal to their interests, assist them by scheduling showings, receiving offers, answering questions, advising on necessary forms and procedures

45
Q

Duties licensees owe ALL parties to the transaction

A

reasonable skill and care, disclose any adverse facts, maintain confidentiality, accounting

46
Q

What agency in is legal in TN but should be avoided?

A

designated dual agency

47
Q

In this agreement a licensee is engaged to represent a buyer in the purchase of fa property to the exclusion of all other licensees

A

exclusive buyer representation agreement

48
Q

Owner of a residential property must make a property condition disclosure if

A

the transfer is a sale, exchange, land sales contract or lease with option to buy, the property consists of 1-4 dwelling units, site built or non site built

49
Q

makes it a class B misdemeanor to commit any unfair or deceptive act in any trade or commerce

A

TN Consumer Protection Act

50
Q

Occurs when an agent cannot place the interests of their client first

A

conflict of interest

51
Q

Primary areas where conflicts of interest may occur are

A

net listings (illegal in TN), dual agency (if undisclosed) and buying/selling for one’s own account

52
Q

Occurs when a licensee denies the full and equal enjoyment of the goods and services on the grounds of a protected class status

A

discrimination

53
Q

compensation for the referral of a potential buyer, seller, lessor or lessee of real estate

A

referral fee

54
Q

allows a real estate licensee to solicit a referral fee but does not necessarily mean that the licensee has a legal right to be paid a referral fee

A

reasonable cause

55
Q

The max compensation to an individual for actual or compensatory damages is

A

$15,000/transaction

56
Q

Ownership or leasehold estate in property devoted to a time share fee, tenants in common, time span ownership, interval ownership, and a time share lease

A

Time Share Estate

57
Q

Arrangement for time share intervals project where use is subject to a schedule on a periodic basis occurring annually over any period of time in excess of 1 year

A

time share program

58
Q

Program in which a purchaser obtains a recurring right to use and occupy accommodations in more than one site through the mandatory use of a reservation system

A

vacation club

59
Q

Time share registration is not required if

A

owner of the time share is other than the developer or time share project is located entirely outside of TN

60
Q

What are exempt from the rules against discriminatory housing practices?

A

owner occupied of properties of 1-2 dwellings, housing that has n occupancy of 90% of units by at least 1 person who is age 55+

61
Q

TN has no requirements for _ testing

A

radon

Real Estate (19 decks)

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