TN Timeshare exam 2023/ 106 Questions and
Answers/ Graded A+
The judicial body of the real estate industry in the state of Tennessee. - -What is the
Tennessee Real Estate Commission?
-∙ Nine members: 3 from each grand division of the state.
∙ 7 from the real estate industry
∙ 2 from the general public - -Tennessee Real Estate Commission
-What are the liability limits of the R.E. Education and Recovery Account - -$15,000/
trans or $30,000 for the duration of any licensees career
-Who has custody and charge of the Seal? - -The commission Executive Director
-Whose responsibility is it to select the chair and Vice Chair of the TREC? - -TN Real
Estate Commission(TREC)
-What is the penalty for any person acting as a broker, affiliate broker, time share
salesperson, or acquisition agent without first obtaining a license? - -Class B
misdemeanor
-In Civil liability the commission would be defended by _____________________?
- -The Attorney General
-The Truth in Lending is part of what legislation? - -Consumer Protection Act
-How many of the Members of the TN Real Estate Commission are from the General
Public? - -2
-Is Errors and Omissions Insurance required for Inactive or Retired licensees? - -No
-What is a managing Agent? - -Person with management duties and responsibilities
and obligations of a Time Share Program
-Why was the Truth in Lending and Regulation Z passed? - -To disclose all facts in a
lending transaction
-When did Regulation Z come into effect? - -1969
-What are the requirements to sell timeshare? - -License and must be affiliated with
firm which is affiliated with a registered T/S project
-What is the result if the developer cancels a contract during applicable rescission
period? - -Purchaser must return all materials in good condition, if materials not
returned developer can deduct cost of materials
, -Who is ultimately responsible for funds even after paid over to an escrow company? - -
The broker
-How much of a deposit must be in the Independent Escrow? - -100%
-What is the penalty for cancellation? - -No penalty
-What is the term of a TN Human Rights Commission member? - -6 years
-How are the Members of the TN Human Rights Commission divided? - -3 from each
grand division (west, middle, east)
-How many members are on the TN Human Rights Commission? - -9
-How long is the rescission for Camping Contracts? - -15 days
-How long does a Time Share Resort have to amend an incomplete or inadequate public
offering statement? - -45 Days
-What is excluded from the Truth in Lending? - -Property Value or Sales Commission
-What are the restrictions for creating a time share unit? - -a. It cannot be created if 1)
expressly prohibited by project instruments or 2) local governing laws
-When are real estate Commissions collected? - -At time of closing- paid to t/s agents
after rescission
-How are commissions determined? - -Negotiated never fixed
-Who can pay a licensee commission? - -Broker
-What are the essentials of a contract? - -A) Offer and Acceptance B) legal purposes C)
consideration D) Reality of consent E) Competent parties
-Fee to change your address? - -$0
-What is the fee to move your license or put it in retirement? - -$25
-What is the penalty for Involuntary Discrimination? - -1st- $10,000, 2nd-$25,000,
3rd-$50,000
-How long is the Statue of Limitations for Record Keeping for TREC transactions? - -4
years
-How long a term is the Executive Director of The TN Real Estate Commission
appointment? - -4 years
Answers/ Graded A+
The judicial body of the real estate industry in the state of Tennessee. - -What is the
Tennessee Real Estate Commission?
-∙ Nine members: 3 from each grand division of the state.
∙ 7 from the real estate industry
∙ 2 from the general public - -Tennessee Real Estate Commission
-What are the liability limits of the R.E. Education and Recovery Account - -$15,000/
trans or $30,000 for the duration of any licensees career
-Who has custody and charge of the Seal? - -The commission Executive Director
-Whose responsibility is it to select the chair and Vice Chair of the TREC? - -TN Real
Estate Commission(TREC)
-What is the penalty for any person acting as a broker, affiliate broker, time share
salesperson, or acquisition agent without first obtaining a license? - -Class B
misdemeanor
-In Civil liability the commission would be defended by _____________________?
- -The Attorney General
-The Truth in Lending is part of what legislation? - -Consumer Protection Act
-How many of the Members of the TN Real Estate Commission are from the General
Public? - -2
-Is Errors and Omissions Insurance required for Inactive or Retired licensees? - -No
-What is a managing Agent? - -Person with management duties and responsibilities
and obligations of a Time Share Program
-Why was the Truth in Lending and Regulation Z passed? - -To disclose all facts in a
lending transaction
-When did Regulation Z come into effect? - -1969
-What are the requirements to sell timeshare? - -License and must be affiliated with
firm which is affiliated with a registered T/S project
-What is the result if the developer cancels a contract during applicable rescission
period? - -Purchaser must return all materials in good condition, if materials not
returned developer can deduct cost of materials
, -Who is ultimately responsible for funds even after paid over to an escrow company? - -
The broker
-How much of a deposit must be in the Independent Escrow? - -100%
-What is the penalty for cancellation? - -No penalty
-What is the term of a TN Human Rights Commission member? - -6 years
-How are the Members of the TN Human Rights Commission divided? - -3 from each
grand division (west, middle, east)
-How many members are on the TN Human Rights Commission? - -9
-How long is the rescission for Camping Contracts? - -15 days
-How long does a Time Share Resort have to amend an incomplete or inadequate public
offering statement? - -45 Days
-What is excluded from the Truth in Lending? - -Property Value or Sales Commission
-What are the restrictions for creating a time share unit? - -a. It cannot be created if 1)
expressly prohibited by project instruments or 2) local governing laws
-When are real estate Commissions collected? - -At time of closing- paid to t/s agents
after rescission
-How are commissions determined? - -Negotiated never fixed
-Who can pay a licensee commission? - -Broker
-What are the essentials of a contract? - -A) Offer and Acceptance B) legal purposes C)
consideration D) Reality of consent E) Competent parties
-Fee to change your address? - -$0
-What is the fee to move your license or put it in retirement? - -$25
-What is the penalty for Involuntary Discrimination? - -1st- $10,000, 2nd-$25,000,
3rd-$50,000
-How long is the Statue of Limitations for Record Keeping for TREC transactions? - -4
years
-How long a term is the Executive Director of The TN Real Estate Commission
appointment? - -4 years
