Tennessee (state exam) Real Estate:
Complete Exam Overview with Recently
Tested Questions and Verified Answers |
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1. What much all agreements and contracts have per the Tennessee Real Estate
Commission? - ANSWER Designated agent
2. What's another name for an escrow account in Tennessee? - ANSWER
Trust account
3. At a minimum, what information must the records contain in addition to who
provided the funds and the date the funds were deposited? - ANSWER The
date the funds were withdrawn and who received the funds.
4. TREC is a judiciary, which means..... - ANSWER It can hold hearings, hear
facts presented, and impose penalties for violations of rules.
5. As a security precaution, which of the following should Tennessee Licensees
do? - ANSWER Limit the amount of personal information they post.
6. What is true about licensee commission in Tennessee? - ANSWER It's
subject to a brokerage split
7. True or False: Agents can obtain E&O insurance independently. -
ANSWER True
,8. Who's entitled to reimbursement from the Real Estate Education and
Recovery Account? - ANSWER A member of the public who's been
granted a judgment against a licensee
9. What happens when a broker signs a change of affiliate form for a licensee?
- ANSWER All supervisory responsibility for that licensee ceases.
10.How many hours are required for a TN Broker's license? - ANSWER 150
hours and a 75%
11.What can hold a TN brokers license? - ANSWER A person or an entity
12.In Tennessee, the property management proposal includes information such
as ______________. - ANSWER Details about the property manager's
qualifications.
13.Two members of the Tennessee Real Estate Commission, Barb and Jeff,
represent the public at large. Besides not being real estate licensees, what
else do we know about Barb and Jeff? - ANSWER They don't live in the
same part of the state.
14.Brandi had to pay a $700 penalty fee to reinstate her license. That's likely
because her license expired more than ___________ ago. - ANSWER 120
days - $50/day for 30 days
15.What is true about Brokers in Tennessee and the disbursement of escrow
funds? - ANSWER Brokers can disburse escrow funds when a transaction
closes successfully.
,16.Which sale is exempt from the disclosure requirement? - ANSWER A
newly constructed home
17.Ralph is a broker whose license was suspended when one of his affiliated
brokers committed a violation. This is most likely because....... - ANSWER
Ralph either knew about the violation or is guilty of failure to supervise.
18.What are the five components of the bundle of rights? - ANSWER
Possession, Control, Exclusion, Enjoyment, and Disposition (PCEED).
19.Which right in the bundle of rights allows an owner to transfer property? -
ANSWER The right of disposition.
20.What type of agency agreement creates a relationship between a buyer and a
broker, including all of the broker's affiliates? - ANSWER Traditional buyer
agency
21.In Tennessee, what's the pre-licensing education requirement for brokers? -
ANSWER 120 hours
22.A type of listing illegal in Tennessee...... - ANSWER A net listing
23.Which of the following items is included on both the commercial and
residential purchase and sale agreements? - ANSWER Amount of earnest
money
24.If a broker's affiliated licensee commits a violation, what can happen? -
ANSWER It's in jeopardy if it can be shown the broker failed to supervise
the licensee.
, 25.In what way(s) do Tennessee consumers compensate brokers for their
services? - ANSWER As a flat fee, fee for service, and/or percentage of sale
26.When a real estate affiliate broker license is issued in Tennessee, how long
is it valid? - ANSWER Two years
27.What is found in a residential purchase and sale agreement but not in a
commercial purchase and sale agreement? - ANSWER Seller
responsibilities regarding disclosures about property condition
28.Why might you need to provide a notification of change in agency status? -
ANSWER A customer now wants representation
29.The Tennessee Real Estate Commission has many duties and powers. Which
of the following falls within its scope of authority? - ANSWER Issue, deny,
suspend, or revoke real estate licenses.
