Tennessee (state exam) Real Estate Questions and Answers
Rated A+
Regulatory Powers
Enable the agency to pass specific regulations and rules to support the administration of
the license law
Judicial Powers
Enable it to conduct hearings and investigations into the activities of licensees and to
rule on license suspensions or revocations
Administrative Powers
Enable it to establish the staff organization, records, and facilities to manage the
licensing process and the licensees themselves
Mission of the Tennessee Real Estate Commission
Protect the public
TREC consists of how many members?
9
Who appoints members of TREC?
Governor
How many years are the TREC member terms?
5
Who chooses the TREC chair, vice chair, and executive director?
The commission
Affiliate Broker
• High school diploma
• Completion of 60 classroom hours + 30 credits
Broker
• Must have high school, 120 classroom hours, 90 credits,
Time Share Salesperson
• High school diploma
• 30 classroom hours
Only take state part of PSI exam
Contract
Agreement between 2 or more parties who, in a "meeting of the minds" have pledged to
perform or refrain from performing some act
Exclusive Listing Agreement
Legally enforceable real estate agency agreement between a real estate broker and a
client, authorizing a real estate licensee to act as a parties exclusive agent for the
purchase, sale, or lease of real estate
Commingling
Mixing escrow funds into the same account as non escrow funds
Conversion
Using escrow funds for the wrong purposes
Consumer Protection Act
Law makes it a Class B Misdemeanor to commit any unfair or deceptive act in any trade
or commerce
, Time Share Estate
Ownership/leasehold estate in property devoted to a time share fee, tenants in
common, time span ownership, interval ownership, and a time share lease
Time Share Program
Arrangement for time share intervals in a time share project where use is subject to a
schedule on a periodic basis occurring annually over any period of time in excess of 1
year
Vacation Club
Program in which a purchaser obtains a recurring right to use and occupy the space in
more than one site through the mandatory use of a reservation system
Cancellation (backing out) of a timeshare contract must happen within ________
days if you actually looked at the property in person?
10 days
Cancellation (backing out) of a timeshare contract must happen within ________
days if you did not looked at the property in person?
15 days
Who holds deposit for a timeshare?
(Third-party) attorney, bank, title company, etc.
At least ______ of each prize/gift must be given?
1
With timeshares, If a sales presentation is required to qualify it must be stated.
True or false?
True
With timeshares, The retail value of each prize/gift must be stated. True or false?
True
In regards to timeshares, the odds of winning the prize/gift do not necessarily
need to be stated. True or false?
False
It costs $110 for Tennessee affiliate broker license application. True or false?
False. It costs $100
How often does the commission meet?
Once a month for 2 to 3 days
NO MORE THAN 3 DAYS!!!!!
What is the license renewal fee for an affiliate broker?
$80
How much is the PSI exam fee?
$43
What can an unlicensed assistant do at a Brokerage?
Allowed to open doors for open house but cannot show house,
they can look up a property but they cannot show it,
they can assemble documents for closing,
place ad which have been approved by the broker
Have keys made for a listing
Distribute commission checks
Rated A+
Regulatory Powers
Enable the agency to pass specific regulations and rules to support the administration of
the license law
Judicial Powers
Enable it to conduct hearings and investigations into the activities of licensees and to
rule on license suspensions or revocations
Administrative Powers
Enable it to establish the staff organization, records, and facilities to manage the
licensing process and the licensees themselves
Mission of the Tennessee Real Estate Commission
Protect the public
TREC consists of how many members?
9
Who appoints members of TREC?
Governor
How many years are the TREC member terms?
5
Who chooses the TREC chair, vice chair, and executive director?
The commission
Affiliate Broker
• High school diploma
• Completion of 60 classroom hours + 30 credits
Broker
• Must have high school, 120 classroom hours, 90 credits,
Time Share Salesperson
• High school diploma
• 30 classroom hours
Only take state part of PSI exam
Contract
Agreement between 2 or more parties who, in a "meeting of the minds" have pledged to
perform or refrain from performing some act
Exclusive Listing Agreement
Legally enforceable real estate agency agreement between a real estate broker and a
client, authorizing a real estate licensee to act as a parties exclusive agent for the
purchase, sale, or lease of real estate
Commingling
Mixing escrow funds into the same account as non escrow funds
Conversion
Using escrow funds for the wrong purposes
Consumer Protection Act
Law makes it a Class B Misdemeanor to commit any unfair or deceptive act in any trade
or commerce
, Time Share Estate
Ownership/leasehold estate in property devoted to a time share fee, tenants in
common, time span ownership, interval ownership, and a time share lease
Time Share Program
Arrangement for time share intervals in a time share project where use is subject to a
schedule on a periodic basis occurring annually over any period of time in excess of 1
year
Vacation Club
Program in which a purchaser obtains a recurring right to use and occupy the space in
more than one site through the mandatory use of a reservation system
Cancellation (backing out) of a timeshare contract must happen within ________
days if you actually looked at the property in person?
10 days
Cancellation (backing out) of a timeshare contract must happen within ________
days if you did not looked at the property in person?
15 days
Who holds deposit for a timeshare?
(Third-party) attorney, bank, title company, etc.
At least ______ of each prize/gift must be given?
1
With timeshares, If a sales presentation is required to qualify it must be stated.
True or false?
True
With timeshares, The retail value of each prize/gift must be stated. True or false?
True
In regards to timeshares, the odds of winning the prize/gift do not necessarily
need to be stated. True or false?
False
It costs $110 for Tennessee affiliate broker license application. True or false?
False. It costs $100
How often does the commission meet?
Once a month for 2 to 3 days
NO MORE THAN 3 DAYS!!!!!
What is the license renewal fee for an affiliate broker?
$80
How much is the PSI exam fee?
$43
What can an unlicensed assistant do at a Brokerage?
Allowed to open doors for open house but cannot show house,
they can look up a property but they cannot show it,
they can assemble documents for closing,
place ad which have been approved by the broker
Have keys made for a listing
Distribute commission checks
