section 24TN reg environment Flashcards
The Tennessee Real Estate Commission must be composed of licensed and unlicensed members. How many members must be unlicensed?
2
The Tennessee Real Estate Commission is NOT authorized to
pass and amend license law.
The Commission Rules
provide authority for the Commission to carry out its duties.
In Tennessee, an agency relationship
results from a signed agency contract between the licensee and another party.
Licensees are prohibited from preparing which of the following documents?
Installment sales contracts
A license may be revoked or suspended for any of the following acts EXCEPT
providing a copy of a contract to the signatory at the time of signing.
A licensee who pleads guilty in court of a license law violation must
notify the Commission within 60 days of the conviction and provide the Commission with certified copies of the conviction.
A licensee may have his or her license revoked or suspended for any of the following acts EXCEPT
entering into a listing agreement with a specific termination date.
The Uniform Administrative Procedures Act
The Uniform Administrative Procedures Act, compiled in TCA 4, chapter 5, governs all procedures respecting the hearing and judicial review of any contested case. It requires the Commission to provide the licensee with any charges in writing. It also affects due process.
A licensed broker
may sell time-share intervals under a registered time-share program.
May an affiliate broker accept a bonus from a seller?
No, because commissions and bonuses must be paid to the broker.
Which of the following acts is permitted by an affiliate broker?
Dual agency: a situation in which a licensee has agreements to represent and provide services as the agent of more than one party in a specific transaction and in which the interests of the parties are adverse.
Which of the following is a TRUE statement regarding the Tennessee Real Estate Commission?
Education functions offered by the Commission must be made available to all licensees.
Which of the following statements is TRUE regarding the Real Estate Education and Recovery Account?
The aggrieved party is required to obtain a judgment against the account prior to collecting from the account.
Which of the following statements is FALSE regarding an affiliate broker?
Affiliate broker: an individual who is engaged under contract by or on behalf of a licensed broker to perform or participate in licensing activity. Licensing activity is included in the definition of “broker”.
