Tennessee Licensing Overview

Question 1

is a licensed broker in charge of a real estate firm.

Answer 1

Principal broker

Question 2

a licensee working under contract for or with a principal broker.

Answer 2

Affiliate broker

Question 3

is the nine-member body that governs real estate activity in Tennessee.

Answer 3

Tennessee Real Estate Commission

Question 4

implements TREC’s education requirements.

Answer 4

Education Director

Question 5

implements TREC’s policies.

Answer 5

executive director

Question 6

is a document a nonresident licensee must sign and present to TREC to be allowed to practice real estate in Tennessee.

Answer 6

irrevocable consent

Question 7

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.

Answer 7

Retiring a license

Question 8

allows for education requirements to be completed after the license has been inactivated.

Answer 8

Inactivating a license

Question 9

is either a licensed or unlicensed aid to a licensed broker or affiliate broker.

Answer 9

Personal Assistant

Question 10

Fees are set by

Answer 10

Individual brokers

Question 11

Commissioners are appointed by the governor and may be reappointed for how many additional terms?

Answer 11

One

Question 12

A licensee receives confidential information from an unrepresented party. What must the licensee do?

Answer 12

Keep information confidential that was obtained before disclosure of agency

Question 13

one mentioned in a will who handles the estate of someone who dies testate.

Answer 13

Executor

Question 14

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)

Answer 14

Owner-agent

Question 15

When a licensee is released from the present broker, the licensee must find a new broker, retire, or inactivate the license within

Answer 15

10 days

Question 16

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

Answer 16

the name of the real estate firm.

Question 17

A partnership, corporation, or association may be granted a real estate

Answer 17

firm license.

Question 18

For licensees required to complete 16 hours of continuing education each license cycle, the only mandatory continuing education course is

Answer 18

core course

Question 19

Who is responsible for the administration and implementation of TREC policy?

Answer 19

Executive director

Question 20

Brokers must keep records of all consummated transactions for at least

Answer 20

3 years

Question 21

TREC is created within the Division of Regulatory Boards of

Answer 21

the Department of Commerce and Insurance.

Question 22

The primary purpose of TREC is to

Answer 22

protect the public

Question 23

An affiliate broker has employed a licensed personal assistant and wishes to share commissions earned for compensation. How are the commissions paid?

Answer 23

to the personal assistant by the broker

Question 24

For licensed non-Tennessee residents in reciprocal states to be licensed in Tennessee, they do NOT need

Answer 24

a place of business in this state.

Question 25

If a licensee receives confidential information from an unrepresented party, the licensee MUST

Answer 25

keep information confidential that was obtained before disclosure of agency.

Question 26

If a license is expired for more than one year, the individual must

Answer 26

reapply for licensure