TN Real Estate State Portion Practice Exam 1 Flashcards

TN Real Estate State Portion Practice Exam 1 Flashcards Brokerage firms that engage in activities that require them to accept the funds of others are required by law to keep accurate records of all funds deposited in escrow/trustee accounts. At a minimum, what information must the records contain in addition to who provided the funds and the date the funds were deposited?The date the funds were withdrawn and who received the funds Real estate licensees may offer gifts or prizes to buyers, sellers, or lessees under certain conditions. What is one of those conditions?The market value of the gift is disclosed.What should you document to avoid E&O claims? Conversations and recommendations TREC is a judicial body, which means ______. It can hold hearings, hear facts presented, and impose penalties for violations of rules Where must required information, such as contact information, be included on your website?On every page What happens when a broker signs a change of affiliate form for a licensee?All supervisory responsibility for that licensee ceases.Which of these transactions is exempt from the disclosure requirements of the Tennessee Residential Property Disclosure Act?A newly constructed home Elana is marketing a new listing. What must she obtain before posting a for sale sign in the seller's yard?The seller's written permission The protected classes under Tennessee's fair housing law are ______.Race, color, religion, national origin, creed, sex, familial status, and disability What does it mean to affiliate with a broker? You will work as the agent of a broker who is responsible for your actions and required to supervise you.Ed is an affiliate broker in Tennessee. How many hours of continuing education must he complete before the license expiration date in order to renew his license for another two years?16 hours What's one benefit to affiliating with a broker? Training Which of the following is a true statement about filing a civil suit related to a complaint in Tennessee?Complainants can pursue a civil suit independently.How many TREC members must be present in order for the commission meetings to be valid?Five A buyer is suing a licensee for an inadvertent mistake they made in a real estate transaction. What insurance policy covers this type of situation?Errors and omissions insurance Wayne, a real estate licensee, has found a listing that's perfect for his clients, and he wants to ask some questions of the listing agent. When calling the other brokerage, what must he do?Disclose that he is an agent and that he represents his buyer client.

Susie's a little nervous about the $20,000 earnest money check she just deposited with a Tennessee title company.When should she expect to see this money applied toward her purchase of the property?When conditions are met at closing A Tennessee broker discloses to a potential buyer that she's not only the listing agent, but also the owner of the property the buyer's interested in. She makes this disclosure of personal interest because ______.It's required under Tennessee law Which of the following applicants meets the requirements for a Tennessee broker license?Miriam, who's taken 150 hours of approved education and has passed the exam with a score of 75% Jada, who hadn't made an on-site inspection of the timeshare project prior to signing the contract, rescinded her timeshare contract during the allowable 15-day time period. How many days from the day of rescission and notice of cancellation does the seller have to refund any payments Jada made?30 days Which entity administers license law in Tennessee?Tennessee Real Estate Commission Retaining paper and electronic records of transactional documents for the time period prescribed by your regulating authority helps to ______ risk.Manage Within how many days of a firm changing locations must the licensees who are registered with that firm send written notification to the Tennessee Real Estate Commission of their change of address, along with the change-of-address fee?10 What's the name for someone providing general assistance to a buyer and/or seller, but not serving as a legal representative?Facilitator Raymond wants to comply with Tennessee law, so he always retains records related to a transaction for at least

_____.

Three years Marissa is the seller, Tommy is the buyer. Marissa's agent is Tony, and Tommy's agent is Layton. In Tennessee, who must complete the property condition disclaimer statement?Marissa Marcus, a Tennessee listing agent, told a potential buyer that his seller client's property had no flooding issues, though the seller had mentioned water in the basement a few years back before the yard was properly graded. Which of these statements is true?Marcus committed intentional misrepresentation because he knew his statement was false.Karen has to reapply for her Tennessee affiliate broker's license. It's June 20, and her license expires on August 7.What did she fail to do?Submit her renewal paperwork 60 days prior to the deadline Leo's client is looking for a property in Memphis with at least 2,500 finished square feet. He finds a

2,200-square-foot property with all the other features the client is looking for and purposely fails to mention the square footage. His client agrees to look at the property, falls in love with it, and wants to make an offer. Which of these statements accurately represents Leo's level of misrepresentation in this situation?Leo obviously knew about the square footage and intentionally didn't mention it. He's guilty of intentional

misrepresentation.Ellen and Isaac have a timeshare near the Smoky Mountains. They'll be able to use it for two weeks every September, for the next eight years. What type of timeshare is this?Timeshare use What must licensees do to maintain their licenses?Complete continuing education requirements and pay the renewal fee What needs to happen before a Tennessee licensee can legally offer gifts or prizes for the inducement of real estate sales or purchases?The licensee must obtain the principal broker's approval.Which of these statements about using social media for real estate advertising in Tennessee is true?Advertising on social media requires the same attention to detail and the same type of information as other advertising methods.Tamara is assisting a buyer who's making an offer on her client's listing. Tamara and the buyer develop a good rapport, and in her desire to be helpful, Tamara offers the buyer advice about how to structure her offer. What does Tamara risk being charged with?Undisclosed dual agency What happens to electronic information when passwords and encryption are used?Reduces the risk of identity theft by securing your sensitive electronic information Aside from your name, your broker's name, and the city and state where your brokerage is located, what else must be included on every page of your website according to Tennessee license law guidelines?The firm's phone number Which of the following scenarios best describes an illegal net listing in Tennessee?Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.Which act established the Tennessee Real Estate Commission?Tennessee Real Estate Broker License Act Which authority administers the Tennessee Real Estate Broker License Act?Tennessee Real Estate Commission Where on a Tennessee licensee's website must required information be found?On every page How old must you be in Tennessee to qualify as a timeshare salesperson?At least 18 Toni is applying for a timeshare salesperson license. What type of written examination requirement does this type of license have?The applicant must pass the national and state exams with a score of 70% or greater.Which of the following situations is outside of the Tennessee Real Estate Commission's jurisdiction?Kathi just bought a house and claims that her credit union promised her one interest rate but gave her a higher one.