Real Estate Express Exam Review Questions and
Answers 2023/2024
Which of the following is a section in the License Act? - Answ a) Obtaining listings
b) Office management
c) Selling and marketing
d) Qualifications and licensing
D
What is the purpose of the Commission rules? - Answ a) To keep unlicensed persons
from collecting commissions
b) To control the real estate industry in Tennessee
c) To test the effects of new regulations before they become law
d) To enable the Commission to carry out its duties under the License Act
D
Who makes and changes the Commission rules? - Answ a) Qualified state courts
b) The Commission
c) The state legislature
d) A committee appointed by the Governor
B
Which of the following is a section of the rules? - Answ a) Lending Practices
b) Construction Standards
c) Appraisal
d) Rules of Conduct
D
What is a Commission policy statement? - Answ a) An occasional amplification that
becomes part of the rules
b) An internal office policy of the Commission
c) An official comment of the Commission on a real estate event in the news
d) A revision of the License Act issued by the Commission
A
In addition to the License Act and the Rules, what does the official manual contain? -
Answ a) The Tennessee Consumer Protection Act
b) The Tennessee Hazardous Waste Reduction Act
c) The Tennessee Human Rights Act
d) The Tennessee Professional Regulation Act
C
, Which law regulates the sale and promotion of vacation clubs? - Answ a) The Summer
Act of 1967
b) The Tennessee Vacation Club Act of 1995
c) The Lake and Stream Act of 1995
d) The Vacations Act of 1988
B
The Human Rights Act exists to ensure that - Answ a) national mandated rights are
carried out .
b) basic rental rights laws are carried out .
c) local civil rights laws are carried out .
d) federal civil rights laws are carried out .
D
What are the primary sources of laws and regulations governing real estate licensees in
Tennessee? - Answ a) The consumer Protection Act and the Sherman Anti-Trust Act.
b) The Tennessee Fair Housing Act and the Tennessee Association of Realtors Code of
Ethics.
c) The Tennessee Real Estate License Act and the Commission rules.
d) The Tennessee Professional Regulation Act and the Professional Rules of Conduct.
C
What are two other laws that are particularly relevant to real estate licensees? - Answ
a) The Consumer Protection Act and the Anti-Trust Law
b) The Public Welfare Act and the Employer and Employee Act
c) The Public Accommodations Act and the Employee Leasing Act
d) The Auctioneers Act and the Environmentalists Act
A
What is the overall purpose of the Tennessee Broker License Act? - Answ a) To create
brokers and affiliate brokers
b) To protect the public from irresponsible or unscrupulous people in the real estate
business
c) To regulate real estate markets and broker commissions in Tennessee
d) To create a Real Estate Commission and a set of rules for it to enforce
B
Who makes and changes the laws in the License Act? - Answ a) The Real Estate
Commission
b) A committee appointed by the Governor
c) The state legislature
d) Qualified state courts
C
When is it legal for the Commission to set real estate commissions? - Answ a) At the
beginning of the fiscal year
Answers 2023/2024
Which of the following is a section in the License Act? - Answ a) Obtaining listings
b) Office management
c) Selling and marketing
d) Qualifications and licensing
D
What is the purpose of the Commission rules? - Answ a) To keep unlicensed persons
from collecting commissions
b) To control the real estate industry in Tennessee
c) To test the effects of new regulations before they become law
d) To enable the Commission to carry out its duties under the License Act
D
Who makes and changes the Commission rules? - Answ a) Qualified state courts
b) The Commission
c) The state legislature
d) A committee appointed by the Governor
B
Which of the following is a section of the rules? - Answ a) Lending Practices
b) Construction Standards
c) Appraisal
d) Rules of Conduct
D
What is a Commission policy statement? - Answ a) An occasional amplification that
becomes part of the rules
b) An internal office policy of the Commission
c) An official comment of the Commission on a real estate event in the news
d) A revision of the License Act issued by the Commission
A
In addition to the License Act and the Rules, what does the official manual contain? -
Answ a) The Tennessee Consumer Protection Act
b) The Tennessee Hazardous Waste Reduction Act
c) The Tennessee Human Rights Act
d) The Tennessee Professional Regulation Act
C
, Which law regulates the sale and promotion of vacation clubs? - Answ a) The Summer
Act of 1967
b) The Tennessee Vacation Club Act of 1995
c) The Lake and Stream Act of 1995
d) The Vacations Act of 1988
B
The Human Rights Act exists to ensure that - Answ a) national mandated rights are
carried out .
b) basic rental rights laws are carried out .
c) local civil rights laws are carried out .
d) federal civil rights laws are carried out .
D
What are the primary sources of laws and regulations governing real estate licensees in
Tennessee? - Answ a) The consumer Protection Act and the Sherman Anti-Trust Act.
b) The Tennessee Fair Housing Act and the Tennessee Association of Realtors Code of
Ethics.
c) The Tennessee Real Estate License Act and the Commission rules.
d) The Tennessee Professional Regulation Act and the Professional Rules of Conduct.
C
What are two other laws that are particularly relevant to real estate licensees? - Answ
a) The Consumer Protection Act and the Anti-Trust Law
b) The Public Welfare Act and the Employer and Employee Act
c) The Public Accommodations Act and the Employee Leasing Act
d) The Auctioneers Act and the Environmentalists Act
A
What is the overall purpose of the Tennessee Broker License Act? - Answ a) To create
brokers and affiliate brokers
b) To protect the public from irresponsible or unscrupulous people in the real estate
business
c) To regulate real estate markets and broker commissions in Tennessee
d) To create a Real Estate Commission and a set of rules for it to enforce
B
Who makes and changes the laws in the License Act? - Answ a) The Real Estate
Commission
b) A committee appointed by the Governor
c) The state legislature
d) Qualified state courts
C
When is it legal for the Commission to set real estate commissions? - Answ a) At the
beginning of the fiscal year
