State portion

Question 1

An applicant who appears before the Commission requesting licensure and who is declined will not be eligible for reconsideration for ___ months from the date of denial.

Answer 1

6 months

Question 2

To obtain a commission manual the fee is ____ ?

Answer 2

$10

Question 3

To change your firm real estate address the fee is ____?

Answer 3

$50

Question 4

When did the Tennessee Real Estate License Broker Act first become law?

Answer 4

1973

Question 5

Absent a demonstration of a compelling reason, earnest money shall be disbursed, interpleaded or turned over to an attorney with instructions to interplead the funds within ____ calendar days from the date or receipt of a written request for disbursement?

Answer 5

21 Calendar Days

Question 6

To change your firm’s principle broker, the fee is ___?

Answer 6

$25

Question 7

Aside from paying the fee, what else do you need to do to bring your license out of retirement?

Answer 7

Commission Form 1, submit proof current E & O

Question 8

To change your status to retired, the fee is

Answer 8

$25

Question 9

Any bad check given to the Commission not made good within ___days of the notification will be subject to a $100 fee for collection.

Answer 9

60 days.

Question 10

Any bad check given to the Commission not made good within 60 days of the notification will be subject to a ___ fee for collection.

Answer 10

$100

Question 11

To obtain a certificate of licensure, the fee is ___.

Answer 11

$25

Question 12

A penalty fee of $50 per month or portion thereof, for failing to timely review a license if the licensee reinstates the license within the ___ day time frame set forth in TCA

Answer 12

60 day time frame

Question 13

To Initially get your real estate license, the fee is

Answer 13

$100

Question 14

To get a broker license, the fee is

Answer 14

$100

Question 15

To renew your real estate license the fee is

Answer 15

$80

Question 16

To get a duplicate license the fee is

Answer 16

$10

Question 17

Register timeshare program or vacation club

Answer 17

$750

Question 18

Renewal timeshare program or vacation club

Answer 18

$500

Question 19

Fee to request Exemption of timeshare program or vacation club

Answer 19

$250

Question 20

Days to notify the Commission of death, resignation or termination of Broker

Answer 20

10

Question 21

Continuing education hours required to renew license

Answer 21

16

Question 22

Hours of pre-licensing education to receive designated agent license

Answer 22

8

Question 23

Duty of Loyalty

Answer 23

place your client’s interest before all others in the transaction

Question 24

Duty of Diligence

Answer 24

exercise reasonable skill and care in providing services to all parties to the transaction

Question 25

Duty of Assistance

Answer 25

Schedule showings, receive all offers and counter offers, answer questions, advise clients

Question 26

Duty of Obedience

Answer 26

obey all of your client's lawful instructions that are within the scope of the agency relationship

Question 27

Duty of Transparency

Answer 27

communicate to everyone in the deal timely and accurate information regarding market conditions that might affect the transactions

Question 28

Duty of Disclosure

Answer 28

tell each party of the transaction any adverse facts of which the licensee has actual notice or knowledge

Question 29

Renewal fee for vacation lodging firm or original designate agent license

Answer 29

$80

Question 30

Commissioners are appointed for a term of ___ years

Answer 30

5

Question 31

Members of TREC

Answer 31

7 members of TREC must be brokers or affiliate brokers for at least 5 years

Question 32

No person shall be eligible for examination or be considered for licensure unless ____ years have passed from the date of expiration of probation, parole or conviction, or from the date of release from incarceration, whichever is later in time.

Answer 32

2 years

Question 33

If the principle broker is deceased or physically unable to sign the release, or refuses to sign a release, a licensee requesting termination of affiliation must submit to the commission notarized ____

Answer 33

Affidavit of Release