Affiliate broker - Study guides, Class notes & Summaries

When should a licensee disclose to the parties whom their firm intends to represent in a transaction? - ANSWER Disclosure should be made verbally and in writing to all parties as soon as possible. A selling broker desires to represent a purchaser in a real estate transaction while at the same time act as a subagent of the listing broker and seller. Could the broker perform both of these functions in the same transaction? - ANSWER No, when a broker working with a buyer acts as a subagent...

Tennessee Affiliate Broker Exam | 216 Questions and Answers 100% Correct | New Update 2024

The type of contract where a seller employs one real estate firm to find a buyer for the seller's property; yet the seller retains the right to find a buyer himself/herself and not pay a commission to the listing firm is a(an)? A. Exclusive right to sell agreement B. Exclusive agency agreement C. Opportunity listing agreement D. Opening listing agreement B. Exclusive agency agreement A listing broker is hired to perform a specific purpose. What is the correct term to describe thus t...

An affiliate broker can legally start working with their broker when: A. They receive notification of a passing grade on license test B. The recovery fund fee is paid C. The applicant requests a hearing before the Real Estate Commission D. The affiliate broker's license has been issued. correct answer: D. The affiliate broker's license has been issued All of the following are true concerning the Tennessee Real Estate Education & Recovery Account EXCEPT: A. All affiliate brokers an...

The Tennessee Human Rights Commission (THRC) enforces fair housing laws in the state. Exemptions to Tennesse's Human Rights Act are: 1. Rental of one housing unit when the building contains no more than two independent units, if the owner or a family member lives in one of the units. 2. Rental of a room or rooming unit in a housing accommodation that shares a common bath (and only in regards to sex as a protected class). 3. Sale, rental, or preference of a dwelling owned, operated, or ...

TN RE laws and regulations are primarily contained in: 1. The TN RE Broker Act of 1973 2. Rules of the TN RE CommissionUni Other laws relevant to RE licensees include: Uniform Landland and Tenant Act Horizontal Propert Act Notice of Completion Statute TN Lead-based Paint Certification Act of 1997 Hazardous Waste Mgt Act of 1983 TN Consumer Protection Act of 1977 TN Anti-trust Law Conveyances of Property Time-share Programs and Vacation Clubs Human Rights What is the pur...

Broker Person or company licensed to sell buy exchange or lease real property for others and to charge a fee for those services Salesperson (affiliate broker) Employed by or associated with the broker to perform brokerage activities on behalf of the broker Appraisal Assessing a properties market value done by an appraiser Property manager Hired to manage a property on behalf of the owner Caveat emptor Buyer beware, is the law NAR (national association of r...

Affiliate Broker Test Exam Questions with 100% Correct Answers | Verified | Updated 2024

1. Tim, a Tennessee licensee, is affiliated with principal broker Ashton. After a team meeting, Tim asked him "Why do we need to keep purchase documents and closing statements?" Ashton's response should be ______. "Tennessee law requires I keep records relating to any real estate transaction or else risk my license being revoked." 1. As part of her license renewal requirement, Tamsin must complete 16 hours of continuing education. What type of license does she hold? Affiliate broke...