Tennessee Licensing Overview Flashcards
is a licensed broker in charge of a real estate firm.
Principal broker
a licensee working under contract for or with a principal broker.
Affiliate broker
is the nine-member body that governs real estate activity in Tennessee.
Tennessee Real Estate Commission
implements TREC’s education requirements.
Education Director
implements TREC’s policies.
executive director
is a document a nonresident licensee must sign and present to TREC to be allowed to practice real estate in Tennessee.
irrevocable consent
is accomplished by submitting a TREC-1 form to the Commission noting that the license is being retired. All education requirements must be met prior to moving the license from retired to active status.
Retiring a license
allows for education requirements to be completed after the license has been inactivated.
Inactivating a license
is either a licensed or unlicensed aid to a licensed broker or affiliate broker.
Personal Assistant
Fees are set by
Individual brokers
Commissioners are appointed by the governor and may be reappointed for how many additional terms?
One
A licensee receives confidential information from an unrepresented party. What must the licensee do?
Keep information confidential that was obtained before disclosure of agency
one mentioned in a will who handles the estate of someone who dies testate.
Executor
When a licensee is advertising personally owned real estate for sale, whether through the firm or outside the firm, the licensee must disclose ownership with the word(s)
Owner-agent
When a licensee is released from the present broker, the licensee must find a new broker, retire, or inactivate the license within
10 days
A licensee is advertising real estate as part of a franchise company. In addition to disclosing the name of the franchise and the firm telephone number, the licensee must disclose
the name of the real estate firm.
A partnership, corporation, or association may be granted a real estate
firm license.
For licensees required to complete 16 hours of continuing education each license cycle, the only mandatory continuing education course is
core course
Who is responsible for the administration and implementation of TREC policy?
Executive director
Brokers must keep records of all consummated transactions for at least
3 years
TREC is created within the Division of Regulatory Boards of
the Department of Commerce and Insurance.
The primary purpose of TREC is to
protect the public
An affiliate broker has employed a licensed personal assistant and wishes to share commissions earned for compensation. How are the commissions paid?
to the personal assistant by the broker
For licensed non-Tennessee residents in reciprocal states to be licensed in Tennessee, they do NOT need
a place of business in this state.
If a licensee receives confidential information from an unrepresented party, the licensee MUST
keep information confidential that was obtained before disclosure of agency.
If a license is expired for more than one year, the individual must
reapply for licensure
