TENNESSEE NATIONAL PORTION REAL
ESTATE EXAM
When a licensee is advertising personally owned real estate for sale, whether
through the firm or outside the firm, the licensee must disclose ownership with
the word(s) - ANSWERS-owner—agent
TREC is the regulatory agency of the - ANSWERS-Department of Commerce and
Insurance
An affiliate broker has employed a licensed personal assistant and wishes to share
commissions earned for compensation. The commissions are paid - ANSWERS-to
the personal assistant by the broker
An exemption to the licensing requirement is - ANSWERS-an executor.
To become a Real Estate Commission member, one must be - ANSWERS-
appointed by the governor.
The mission of the Tennessee Real Estate Commission is to - ANSWERS-protect
the public
,The liaison between the Commission and the licensees responsible for the
administration and implementation of Commission policy is the - ANSWERS-
executive director.
A partnership, corporation, or association may be granted a real estate -
ANSWERS-firm license
Unless a special allowance is granted by TREC, a licensee's residence may NOT
exceed this distance from the real estate office. - ANSWERS-50 miles
If the broker intends to maintain transaction records electronically, a back-up of
the records must be electronically made every - ANSWERS-day.
The number of nonlicensees serving on the Tennessee Real Estate Commission is -
ANSWERS-two
For licensees required to complete 16 hours of continuing education each license
cycle, the only mandatory continuing education course is the - ANSWERS-Core
Course
Commissioners are NOT allowed to - ANSWERS-set fees for real estate
transactions
A full-time broker is one who - ANSWERS-is accessible to his sales staff during
normal business hours.
,Commissioners are appointed by the governor and may be reappointed for -
ANSWERS-one additional full term
An unlicensed personal assistant may - ANSWERS-gather information for a CMA
When a licensee is released from the present broker, the licensee must find a new
broker, retire, or inactivate the license within - ANSWERS-10 days
Brokers must keep records of all consummated transactions for a minimum of -
ANSWERS-three years
Licensees must treat as confidential any information received from an
unrepresented party - ANSWERS-until disclosure of agency
A corporation is - ANSWERS-a legal entity that can buy and sell real estate as set
out in its charter.
Ownership in severalty is - ANSWERS-property owned by one individual or
corporation.
A house is owned by three joint tenants, and one of the owners, as permitted by
state law, sells that interest to a new owner. The result is a - ANSWERS-tenancy in
common between the new owner and the remaining joint tenants
, The owner of a condominium unit learns that a neighbor has failed to pay real
estate taxes. If this neighbor does not pay the taxes, - ANSWERS-a lien can be filed
against the neighbor's unit and percentage of the common elements.
Real properties owned by public entities, such as cities, counties, states, and
public agencies are generally - ANSWERS-owned in severalty
The partition of property that is owned concurrently can be accomplished by -
ANSWERS-court action
A fee simple estate may be held - ANSWERS-in three basic ways
Eight heirs are now the owners of a farm as tenants in common. This means that
use of the property can be determined by agreement of - ANSWERS-all the
owners.
When parties own property as tenants in common, each owner - ANSWERS-has
equal rights of possession with the other owners.
A person who owns one unit in a multiunit structure together with a specified
undivided interest in the common elements owns a - ANSWERS-condominium
A trust is a device by which one person transfers ownership of property to
someone else to hold or manage for - ANSWERS-the benefit of a third party.
ESTATE EXAM
When a licensee is advertising personally owned real estate for sale, whether
through the firm or outside the firm, the licensee must disclose ownership with
the word(s) - ANSWERS-owner—agent
TREC is the regulatory agency of the - ANSWERS-Department of Commerce and
Insurance
An affiliate broker has employed a licensed personal assistant and wishes to share
commissions earned for compensation. The commissions are paid - ANSWERS-to
the personal assistant by the broker
An exemption to the licensing requirement is - ANSWERS-an executor.
To become a Real Estate Commission member, one must be - ANSWERS-
appointed by the governor.
The mission of the Tennessee Real Estate Commission is to - ANSWERS-protect
the public
,The liaison between the Commission and the licensees responsible for the
administration and implementation of Commission policy is the - ANSWERS-
executive director.
A partnership, corporation, or association may be granted a real estate -
ANSWERS-firm license
Unless a special allowance is granted by TREC, a licensee's residence may NOT
exceed this distance from the real estate office. - ANSWERS-50 miles
If the broker intends to maintain transaction records electronically, a back-up of
the records must be electronically made every - ANSWERS-day.
The number of nonlicensees serving on the Tennessee Real Estate Commission is -
ANSWERS-two
For licensees required to complete 16 hours of continuing education each license
cycle, the only mandatory continuing education course is the - ANSWERS-Core
Course
Commissioners are NOT allowed to - ANSWERS-set fees for real estate
transactions
A full-time broker is one who - ANSWERS-is accessible to his sales staff during
normal business hours.
,Commissioners are appointed by the governor and may be reappointed for -
ANSWERS-one additional full term
An unlicensed personal assistant may - ANSWERS-gather information for a CMA
When a licensee is released from the present broker, the licensee must find a new
broker, retire, or inactivate the license within - ANSWERS-10 days
Brokers must keep records of all consummated transactions for a minimum of -
ANSWERS-three years
Licensees must treat as confidential any information received from an
unrepresented party - ANSWERS-until disclosure of agency
A corporation is - ANSWERS-a legal entity that can buy and sell real estate as set
out in its charter.
Ownership in severalty is - ANSWERS-property owned by one individual or
corporation.
A house is owned by three joint tenants, and one of the owners, as permitted by
state law, sells that interest to a new owner. The result is a - ANSWERS-tenancy in
common between the new owner and the remaining joint tenants
, The owner of a condominium unit learns that a neighbor has failed to pay real
estate taxes. If this neighbor does not pay the taxes, - ANSWERS-a lien can be filed
against the neighbor's unit and percentage of the common elements.
Real properties owned by public entities, such as cities, counties, states, and
public agencies are generally - ANSWERS-owned in severalty
The partition of property that is owned concurrently can be accomplished by -
ANSWERS-court action
A fee simple estate may be held - ANSWERS-in three basic ways
Eight heirs are now the owners of a farm as tenants in common. This means that
use of the property can be determined by agreement of - ANSWERS-all the
owners.
When parties own property as tenants in common, each owner - ANSWERS-has
equal rights of possession with the other owners.
A person who owns one unit in a multiunit structure together with a specified
undivided interest in the common elements owns a - ANSWERS-condominium
A trust is a device by which one person transfers ownership of property to
someone else to hold or manage for - ANSWERS-the benefit of a third party.
