Operating a Real Estate Business in Tennessee Flashcards
an ad by a licensee that fails to identify the licensee as a professional real estate agent.
Blind ad
a summary of a listing that contains no more than five selection criteria describing the property.
thumbnail
an account maintained by the broker for funds that come into the firm that do not belong to the firm.
escrow account
mixing escrow money with the licensee’s personal funds.
commingling
spending escrow money for personal use.
conversion of funds
petitioning the court to decide the distribution of earnest money when buyer and seller cannot agree on its disbursement.
Interpleader
laws that prohibit monopolies. They also prohibit restraint of trade.
Antitrust laws
Brokers must keep records of trust account money for a minimum of
3 years
When must a listing licensee remove the sold sign from a listed property?
On or before the date of the deed
TREC issues what type of license to identify a business as a real estate business?
Firm license
A property where a felony has been committed, is in close proximity to where a convicted sex offender lives, or is considered to be haunted is referred to as
stigmatized property
A broker refuses to allow TREC’s representatives to inspect the broker’s escrow account. In this case, TREC may elect to
downgrade or suspend the broker’s license.
Federal Fair Housing has seven protected categories. Tennessee has added an additional protected category of
creed
A licensee has knowledge that a convicted sex offender lives within blocks of a home the licensee is showing. TREC’s opinion on a licensee’s duty to disclose such knowledge is that the licensee
not required to disclose unless asked
At a minimum, each real estate office must have two licenses issued by TREC. They include
brokers license and firm license
