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125 Cards in this Set
- Front
- Back
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Purpose is to license and regulate real estate licensees. Mission is to protect the public. |
Tennessee Real Estate Commission |
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Person who intends to receive compensation to sell, negotiate, rent, exchange, auction or timeshares |
Real estate licensee |
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The person who hires agents to bring in business for the brokerage firm |
employing broker |
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Person who rents properties such as cabins and lakefront homes for less than 14 days within 50 miles of the principal office |
Vacation Lodging Agent |
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Person who brings in business for compensation for the benefit of the brokerage |
Real estate salesperson |
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Total members in the Tennessee real estate commission who are appointed by the Governor and serve five years each |
Nine members |
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Total hours of education required to obtain a real estate license in Tennessee |
90 hours |
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A real estate sale which includes a 10-day right of recission |
Time Share intervals |
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Person who solicits any person to attend a sales presentation for a timeshare program |
Acquisition agent |
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Conditions that have a negative impact on the value of the real estate |
Adverse facts |
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any party for whom a licensee provides services other than a client |
Customer |
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a party to a transaction with whom the broker has entered into a specific written agency agreement |
Client |
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any licensee who assists one or more parties to a transaction who has not entered into a specific written agreement representing one or more parties |
Facilitator |
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any statement, representation or fact relative to a transaction that would affect a reasonable person's decision to enter into an agreement |
material fact |
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a licensee selected by the principal broker to serve as the agent of a party to a transaction, to the exclusion of other licensees employed by the broker |
Designated agent |
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agency relationship created to provide real estate services initiated by the client or parties to the transaction |
Limited agency or special agency |
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licensee has agreements to provide services as an agent to more than one party in a specific transaction and in which the interests of the parties are adverse |
dual agency |
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The account which established to compensate consumers who have suffered as a result of the violation of the Tennessee Real Estate Broker License Act of 1973 |
Education and Recovery account |
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Practicing real estate without a license is considered a |
Class B Misdemeanor |
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Acceptance of a license from another state to meet licensing requirements |
Reciprocity |
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education required to renew a license in Tennessee |
sixteen hours |
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required course every two years to renew a license for persons required to complete continuing education |
Tennessee Core - 6 credit hours |
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Policy which covers a licensee's unintentional errors in documentation |
Errors and Omissions Insurance |
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The policy limits for a claim under the Education and Recovery account |
$15,000 |
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This commission handles discrimination regarding housing and employment in the State of Tennessee. |
Tennessee Human Rights Commission |
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An alleged act of housing discrimination must be reported to the Tennessee Human Rights Commission within what number of days |
180 days |
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residential property owners are required to complete this report in the sale of their property regardless if they sell by owner or list with a broker |
Tennessee Property Condition Disclosure |
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A licensee who is leaving one firm to join another firm must complete this form and have the old and new broker to sign the form |
TREC Form 1 |
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When a licensee transfers from one firm to another, the licensee may begin to practice real estate as soon as the fee and form are |
processed by TREC |
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A licensee who receives funds to be held for the benefit of another party must turn the funds over to the broker |
immediately upon receipt |
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A licensee who plans to auction real estate properties must possess what type of license |
real estate license & auctioneer license |
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When a buyer and a seller fail to agree on the disbursement of trust fund monies, the broker's action would be to file |
an interpleader form in court |
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All real estate advertising must include the firm name and |
telephone number |
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when a licensee name appears with the name of the brokerage firm the licensee name on all advertising must not be ________ than the firm name. |
larger |
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In order for a licensee to use a nickname to advertise, the nickname must |
be on the license |
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the authority of the real estate commission is as what type of government body |
authority of a judicial body |
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a real estate transaction file must be maintained as part of the firm records |
for three years |
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a licensee who sends real estate business to another licensee is entitled to be compensated in the form of |
a referral fee |
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At the time of application, an applicant must pay an application fee and also make a one time deposit to this account |
Education Recovery Account |
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Tennessee no longer accepts reciprocity for licenses held in other states. So a person applying for a Tennessee license while holding a license in another state will at least be required to pass |
the state law exam |
