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TN Real Estate state practice exam Questions and Answers Fully Solved
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TN Real Estate state practice exam
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TN Real Estate state practice examTREC can hold as many meetings as it deems necessary throughout the year, but it must have a minimum of three meetings. Where must these meetings take place? - answer One in each, West, middle, east division
Gideon is planning to run a full-page ad in the Knoxville newspaper to promote his open
house in two weeks. He'll be offering a free overnight stay at a local resort to the winner of the door prize. Which of the following is a true statement? - answer Gideon’s ad must
clearly state the value and all qualifications and accurate specifications of the prize.
A principal broker in Tennessee is required to ______ for all transactions in which affiliated licensees participate. - answer Review and approve transactional documents and agreements
How many members of TREC are licensed real estate brokers or affiliate brokers in Tennessee? - answer7
Ralph is a broker whose license was suspended when one of his affiliated brokers committed a violation. This is mostly likely because ______ - answer Ralph either knew about the violation or is guilty of failure to supervise
Mike is applying for an affiliate broker license. What type of written examination requirement does this type of license have? - answerThe applicant must pass the national and state exams with a score of 70% or greater.
Deborah, a sponsoring broker, is required to display the licenses of ________. - answerAll affiliate brokers, both independent contractors and employees
Who's entitled to reimbursement from the Real Estate Education and Recovery Account? - answerA member of the public who's been granted a judgment against a licensee
Which of these must Tennessee licensees disclose relative to specific real estate transactions handled by their brokerages? - answerImmediate family relationships
Which violation is likely to result in license revocation? - answerCriminal actions
Ted and Tanya, Tennessee buyers, are represented by Brooke Sales. They want to make an offer on a home and give Brooke a check for $5,000 for earnest money. The check is post-dated for a week. Ted explains, "We have the money, but I need to shuffle
a few things around before this check is good." Can Ted and Tanya do this? - answerNo. Earnest money needs to be able to be deposited immediately, so a post-
dated check won't work.
Which of the following statements is true regarding the termination date of a listing agreement or sales contract in Tennessee? - answerA definite termination date must be
included.
In addition to a firm real estate license and a principal broker, what else must real estate
firms have to meet Tennessee firm license requirements? - answerA physical location and facility that can adequately accommodate affiliated licensees
Which of the following would you need to disclose about a listed property? - answerYour
stepfather is the property owner.
Elana is marketing a new listing. What must she obtain before posting a for sale sign in the seller's yard? - answerThe seller's written permission
A default to facilitator policy is an attempt to avoid what? - answerDual agency
Dual agency - answerreal estate scenario where a real estate agent represents both the
buyer and seller on the same transaction. Rather than split the commission between buyer agent and listing agent — as a transaction normally would — dual agency gives the entire sum to one agent.
As a security precaution, which of the following should Tennessee licensees do? - answerLimit the amount of personal information they post.
What must all agreements and contracts have per the Tennessee Real Estate Commission? - answerTermination date
Donnie is the buyer's agent for a transaction in which May (from a different brokerage) listed her seller client George's property. From whom will Donnie receive his compensation? - answerFrom his own broker
Addison didn't make an on-site inspection of the timeshare project prior to signing the contract. She's now signed the contract but a little voice inside her head is telling her to get out while the getting is good. In Tennessee, how many days does Addison have to cancel the contract? - answer15 days
To become a designated agent in Tennessee, licensees must be ______. - answerAppointed by the managing broker
The commission uses an official seal, which is used to certify and authenticate ______. - answerRecords
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