TN Real Estate state practice exam Flashcards

TN Real Estate state practice exam Flashcards 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.In addition to a firm real estate license and a principal broker, what else must real estate firms have to meet Tennessee firm license requirements?A physical location and facility that can adequately accommodate affiliated licensees Misrepresentation is grounds for discipline if it is ______.Willful Ralph is a broker whose license was suspended when one of his affiliated brokers committed a violation. This is mostly likely because ______ Ralph either knew about the violation or is guilty of failure to supervise Maggie, a broker in Tennessee, collected an earnest money check at 6 p.m., after the bank closed. She attempted to deposit it via the ATM into her principal broker's trust account but she couldn't remember the PIN so she deposited it into her personal checking account.What is Maggie guilty of?Commingling 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 A default to facilitator policy is an attempt to avoid what?Dual agency The protected classes under Tennessee's fair housing law are ______.Race, color, religion, national origin, creed, sex, familial status, and disability FacilitatorWhich of the following items is included on both the commercial and residential purchase and sale agreements?Which type of Tennessee property manager is most likely to work for real estate developers and investors?Real estate development What should brokers do if affiliates mistakenly share confidential information with other licensees?Follow the firm's process for such events.Which violation is likely to result in license revocation?Criminal actions Which of the following would you need to disclose about a listed property?Your stepfather is the property owner.How many members of TREC are licensed real estate brokers or affiliate brokers in Tennessee?7 TREC can't be held legally responsible for damages if a consumer sues the commission. This gives TREC immunity from _____ Civil liability 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

Two brokers involved in a transaction don't agree on the final commission paid to them.Gary is the listing agent for the Turners, who are downsizing. An affiliate broker at his firm, Randa, has a trade-up buyer who seems like a perfect fit for the Turners' house. Both the Turners and Randa's buyer have signed designated agency agreements with Gary and Randa respectively. If the in-house transaction proceeds, who will be the dual agent?Retaining paper and electronic records of transactional documents for the time period prescribed by your regulating authority helps to ______ risk.Manage No oneWhat's one benefit to affiliating with a broker?What should a Tennessee broker do when receiving a post-dated check as earnest money?Verify it's not provided in the offer, and advise the buyer that postdated checks are not an acceptable for payment of trust money.Mary and Shawn are both Tennessee affiliate brokers working under Lawrence at Broker One. Mary represents the buyer and Shawn represents the seller as designated agents in a sale that's scheduled to close in two weeks.Who's the dual agent in this transaction?No one Millie is a buyer and has given her agent an earnest money check for $10,000 with an offer to purchase a house in Knoxville. When will the check be deposited?Emma is ready to submit her renewal paperwork and fees to the commission. To avoid paying any extra fees, she must do this ___ days prior to her expiration date.In Tennessee, what's a consumer?Someone who uses or purchases a product or service Gideon is planning to run a full-page ad in the Knoxville newspaper to promote his open house in two weeks. He'll be offering a free overnight stay at a local resort to the winner of the door prize. Which of the following is a true statement?Gideon's ad must clearly state the value and all qualifications and accurate specifications of the prize.All funds entrusted to a Tennessee licensee on behalf of another party in the practice of real estate are by definition _____ Trust funds

• yearsTed is an affiliate broker in Tennessee. Which of the

following statements about Ted's E&O coverage is true?Thinking about how much build out or change to the design, floor plan, and power requirements a tenant will require A license that's expired for more than ____ can't be reinstated.Which of the following statements about brokers in Tennessee and the disbursement of escrow funds is true?Brokers can disburse escrow funds when a transaction closes successfully.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 Ted and Tanya, Tennessee buyers, are represented by Brooke Sales. They want to make an offer on a home and

give Brooke a check for $5,000 for earnest money. The check is post-dated for a week. Ted explains, "We have the money, but I need to shuffle a few things around before this check is good." Can Ted and Tanya do this?No. Earnest money needs to be able to be deposited immediately, so a post-dated check won't work.

Being a retail property manager includes being responsible for ______.Establishing some leases as percentage leases, where a base rent per square foot is augmented by a percentage share in the tenant's gross Adopt bylaws and create rules and regulations to carry out license law.As a flat fee, fee for service, and/or percentage of sale Why do residential and commercial real estate purchases in Tennessee require different contracts?To provide the proper legal protections to the parties involved.What must all agreements and contracts have per the Tennessee Real Estate Commission?Termination date No, the exemption in Tennessee applies only when at least 90% of the units are occupied by residents who are at least 55 years old.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?Jerrold reviews the floor plan of the Knoxville house he's going to sell. It's 3,800 square feet. In his advertising, he bumps that number up to 4,000 square feet to better justify its asking price. What has Jerrold done?Intentional misrepresentation The Tennessee Real Estate Broker License Act of 1973 protects consumers against real estate licensees who

______.

Use lies, misrepresentations, fraud, or other deceptive practices or acts to advertise or sell real estate Brokerage nameWhich of the following is required on any Tennessee real estate advertising?In which of these situations would you be acting like a facilitator?Your cousin wants to buy a house that's being offered as a For Sale by Owner. At her request, you explain the right format for an offer and provide the names of some real estate attorneys who could review paperwork and handle the closing.What should you do if your sellers ask you to complete their disclosure forms?Remind them that sellers must complete the disclosures The commission uses an official seal, which is used to certify and authenticate ______.Records Which of the following types of advertising must comply with Tennessee's advertising rules?All forms must comply 60An office property manager is responsible for which area of property management?What's the biggest security issue Tennessee licensees face when using social networking sites to market their listings?Criminals may use social networking sites to identify properties that are vacant or have high-end possessions.Which of the following items is found in a residential purchase and sale agreement but not in a commercial purchase and sale agreement?Seller responsibilities regarding disclosures about property condition Your seller client, Sylvia, asks you to explain the purpose of the property condition disclosure statement. You correctly advise her that the statement ______.Is a representation of the home's current condition to the seller's best knowledge