The CE Shop

Question 1

How many days after being convicted of a license law offense will the Tennessee Real Estate Commission revoke a licensee’s license?

Answer 1

60

Question 2

Dolly is a real estate salesperson. She placed an advertisement online that includes her name, the firm’s number, city and state where her brokerage is located, and the county where her brokerage is licensed. What element did she leave off that must be included?

Answer 2

Brokerage name

Question 3

The commission uses an official seal, which is used to certify and authenticate ______.

Answer 3

Records

Question 4

Which of these must Tennessee licensees disclose relative to specific real estate transactions handled by their brokerages?

Answer 4

Immediate family relationships

Question 5

Deborah, a sponsoring broker, is required to display the licenses of ________.

Answer 5

All affiliate brokers, both independent contractors and employees

Question 6

Renita’s license has been expired for more than one year. What must she do to reinstate it?

Answer 6

Apply for a brand new license.

Question 7

Ellen and Isaac have a timeshare near the Smoky Mountains. They’ll be able to use it for two weeks every September, for the next eight years. What type of timeshare is this?

Answer 7

Timeshare use

Question 8

In Tennessee, whose license or licenses must be prominently displayed or available for hard copy or electronic inspection at a firm’s main place of business?

Answer 8

The principal broker’s and all affiliate brokers’

Question 9

In Tennessee, how many hours of approved real estate courses are required before taking the real estate affiliate broker exam?

Answer 9

60

Question 10

Which of the following can hold a Tennessee broker’s license?

Answer 10

A person or an entity

Question 11

In Tennessee, what’s the pre-licensing education requirement for brokers?

Answer 11

120 hours

Question 12

Which of the following is true about complainants in the TREC complaint process?

Answer 12

They may be licensees or consumers.

Question 13

Tennessee licensee Doug wants to advertise another broker’s listing. Whose permission must he have to do this?

Answer 13

The property owner

Question 14

Which act established the Tennessee Real Estate Commission?

Answer 14

Tennessee Real Estate Broker License Act

Question 15

Tennessee Real Estate Broker License Act

Answer 15

A principal broker mismanaged a trust account.

Question 16

How often can real estate firms receive an escrow waiver?

Answer 16

Once each license renewal period

Question 17

Donnie is the buyer’s agent for a transaction in which May (from a different brokerage) listed her seller client George’s property. From whom will Donnie receive his compensation?

Answer 17

From his own broker

Question 18

Which of the following is true about errors and omissions insurance?

Answer 18

It covers licensees sued by consumers for inadvertent mistakes.

Question 19

How can a consumer submit a complaint to the Tennessee Real Estate Commission?

Answer 19

Using an online form

Question 20

An office property manager is responsible for which area of property management?

Answer 20

Thinking about how much build out or change to the design, floor plan, and power requirements a tenant will require

Question 21

Thomas is applying for an affiliate broker license. What type of written examination requirement does this type of license have?

Answer 21

Thomas must pass the national and state exams with a score of 70% or greater.

Question 22

In addition to a firm real estate license and a principal broker, what else must real estate firms have to meet Tennessee firm license requirements?

Answer 22

A minimum of one branch office with a licensed broker who is responsible for directing and supervising the personnel in that office

Question 23

Which of these is the Tennessee Real Estate Commission specifically prohibited from regulating?

Answer 23

Brokerage fees

Question 24

In Tennessee, what’s a consumer?

Answer 24

Someone who uses or purchases a product or service

Question 25

Mallory and Guinevere are partnering up to form a team within their Rolling Hills real estate firm. Which of the following would be an appropriate name for their team?

Answer 25

G&M Rolling Hills Partners

Question 26

The ______ enforces federal fair housing laws at the state level in Tennessee.

Answer 26

Tennessee Fair Housing Commission

Question 27

A ______ is a piece of real estate owned by multiple, unrelated individuals who, in addition to their ownership rights, each hold the right to occupy the dwelling unit based on the specific terms of a Tennessee time-sharing agreement, usually in one- to two-week intervals during the year.

Answer 27

Timeshare use

Question 28

The application of the Uniform Landlord and Tenant Act in Tennesse depends on which factor?

Answer 28

Population of the county

Question 29

You’re the seller’s agent for Tira Miller. Jenny Oostburg is a potential buyer. What best describes Tira’s relationship to you?

Answer 29

Client

Question 30

TREC must operate in accordance with what act?

Answer 30

The Uniform Administrative Procedures Act

Question 31

In an ideal Tennessee real estate transaction, what happens to the buyer’s earnest money?

Answer 31

The money goes toward the down payment on the property.

Question 32

Which component of a purchase offer could be referred to as a “down payment on the down payment”?

Answer 32

Earnest money

Question 33

To prevent commingling and accidentally using the funds from one income property to pay for the expenses of another, a Tennessee broker should ______.

Answer 33

Establish a separate escrow account for each property.

Question 34

Which of these statements is true about your listing agreements, buyer representation agreements, offers to purchase, counter offers, contract amendments and addenda, disclosure statements, and settlement statements?

Question 35

In order to successfully pass the affiliate broker licensing exam, an applicant needs a minimum score of ______.

Answer 35

70%