TENNESSEE TIMESHARE MAIN EXAM 2026 TEST
QUESTIONS AND ANSWERS GRADED A+
✔✔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 Tennessee real estate broker license act of 1973? -
✔✔Protect the public
✔✔What are adverse affects? - ✔✔Conditions or occurrences that have a negative
impact on the value of the real estate, significantly reduce the structural integrity, or
significant health risks.
✔✔What is corporeal? - ✔✔The right to possess visible, tangible real property or
personal 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 changes in
writing if your license is threatened? - ✔✔Uniform administrative procedures act
✔✔What is the charge for any person acting as a broker, affiliate broker, timeshare
sales person, or acquisition agent without first obtaining a license? - ✔✔Class B
misdemeanor
✔✔Number of real estate commission members? - ✔✔9
✔✔What is the term for members of TREC? - ✔✔Five 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, and the middle Tennessee. 3
✔✔Who approves real estate schools? - ✔✔State of Tennessee
✔✔What is the liability of the real estate education and recovery account? - ✔✔Shall
not exceed $15,000 per transaction or $30,000 for the duration of any licensees career
, ✔✔What must be prominently displayed in the brokers principal place of business? -
✔✔All licenses
✔✔What is a premier resort city? - ✔✔Must have a population of 3000 or more and 40%
or more assessed value is hotels, restaurants, tourist gift shops, etc.
✔✔How long is a term is the executive director of the Tennessee real estate
commission appointment? - ✔✔Four years
✔✔How long is the statue of limitations for record keeping for the TREC transactions? -
✔✔Four years
✔✔What is the penalty for involuntary discrimination? - ✔✔First-$10,000, second-
$25,000, third-$50,000
✔✔what is the fee to move your license or put it in retirement? - ✔✔$25
✔✔What is the fee to change your address? - ✔✔Nothing
✔✔What are the essentials of a contract? - ✔✔A) offer and acceptance
B) legal purposes
C) consideration
D) reality of consent
E) competent parties
✔✔Who can pay a licensee commission? - ✔✔Broker
✔✔How are commissions determined? - ✔✔Negotiated never fixed
✔✔When our real estate commissions collected? - ✔✔At the time of closing-paid to
timeshare agents after rescission
✔✔What are the restrictions for creating a timeshare unit? - ✔✔It cannot be created if 1)
expressly prohibited by project instruments or 2) local governing laws
✔✔What is excluded from the truth in lending? - ✔✔Property value for sales
commission
✔✔How long does a timeshare resort have to amend and incomplete or in adequate
public offering statement? - ✔✔45 days
✔✔How long is the rescission for camping contracts? - ✔✔15 days
QUESTIONS AND ANSWERS GRADED A+
✔✔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 Tennessee real estate broker license act of 1973? -
✔✔Protect the public
✔✔What are adverse affects? - ✔✔Conditions or occurrences that have a negative
impact on the value of the real estate, significantly reduce the structural integrity, or
significant health risks.
✔✔What is corporeal? - ✔✔The right to possess visible, tangible real property or
personal 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 changes in
writing if your license is threatened? - ✔✔Uniform administrative procedures act
✔✔What is the charge for any person acting as a broker, affiliate broker, timeshare
sales person, or acquisition agent without first obtaining a license? - ✔✔Class B
misdemeanor
✔✔Number of real estate commission members? - ✔✔9
✔✔What is the term for members of TREC? - ✔✔Five 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, and the middle Tennessee. 3
✔✔Who approves real estate schools? - ✔✔State of Tennessee
✔✔What is the liability of the real estate education and recovery account? - ✔✔Shall
not exceed $15,000 per transaction or $30,000 for the duration of any licensees career
, ✔✔What must be prominently displayed in the brokers principal place of business? -
✔✔All licenses
✔✔What is a premier resort city? - ✔✔Must have a population of 3000 or more and 40%
or more assessed value is hotels, restaurants, tourist gift shops, etc.
✔✔How long is a term is the executive director of the Tennessee real estate
commission appointment? - ✔✔Four years
✔✔How long is the statue of limitations for record keeping for the TREC transactions? -
✔✔Four years
✔✔What is the penalty for involuntary discrimination? - ✔✔First-$10,000, second-
$25,000, third-$50,000
✔✔what is the fee to move your license or put it in retirement? - ✔✔$25
✔✔What is the fee to change your address? - ✔✔Nothing
✔✔What are the essentials of a contract? - ✔✔A) offer and acceptance
B) legal purposes
C) consideration
D) reality of consent
E) competent parties
✔✔Who can pay a licensee commission? - ✔✔Broker
✔✔How are commissions determined? - ✔✔Negotiated never fixed
✔✔When our real estate commissions collected? - ✔✔At the time of closing-paid to
timeshare agents after rescission
✔✔What are the restrictions for creating a timeshare unit? - ✔✔It cannot be created if 1)
expressly prohibited by project instruments or 2) local governing laws
✔✔What is excluded from the truth in lending? - ✔✔Property value for sales
commission
✔✔How long does a timeshare resort have to amend and incomplete or in adequate
public offering statement? - ✔✔45 days
✔✔How long is the rescission for camping contracts? - ✔✔15 days
