Regulatory Powers - ✔✔ Enable the agency to pass specific regulations and rules to support the administration of the license law
Judicial Powers
... [Show More] - ✔✔ Enable it to conduct hearings and investigations into the activities of licensees and to rule on license suspensions or revocations
Administrative Powers - ✔✔ 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 - ✔✔ Protect the public
TREC consists of how many members? - ✔✔ 9
____of the members shall each have been principally engaged as a licensed broker or affiliate broker in this state for at least ____ years prior to the date of the member's appointment and shall be of recognized business standing. - ✔✔ 7, 5 years
Who appoints members of TREC? - ✔✔ Governor
How many years are the TREC member terms? - ✔✔ 5
Who chooses the TREC chair, vice chair, and executive director? - ✔✔ The commission
The commission shall have an __________, who shall have passed the broker's examination for this state. - ✔✔ executive director
The executive director shall be appointed by the _______ - ✔✔ commission
The term of the executive director shall be______years, and the executive director shall be ____________ - ✔✔ 4, eligible for reappointment
The commission shall have a full-time _____________. The director of education shall have a college degree from an accredited university. - ✔✔ director of education
(The director of education shall have a college degree from an accredited university.)
The commission shall have a full time __________. The _______ shall be a graduate of an accredited law school and admitted to practice law in this state. - ✔✔ general counsel
Affiliate Broker - ✔✔ • High school diploma
• Completion of 60 classroom hours + 30 hours within 6 months of obtain license
Broker - ✔✔ • Must have high school, 120 classroom hours, 90 credits,
Time Share Salesperson - ✔✔ • High school diploma
• 30 classroom hours
Only take state part of PSI exam
Contract - ✔✔ 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 - ✔✔ 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 - ✔✔ Mixing escrow funds into the same account as non escrow funds
Conversion - ✔✔ Using escrow funds for the wrong purposes
Consumer Protection Act - ✔✔ Law makes it a Class B Misdemeanor to commit any unfair or deceptive act in any trade or commerce
Time Share Estate - ✔✔ 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 - ✔✔ 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 - ✔✔ 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? - ✔✔ 10 days
Cancellation (backing out) of a timeshare contract must happen within ________ days if you did not looked at the property in person? - ✔✔ 15 days
Who holds deposit for a timeshare? - ✔✔ (Third-party) attorney, bank, title company, etc.
At least ______ of each prize/gift must be given? - ✔✔ 1
With timeshares, If a sales presentation is required to qualify it must be stated. True or false? - ✔✔ True
With timeshares, The retail value of each prize/gift must be stated. True or false? - ✔✔ True
In regards to timeshares, the odds of winning the prize/gift do not necessarily need to be stated. True or false? - ✔✔ False
It costs $110 for Tennessee affiliate broker license application. True or false? - ✔✔ False. It costs $91
How often does the commission meet? - ✔✔ Once a month for 2 to 3 days
*NO MORE THAN 3 DAYS!!!!!*
HELP OR
(c) The commission shall hold at least one (1) meeting annually in each grand division of the state.
What is the license renewal fee for an affiliate broker? - ✔✔ $75
Late renewal cost - ✔✔ $50.00 per month (for the first 120 days)$100.00 per month (after 121-365 days) [Show Less]