Tennessee Timeshare Pre-Licensing
Study Guide
TREC 1 FORM
the form by which nearly all business with the commission is conducted after you
become licensed.
Transfer to new firm fee
$25
Change of status to RETIRED status fee
$25
Change of status to ACTIVE status fee
$25
Change of licensee name fee
$10
Change your address fee
NO CHARGE
Change of firm name fee
$10 per form-one form per licensee
Change of firm address fee
$50
Broker Change fee
$25
What is the Tennessee Real Estate Commission?
The judicial body of the real estate industry in the state of Tennessee.
9 members: 3 from each grand division of the state
7 members from real estate industry
2 members from the general public
Term of Service for the Executive director of Real Estate Commission
appointment?
4 years
Term of Service for Commissioners of Real Estate commission appointment?
5 years
Term of Service for Commissioners on TN Human Rights Commission
Appointment
6 years
Who makes rules and regulations and enforces them?
The Commission
Who adopts, amends, and repeals rules, regulations and issue orders consistent
with their objectives and the law?
The Commission
Who may prescribe forms and procedures for submitting info to the commission?
The commission
Who may accept grants to further their purpose?
The commission
, Who may cooperate with agencies performing similar functions in other
jurisdictions to develop uniform procedures and standard?
The commison
Who may have private investigations within or outside the state?
The commission
Who shall have the power to suspend or revoke the license of a firm, agent, or the
registration of a developer or fine same accordingly?
The commission
Who may issue a cease and desist order if a developer has not registered a
timeshare program?
The commission
Who may, after notice and hearing, revoke the registration of a timeshare
development upon determination that a developer or agent of a developer has
failed to comply with a notice suspension?
The commission
The employees of the Tennessee Real Estate Commission are?
The Executive Director
Full Time Director of Education w/ College Degree
Administrator and other staff as deemed necessary. Currently including an attorney and
14 staff persons.
Executive Director
appointed by the commission for a four year term. The executive director must have a
broker's license.
Complaint against licensee must be answered in how many days?
10 days
Customer sees time-share and buys. How long do they have to cancel?
10 days
Customer does not see time-share and buys. How long do they have to cancel?
15 days
If customer cancels purchase how long does the Developer have to refund all
monies deposited?
30 days
How many days is the Protections of lien holder?
30 days
Incomplete or inadequate public offering statement must be amended within how
many days?
45 days
How many days prior to expiration must you renew your time-share real estate
license?
60 days
Failure to renew time-share real estate license results in what?
$50 fine per month for next 60 days
In time-share real estate license is NOT renewed the results are?
$100 fine per month for next 60 days beyond expiration.
Camping contracts must be cancelled within how many days?
15 days
Study Guide
TREC 1 FORM
the form by which nearly all business with the commission is conducted after you
become licensed.
Transfer to new firm fee
$25
Change of status to RETIRED status fee
$25
Change of status to ACTIVE status fee
$25
Change of licensee name fee
$10
Change your address fee
NO CHARGE
Change of firm name fee
$10 per form-one form per licensee
Change of firm address fee
$50
Broker Change fee
$25
What is the Tennessee Real Estate Commission?
The judicial body of the real estate industry in the state of Tennessee.
9 members: 3 from each grand division of the state
7 members from real estate industry
2 members from the general public
Term of Service for the Executive director of Real Estate Commission
appointment?
4 years
Term of Service for Commissioners of Real Estate commission appointment?
5 years
Term of Service for Commissioners on TN Human Rights Commission
Appointment
6 years
Who makes rules and regulations and enforces them?
The Commission
Who adopts, amends, and repeals rules, regulations and issue orders consistent
with their objectives and the law?
The Commission
Who may prescribe forms and procedures for submitting info to the commission?
The commission
Who may accept grants to further their purpose?
The commission
, Who may cooperate with agencies performing similar functions in other
jurisdictions to develop uniform procedures and standard?
The commison
Who may have private investigations within or outside the state?
The commission
Who shall have the power to suspend or revoke the license of a firm, agent, or the
registration of a developer or fine same accordingly?
The commission
Who may issue a cease and desist order if a developer has not registered a
timeshare program?
The commission
Who may, after notice and hearing, revoke the registration of a timeshare
development upon determination that a developer or agent of a developer has
failed to comply with a notice suspension?
The commission
The employees of the Tennessee Real Estate Commission are?
The Executive Director
Full Time Director of Education w/ College Degree
Administrator and other staff as deemed necessary. Currently including an attorney and
14 staff persons.
Executive Director
appointed by the commission for a four year term. The executive director must have a
broker's license.
Complaint against licensee must be answered in how many days?
10 days
Customer sees time-share and buys. How long do they have to cancel?
10 days
Customer does not see time-share and buys. How long do they have to cancel?
15 days
If customer cancels purchase how long does the Developer have to refund all
monies deposited?
30 days
How many days is the Protections of lien holder?
30 days
Incomplete or inadequate public offering statement must be amended within how
many days?
45 days
How many days prior to expiration must you renew your time-share real estate
license?
60 days
Failure to renew time-share real estate license results in what?
$50 fine per month for next 60 days
In time-share real estate license is NOT renewed the results are?
$100 fine per month for next 60 days beyond expiration.
Camping contracts must be cancelled within how many days?
15 days
