TENNESSEE TIMESHARE FINAL EXAM 2026 QUESTIONS
AND ANSWERS GRADED A+
✔✔How long do you have to spend as an affiliate before applying to be a broker?` -
✔✔3 years
✔✔How long after passing the test do you have to apply for a license - ✔✔6 months
then retest
✔✔Whose job is it to make sure that you renew your license? - ✔✔the licensee
✔✔What is an example of a voidable project? - ✔✔lacks enforceability
✔✔Who is responsible for misleading advertising? - ✔✔Licensee placing advertising
✔✔What is the most important broker responsibility? - ✔✔informing the rep about
escrow
✔✔If the develop's former partner is going bankrupt is that developers license in
jeopardy? - ✔✔no
✔✔Before a timeshare is a timeshare what is it? - ✔✔Project
✔✔Can you indicate that a prospective guest has won a prize? - ✔✔no unless they
have actually won
✔✔Can you misstate the value of gifts promised? - ✔✔No
✔✔How far ahead can you indicate a price increase? - ✔✔60 days
✔✔Do you have to be a citizen to be licensed with TREC? - ✔✔No
✔✔What is the purpose of the TN real estate broker license act of 1973? - ✔✔Protect
the public
✔✔What are adverse facts? - ✔✔Conditions or occurrences that have negative impact
on the value of real estate, significantly reduce the structural integrity or significant
health risks
✔✔What is corporeal? - ✔✔right to possess visible tangible real property or person
property
✔✔what is incorporeal? - ✔✔non possessory rights, intangible rights in real property
(right of way, easements, licenses)
, ✔✔What act says that the real estate commission has to give you any charges in writing
if your license is threatened? - ✔✔Uniform administrative procedures act
✔✔What is the charge for any person acting as a a broker, affiliate broker, time share
salesperson, or acquisitions agent without first obtaining a license? - ✔✔Class B
misdemeanor
✔✔Number of Real estate commission member? - ✔✔9
✔✔What is the term of members in TREC? - ✔✔5 years
✔✔Who appoints the members of TREC? - ✔✔Governor
✔✔What are the three grand divisions and how many members of TREC are from each
division? - ✔✔East, west, middle. 3
✔✔Who approves real estate schools? - ✔✔State of TN
✔✔What is the liability of real estate education and recovery account? - ✔✔Shall not
exceed 15000 for transaction or 30,000 for the duration of any licensee career
✔✔What must be prominently displayed in the brokers principle place of business? -
✔✔All licenses
✔✔What is a premier resort city? - ✔✔population of 3000 or more and 40% or more
assessed value is hotels restaurants tourist fit shop etc
✔✔How long is a term for the Executive Director of the TN Real Estate Commission? -
✔✔4 years
✔✔How long is the statue of limitations for record keeping for TREC transaction? - ✔✔4
years
✔✔What is the penalty for involuntary discrimination? - ✔✔1st 10,000 2nd 25000 3rd
50000
✔✔What is the fee to move your license or put it in retirement? - ✔✔25
✔✔What is the fee to change your address? - ✔✔Nothing 0
✔✔What are the essentials of a contract? - ✔✔offer and acceptance, legal purposes,
consideration, reality of consent, competent parties
AND ANSWERS GRADED A+
✔✔How long do you have to spend as an affiliate before applying to be a broker?` -
✔✔3 years
✔✔How long after passing the test do you have to apply for a license - ✔✔6 months
then retest
✔✔Whose job is it to make sure that you renew your license? - ✔✔the licensee
✔✔What is an example of a voidable project? - ✔✔lacks enforceability
✔✔Who is responsible for misleading advertising? - ✔✔Licensee placing advertising
✔✔What is the most important broker responsibility? - ✔✔informing the rep about
escrow
✔✔If the develop's former partner is going bankrupt is that developers license in
jeopardy? - ✔✔no
✔✔Before a timeshare is a timeshare what is it? - ✔✔Project
✔✔Can you indicate that a prospective guest has won a prize? - ✔✔no unless they
have actually won
✔✔Can you misstate the value of gifts promised? - ✔✔No
✔✔How far ahead can you indicate a price increase? - ✔✔60 days
✔✔Do you have to be a citizen to be licensed with TREC? - ✔✔No
✔✔What is the purpose of the TN real estate broker license act of 1973? - ✔✔Protect
the public
✔✔What are adverse facts? - ✔✔Conditions or occurrences that have negative impact
on the value of real estate, significantly reduce the structural integrity or significant
health risks
✔✔What is corporeal? - ✔✔right to possess visible tangible real property or person
property
✔✔what is incorporeal? - ✔✔non possessory rights, intangible rights in real property
(right of way, easements, licenses)
, ✔✔What act says that the real estate commission has to give you any charges in writing
if your license is threatened? - ✔✔Uniform administrative procedures act
✔✔What is the charge for any person acting as a a broker, affiliate broker, time share
salesperson, or acquisitions agent without first obtaining a license? - ✔✔Class B
misdemeanor
✔✔Number of Real estate commission member? - ✔✔9
✔✔What is the term of members in TREC? - ✔✔5 years
✔✔Who appoints the members of TREC? - ✔✔Governor
✔✔What are the three grand divisions and how many members of TREC are from each
division? - ✔✔East, west, middle. 3
✔✔Who approves real estate schools? - ✔✔State of TN
✔✔What is the liability of real estate education and recovery account? - ✔✔Shall not
exceed 15000 for transaction or 30,000 for the duration of any licensee career
✔✔What must be prominently displayed in the brokers principle place of business? -
✔✔All licenses
✔✔What is a premier resort city? - ✔✔population of 3000 or more and 40% or more
assessed value is hotels restaurants tourist fit shop etc
✔✔How long is a term for the Executive Director of the TN Real Estate Commission? -
✔✔4 years
✔✔How long is the statue of limitations for record keeping for TREC transaction? - ✔✔4
years
✔✔What is the penalty for involuntary discrimination? - ✔✔1st 10,000 2nd 25000 3rd
50000
✔✔What is the fee to move your license or put it in retirement? - ✔✔25
✔✔What is the fee to change your address? - ✔✔Nothing 0
✔✔What are the essentials of a contract? - ✔✔offer and acceptance, legal purposes,
consideration, reality of consent, competent parties
