Tennessee State Law exam with correct answers

Acquisition agent Requires a special acquisition agent license which allows the agent to solicit and encourage people to attend special presentations for a timeshare program. This solicitation must be done off-site from the timeshare location; (gathers people for timeshare presentation) Adverse fact Condition recognized by licensees that have a negative impact on a property that must be disclosed; i.e. mold Affiliate broker A licensee that is engaged under a licensed broker to provide real estate services Broker A licensee who may be paid directly by the consumer for negotiating a listing, sale, purchase, lease, or options. One who acts as an intermediary on behalf of others for a fee or commission Client A party to a transaction with whom the broker has entered into a specific WRITTEN agency agreement to provide services Customer Any party to a transaction that is not a client for whom the real estate agent provides services Designated agent A licensee who has been chosen by the managing broker to serve as the agent to a party of a transaction Dual agent A licensee that has an agreement to provide service as an agent to more than one party of a transaction Facilitator Any licensee who assist but does NOT represent one or more party in a transaction. In TN, a facilitator is also known as the transaction broker Timeshare salesperson A licensee who only sells timeshare Material Any statement, representation or fact relative to a transaction that would affect a reasonable person's decision to enter into an agreement and that has been identified by the person as being of significance to a particular party Application fees for license application and education/recovery $91 The following may engage in a real estate transactions without a required license: An owner of real estate (FSBO) An attorney in fact acting under a duly executed and recorded power of attorney from the owner An attorney at law performing duties as an attorney at law A receiver, trustee in bankruptcy, administrator, executor or guardian or trustee acting under a trust agreement, deed of trust or will or acting under a court order A resident manager who duties are limited to supervision, showing of the units, collecting security deposits and rents from the property. A resident manager may not negotiate anything financial. A corporation who has a duly authorized salaried officer to handle leases or sale of property owned by the corporation of provided the officer or can be paid on a per transaction basis