Real Estate Broker Exam – Questions And Detailed
Answers
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Terms in this set (140)
Who makes and changes the The Commission
Commission rules?
Qualified state courts
The Commission
The state legislature
A committee appointed by the
Governor
The Human Rights Act exists to ensure federal civil rights laws are carried out.
that
national mandated rights are carried
out.
basic rental rights laws are carried out.
local civil rights laws are carried out.
federal civil rights laws are carried out.
Which law regulates the sale and The Tennessee Vacation Club Act of 1995
promotion of vacation clubs?
The Summer Act of 1967
The Tennessee Vacation Club Act of
1995
The Lake and Stream Act of 1995
The Vacations Act of 1988
,Which of the following is a section in Qualifications and licensing
the License Act?
Obtaining listings
Office management
Selling and marketing
Qualifications and licensing
What is the overall purpose of the To protect the public from irresponsible or
Tennessee Broker License Act? unscrupulous people in the real estate business
To create brokers and affiliate brokers
To protect the public from
irresponsible or unscrupulous people
in the real estate business
To regulate real estate markets and
broker commissions in Tennessee
To create a Real Estate Commission
and a set of rules for it to enforce
What is the purpose of the To enable the Commission to carry out its duties
Commission rules? under the License Act
To keep unlicensed persons from
collecting commissions
To control the real estate industry in
Tennessee
To test the effects of new regulations
before they become law
To enable the Commission to carry
out its duties under the License Act
,When is it legal for the Commission to Never
set real estate commissions?
At the beginning of the fiscal year
Whenever it sees fit
Never
When requested to do so by a
competent court
Which rule applies to the appointment The person must be a college graduate.
of a full-time director of education?
The person must be a college
graduate.
The person must hold a real estate
license.
The person must be over 25 years of
age.
The person must have lived in the
State for over 5 years.
Among the Commission's duties and establishing standards of practice for licensees.
responsibilities are
establishing standards of practice for
licensees.
establishing commission rates for
standard services.
hiring instructors for real estate
schools.
educating the public about licensee's
illegal behavior.
What minimum balance must always $500,000
be maintained in the Recovery Fund?
$50,000
$100,000
$500,000
$1,000,000
, Which of the following actions can the Set commissions.
Commission NOT take?
Regulate real estate training schools.
Establish ethic standards for licensees.
Set commissions.
Establish meeting dates to carry out
its responsibilities.
A person in violation of the Recovery repaid the full amount plus interest to the fund.
Act cannot be reinstated until he or
she has
repaid the full amount plus interest to
the State Treasurer .
repaid the full amount plus interest to
the victim.
repaid 50% of the full amount plus
interest to the fund.
repaid the full amount plus interest to
the fund.
How is the Real Estate Recovery Fund By fees paid by applicants for license and license
funded? renewal
By appropriation in the state budget
By a tax on all real estate transactions
By fines levied on violators of the
License Act
By fees paid by applicants for license
and license renewal
How many of the members of the Seven
Commission may come from the real
estate industry?
None
Two
Five
Seven
Answers
Save Groups
Terms in this set (140)
Who makes and changes the The Commission
Commission rules?
Qualified state courts
The Commission
The state legislature
A committee appointed by the
Governor
The Human Rights Act exists to ensure federal civil rights laws are carried out.
that
national mandated rights are carried
out.
basic rental rights laws are carried out.
local civil rights laws are carried out.
federal civil rights laws are carried out.
Which law regulates the sale and The Tennessee Vacation Club Act of 1995
promotion of vacation clubs?
The Summer Act of 1967
The Tennessee Vacation Club Act of
1995
The Lake and Stream Act of 1995
The Vacations Act of 1988
,Which of the following is a section in Qualifications and licensing
the License Act?
Obtaining listings
Office management
Selling and marketing
Qualifications and licensing
What is the overall purpose of the To protect the public from irresponsible or
Tennessee Broker License Act? unscrupulous people in the real estate business
To create brokers and affiliate brokers
To protect the public from
irresponsible or unscrupulous people
in the real estate business
To regulate real estate markets and
broker commissions in Tennessee
To create a Real Estate Commission
and a set of rules for it to enforce
What is the purpose of the To enable the Commission to carry out its duties
Commission rules? under the License Act
To keep unlicensed persons from
collecting commissions
To control the real estate industry in
Tennessee
To test the effects of new regulations
before they become law
To enable the Commission to carry
out its duties under the License Act
,When is it legal for the Commission to Never
set real estate commissions?
At the beginning of the fiscal year
Whenever it sees fit
Never
When requested to do so by a
competent court
Which rule applies to the appointment The person must be a college graduate.
of a full-time director of education?
The person must be a college
graduate.
The person must hold a real estate
license.
The person must be over 25 years of
age.
The person must have lived in the
State for over 5 years.
Among the Commission's duties and establishing standards of practice for licensees.
responsibilities are
establishing standards of practice for
licensees.
establishing commission rates for
standard services.
hiring instructors for real estate
schools.
educating the public about licensee's
illegal behavior.
What minimum balance must always $500,000
be maintained in the Recovery Fund?
$50,000
$100,000
$500,000
$1,000,000
, Which of the following actions can the Set commissions.
Commission NOT take?
Regulate real estate training schools.
Establish ethic standards for licensees.
Set commissions.
Establish meeting dates to carry out
its responsibilities.
A person in violation of the Recovery repaid the full amount plus interest to the fund.
Act cannot be reinstated until he or
she has
repaid the full amount plus interest to
the State Treasurer .
repaid the full amount plus interest to
the victim.
repaid 50% of the full amount plus
interest to the fund.
repaid the full amount plus interest to
the fund.
How is the Real Estate Recovery Fund By fees paid by applicants for license and license
funded? renewal
By appropriation in the state budget
By a tax on all real estate transactions
By fines levied on violators of the
License Act
By fees paid by applicants for license
and license renewal
How many of the members of the Seven
Commission may come from the real
estate industry?
None
Two
Five
Seven
