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Tennessee (state exam) Real Estate Study Guide Solutions
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Tennessee (state exam) Real Estate Study Guide Solutions Regulatory Powers - ANSWER-Enable the agency to pass specific regulations and rules to support the administration of the license law Judicial Powers - ANSWER-Enable it to conduct hearings and investigations into the activities of license...

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  • November 11, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • tennessee state exam real estate study guide sol

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Tennessee (state exam) Real Estate Study

Guide Solutions


Regulatory Powers - ANSWER✔✔-Enable the agency to pass specific regulations and rules to support the

administration of the license law


Judicial Powers - ANSWER✔✔-Enable it to conduct hearings and investigations into the activities of

licensees and to rule on license suspensions or revocations


Administrative Powers - ANSWER✔✔-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 - ANSWER✔✔-Protect the public


TREC consists of how many members? - ANSWER✔✔-9


Who appoints members of TREC? - ANSWER✔✔-Governor


How many years are the TREC member terms? - ANSWER✔✔-5


Who chooses the TREC chair, vice chair, and executive director? - ANSWER✔✔-The commission


Affiliate Broker - ANSWER✔✔-• High school diploma


• Completion of 60 classroom hours + 30 credits


Broker - ANSWER✔✔-• Must have high school, 120 classroom hours, 90 credits,


Time Share Salesperson - ANSWER✔✔-• High school diploma


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, Copyright © OLIVIAWEST 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED


• 30 classroom hours


Only take state part of PSI exam


Contract - ANSWER✔✔-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 - ANSWER✔✔-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 - ANSWER✔✔-Mixing escrow funds into the same account as non escrow funds


Conversion - ANSWER✔✔-Using escrow funds for the wrong purposes


Consumer Protection Act - ANSWER✔✔-Law makes it a Class B Misdemeanor to commit any unfair or

deceptive act in any trade or commerce


Time Share Estate - ANSWER✔✔-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 - ANSWER✔✔-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 - ANSWER✔✔-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? - ANSWER✔✔-10 days



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