The CE Shop Flashcards
How many days after being convicted of a license law offense will the Tennessee Real Estate Commission revoke a licensee’s license?
60
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?
Brokerage name
The commission uses an official seal, which is used to certify and authenticate ______.
Records
Which of these must Tennessee licensees disclose relative to specific real estate transactions handled by their brokerages?
Immediate family relationships
Deborah, a sponsoring broker, is required to display the licenses of ________.
All affiliate brokers, both independent contractors and employees
Renita’s license has been expired for more than one year. What must she do to reinstate it?
Apply for a brand new license.
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?
Timeshare use
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?
The principal broker’s and all affiliate brokers’
In Tennessee, how many hours of approved real estate courses are required before taking the real estate affiliate broker exam?
60
Which of the following can hold a Tennessee broker’s license?
A person or an entity
In Tennessee, what’s the pre-licensing education requirement for brokers?
120 hours
Which of the following is true about complainants in the TREC complaint process?
They may be licensees or consumers.
Tennessee licensee Doug wants to advertise another broker’s listing. Whose permission must he have to do this?
The property owner
Which act established the Tennessee Real Estate Commission?
Tennessee Real Estate Broker License Act
Tennessee Real Estate Broker License Act
A principal broker mismanaged a trust account.
How often can real estate firms receive an escrow waiver?
Once each license renewal period
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?
From his own broker
Which of the following is true about errors and omissions insurance?
It covers licensees sued by consumers for inadvertent mistakes.
How can a consumer submit a complaint to the Tennessee Real Estate Commission?
Using an online form
An office property manager is responsible for which area of property management?
Thinking about how much build out or change to the design, floor plan, and power requirements a tenant will require
Thomas is applying for an affiliate broker license. What type of written examination requirement does this type of license have?
Thomas must pass the national and state exams with a score of 70% or greater.
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?
A minimum of one branch office with a licensed broker who is responsible for directing and supervising the personnel in that office
Which of these is the Tennessee Real Estate Commission specifically prohibited from regulating?
Brokerage fees
In Tennessee, what’s a consumer?
Someone who uses or purchases a product or service
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?
G&M Rolling Hills Partners
The ______ enforces federal fair housing laws at the state level in Tennessee.
Tennessee Fair Housing Commission
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.
Timeshare use
The application of the Uniform Landlord and Tenant Act in Tennesse depends on which factor?
Population of the county
You’re the seller’s agent for Tira Miller. Jenny Oostburg is a potential buyer. What best describes Tira’s relationship to you?
Client
TREC must operate in accordance with what act?
The Uniform Administrative Procedures Act
In an ideal Tennessee real estate transaction, what happens to the buyer’s earnest money?
The money goes toward the down payment on the property.
Which component of a purchase offer could be referred to as a “down payment on the down payment”?
Earnest money
To prevent commingling and accidentally using the funds from one income property to pay for the expenses of another, a Tennessee broker should ______.
Establish a separate escrow account for each property.
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?
In order to successfully pass the affiliate broker licensing exam, an applicant needs a minimum score of ______.
70%
