State portion Flashcards
An applicant who appears before the Commission requesting licensure and who is declined will not be eligible for reconsideration for ___ months from the date of denial.
6 months
To obtain a commission manual the fee is ____ ?
$10
To change your firm real estate address the fee is ____?
$50
When did the Tennessee Real Estate License Broker Act first become law?
1973
Absent a demonstration of a compelling reason, earnest money shall be disbursed, interpleaded or turned over to an attorney with instructions to interplead the funds within ____ calendar days from the date or receipt of a written request for disbursement?
21 Calendar Days
To change your firm’s principle broker, the fee is ___?
$25
Aside from paying the fee, what else do you need to do to bring your license out of retirement?
Commission Form 1, submit proof current E & O
To change your status to retired, the fee is
$25
Any bad check given to the Commission not made good within ___days of the notification will be subject to a $100 fee for collection.
60 days.
Any bad check given to the Commission not made good within 60 days of the notification will be subject to a ___ fee for collection.
$100
To obtain a certificate of licensure, the fee is ___.
$25
A penalty fee of $50 per month or portion thereof, for failing to timely review a license if the licensee reinstates the license within the ___ day time frame set forth in TCA
60 day time frame
To Initially get your real estate license, the fee is
$100
To get a broker license, the fee is
$100
To renew your real estate license the fee is
$80
To get a duplicate license the fee is
$10
Register timeshare program or vacation club
$750
Renewal timeshare program or vacation club
$500
Fee to request Exemption of timeshare program or vacation club
$250
Days to notify the Commission of death, resignation or termination of Broker
10
Continuing education hours required to renew license
16
Hours of pre-licensing education to receive designated agent license
8
Duty of Loyalty
place your client’s interest before all others in the transaction
Duty of Diligence
exercise reasonable skill and care in providing services to all parties to the transaction
Duty of Assistance
Schedule showings, receive all offers and counter offers, answer questions, advise clients
Duty of Obedience
obey all of your client’s lawful instructions that are within the scope of the agency relationship
Duty of Transparency
communicate to everyone in the deal timely and accurate information regarding market conditions that might affect the transactions
Duty of Disclosure
tell each party of the transaction any adverse facts of which the licensee has actual notice or knowledge
Renewal fee for vacation lodging firm or original designate agent license
$80
Commissioners are appointed for a term of ___ years
5
Members of TREC
7 members of TREC must be brokers or affiliate brokers for at least 5 years
No person shall be eligible for examination or be considered for licensure unless ____ years have passed from the date of expiration of probation, parole or conviction, or from the date of release from incarceration, whichever is later in time.
2 years
If the principle broker is deceased or physically unable to sign the release, or refuses to sign a release, a licensee requesting termination of affiliation must submit to the commission notarized ____
Affidavit of Release
