Rachel is a licensee in Tennessee who would intends to purchase one of her firms listings. To whom must she disclose her status as a licensee?
1 other
... [Show More] prospective buyers
2 The commission
3 The seller
4 her colleagues - ✔✔ The seller
Which of the following statements is true regarding the termination date of a listing agreement or sales contract in Tennessee?
1. The termination date may not be extended
2 A definite termination date must be included
3 The agreement automatically terminates after six months
4 no termination date is required - ✔✔ A definite termination date must be included
Carson has a $45,000 judgment against his former agent, Nina, who was a Tennessee affiliate broker until she lost her license. What's the maximum he can obtain from the real estate education and recovery account?
1 $15,000
2 $30,000
3 $45,000
4 $90,000 - ✔✔ $15,000
Which of the following types of advertising must comply with Tennessee's advertising rules?
1 all forms must comply
2 Instant message
3 chat rooms
4 social media - ✔✔ All forms must comply
What is the purpose of the Tennessee real estate broker license act?
1 to protect real estate licensees
2 to limit real estate fees and commissions
3 to protect developers and builders
4 to protect the public - ✔✔ To protect the public
Which Tennessee real estate license requires that applicants have real estate experience?
1 broker
2 affiliate broker
3 timeshare sales person
4 acquisition agent - ✔✔ Broker
Is the broker ever a dual agent in Tennessee?
1 only when clients are represented by designated agents
2 no, because dual agency is illegal in Tennessee
3 only when clients are represented in traditional agency relationships
4 yes, because dual agency is the standard in Tennessee - ✔✔ Only when clients are represented in traditional agency relationships
Which of these must Tennessee licensees just close relative to specific real estate transactions handled by their brokerages?
1 other affiliate broker involvement
2 expected commission
3 any family relationships
4 immediate family relationships - ✔✔ Immediate family relationships
Tennessee and federal fair housing laws share a similar exemption regarding non-commercial housing owned and operated by ______. But Tennessee doesn't include private clubs in that exemption.
1 religious organizations and nonprofits
2 same sex dormitories
3 Government entities
4 educational institutions - ✔✔ Religious organizations and nonprofits
Leon and Beth on 1/13 of a timeshare is state. They own weeks 20 and 21, and also Weeks 40 and 41. These weeks are inheritable. What type of ownership is this?
1 periodic estate
2 leasehold estate
3 Estate for life
4 fee simple - ✔✔ Fee simple
How much is the renewal fee for affiliate brokers in Tennessee?
1 $100
2 $200
3 $50
4 $80 - ✔✔ $80
Addison didn't make in one site inspection of the timeshare project prior to signing the contract. She is now signed the contract with 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? Addison didn't make in one site inspection of the timeshare project prior to signing the contract. She is now signed the contract with 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?
1 five days
2 seven days
3 10 days
4 15 days - ✔✔ 15 days
Determine which of these is an example of commingling.
1 Jessica deposited her commission check into her brokerage firm's operating account
2 Shawn withdrew funds from the firm's trust account to pay the rent
3 Cynthia deposited her client's earnest money check into the firm's operating account
4 Jensen deposited his client's earnest money check into the firm's trust account - ✔✔ Cynthia deposited her clients earnest money check into the firms operating account
Margaritas seller client, Ralph, is completing the Tennessee residential property condition disclosure form. Which of the following duties does margarita have to her client with regard to completing the form?
1 If Ralph has questions about any technical items listed in the form, Margarita should tell him to make his best guess
2 Margarita should offer to help Ralph complete the form
3 Margarita should inform Ralph of his duty to disclose material facts about the property
4 Margarita should have Ralph complete a disclaimer form as well - ✔✔ Margarita should inform Ralph of his duty to disclose material facts about the property
Jennifer, a broker in Tennessee, plans to ask her assistant, Keith, to review transaction files and purge unnecessary ones. What should Jennifer tell Kate about this process?
1 as long as the electronica record is deleted, hardcopies can be thrown in the trash
2 The documents identified for purging need to be destroyed properly using a high-quality shredder or by hiring a document shredding company
3 be sure to put the files in the locked trash bin in the alley
4 anything that's more than two years old can be destroyed - ✔✔ The documents identified for purging need to be destroyed properly using a high-quality shredder or by hiring a document shredding company [Show Less]