30.What responsibility is it to ensure that a prospective buyer receives a copy of
the Tennessee Residential Property Condition Disclosure prior to the buyer
making a written offer to the seller? - ANSWER The buyer's agent
31.To avoid dual agency, what would Tennessee brokerage firms most likely
do? - ANSWER Default to facilitator status
32.As a(n) _______________________ property manager, you know there's a
lot more turnover in your area of expertise. - ANSWER Residential
Complete Exam Overview with Recently
Tested Questions and Verified Answers |
Expert Graded A+
1. What much all agreements and contracts have per the Tennessee Real Estate
Commission? - ANSWER Designated agent
2. What's another name for an escrow account in Tennessee? - ANSWER
Trust account
3. At a minimum, what information must the records contain in addition to who
provided the funds and the date the funds were deposited? - ANSWER The
date the funds were withdrawn and who received the funds.
4. TREC is a judiciary, which means..... - ANSWER It can hold hearings, hear
facts presented, and impose penalties for violations of rules.
5. As a security precaution, which of the following should Tennessee Licensees
do? - ANSWER Limit the amount of personal information they post.
6. What is true about licensee commission in Tennessee? - ANSWER It's
subject to a brokerage split
7. True or False: Agents can obtain E&O insurance independently. -
ANSWER True
,8. Who's entitled to reimbursement from the Real Estate Education and
Recovery Account? - ANSWER A member of the public who's been
granted a judgment against a licensee
9. What happens when a broker signs a change of affiliate form for a licensee?
- ANSWER All supervisory responsibility for that licensee ceases.
10.How many hours are required for a TN Broker's license? - ANSWER 150
hours and a 75%
11.What can hold a TN brokers license? - ANSWER A person or an entity
12.In Tennessee, the property management proposal includes information such
as ______________. - ANSWER Details about the property manager's
qualifications.
13.Two members of the Tennessee Real Estate Commission, Barb and Jeff,
represent the public at large. Besides not being real estate licensees, what
else do we know about Barb and Jeff? - ANSWER They don't live in the
same part of the state.
14.Brandi had to pay a $700 penalty fee to reinstate her license. That's likely
because her license expired more than ___________ ago. - ANSWER 120
days - $50/day for 30 days
15.What is true about Brokers in Tennessee and the disbursement of escrow
funds? - ANSWER Brokers can disburse escrow funds when a transaction
closes successfully.
,16.Which sale is exempt from the disclosure requirement? - ANSWER A
newly constructed home
17.Ralph is a broker whose license was suspended when one of his affiliated
brokers committed a violation. This is most likely because....... - ANSWER
Ralph either knew about the violation or is guilty of failure to supervise.
18.What are the five components of the bundle of rights? - ANSWER
Possession, Control, Exclusion, Enjoyment, and Disposition (PCEED).
19.Which right in the bundle of rights allows an owner to transfer property? -
ANSWER The right of disposition.
20.What type of agency agreement creates a relationship between a buyer and a
broker, including all of the broker's affiliates? - ANSWER Traditional buyer
agency
21.In Tennessee, what's the pre-licensing education requirement for brokers? -
ANSWER 120 hours
22.A type of listing illegal in Tennessee...... - ANSWER A net listing
23.Which of the following items is included on both the commercial and
residential purchase and sale agreements? - ANSWER Amount of earnest
money
24.If a broker's affiliated licensee commits a violation, what can happen? -
ANSWER It's in jeopardy if it can be shown the broker failed to supervise
the licensee.
, 25.In what way(s) do Tennessee consumers compensate brokers for their
services? - ANSWER As a flat fee, fee for service, and/or percentage of sale
26.When a real estate affiliate broker license is issued in Tennessee, how long
is it valid? - ANSWER Two years
27.What is found in a residential purchase and sale agreement but not in a
commercial purchase and sale agreement? - ANSWER Seller
responsibilities regarding disclosures about property condition
28.Why might you need to provide a notification of change in agency status? -
ANSWER A customer now wants representation
29.The Tennessee Real Estate Commission has many duties and powers. Which
of the following falls within its scope of authority? - ANSWER Issue, deny,
suspend, or revoke real estate licenses.
30.What responsibility is it to ensure that a prospective buyer receives a copy of
the Tennessee Residential Property Condition Disclosure prior to the buyer
making a written offer to the seller? - ANSWER The buyer's agent
31.To avoid dual agency, what would Tennessee brokerage firms most likely
do? - ANSWER Default to facilitator status
32.As a(n) _______________________ property manager, you know there's a
lot more turnover in your area of expertise. - ANSWER Residential