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while a license is in retirement, the licensee is not required to complete these credits every two years |
continuing education credits |
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When a retired licensee joins a real estate brokerage, submits the form, fees and proof of E&O insurance to TREC, this action will |
reactivate a license |
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A real estate license is issued for |
TWO YEARS |
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Real Estate License laws are created by |
THE STATE LEGISLATURE |
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Rules and regulations for licensees are created by |
TENNESSEE REAL ESTATE COMMISSION |
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How many members of the Tennessee Real Estate Commission must be in the profession of real estate |
SEVEN MEMBERS |
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How many members of the commission are considered Public members and cannot be in the business of real estate |
Two members |
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Of the total nine members of the commission, at least one must be 60 years of age or older and at least one must be |
a minority |
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Federal, state or local laws which apply to all are called |
statutes |
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a legal precedence set to govern particular situations as a general practice or set by a court ruling |
common laws |
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Water rights in Tennessee are set by common law called |
littoral and riparian rights |
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Tennessee does not practice this type of water rights |
doctrine of prior appropriation |
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a statue which allows a surviving spouse to contest a will if it is unfair |
an elective share right |
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The type of real estate property ownership which is held only for married couples in Tennessee allows the couple to take title as |
tenancy by the entirety |
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Which type of property ownership for couples is not practiced in Tennessee |
community property rights |
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Tennessee allows a statutory right of redemption for a period of |
one year |
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the right of redemption an owner has to pay any costs unpaid before a property is sold is called |
an equitable right of redemption |
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this disclosure is required to be completed in all 50 states for residential property built prior to 1978 |
lead paint disclosure |
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in a sales transaction, who is required by law to disclose information for a homeowner association or PUD rules? |
the owner/seller |
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Tennessee requires all written offers to be presented to |
the seller |
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An agency agreement for services must be in writing, therefore Tennessee does not recognize the type of agency which is based on your words and actions |
implied agency |
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leasing of residential property, commercial property sales, auctions and multi-residential properties are exempt from this law |
law of agency |
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a customer becomes a client with a written agency agreement for services. The two additional fiduciary duties owed to a client are |
obedience loyalty |
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acting on behalf of yourself or your relatives in a transaction or referring business that you, the licensee have a monetary interest is considered |
personal interest |
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A client may waive any of the duties a licensee performs under law with a written agreement that specifies unbundling the services. Tennessee considers these services to be |
limited services |
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another name for a non agent is |
facilitator or transaction broker |
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acting as an agent of another agent is |
sub agency |
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if a licensee advises someone on how to terminate an agreement is |
unauthorized practice of law |
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if a licensee tells a person who is in an agreement with another agent, how to get out of that agreement for the purpose of signing them to an agreement, this is unlawful interference with |
an agency relationship |
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listing agreement, buyer agreement, independent contractor agreement are all types of |
employment contracts |
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it is illegal for a listing agreement not to include this date |
an expiration date |
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compensation for services must be expressed in |
a dollar amount or % |
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If a person can answer the phone, calculate commissions, deliver documents, type contract forms and fill out listings but not negotiate a sale, this person is most likely an |
unlicensed personal assistant |
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which of the following can be deposited in a trust account for real estate sales:
earnest money, security deposit, rents. |
earnest money |
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commingling funds in a broker's personal or operating account is |
illegal |
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Trust accounts may be interest or non-interest bearing accounts.
True or False |
true |
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a licensee can accept a post-dated check at any time:
true or false |
false |
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a post dated check is acceptable only if the buyer and seller agree to terms.... |
within the contract |
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an interest bearing account require a signed agreement regarding the interest with detailed records and disclosure of |
how the interest is allocated |
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Fill in the blank.. A broker files must show proof of: the depositor of the funds, date of deposit, date of ___________, who funds are paid to and any other documentation. |
withdrawal |
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a broker or agent may display other broker listings on the internet because of something called |
IDX = Internet Date Exchange |
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the phrase a franchise must include in advertising is |
"Independently owned and operated" |
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the registry which protects the consumers from unwanted solicitations |
do not call registry |
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a licensee may call a For Sale by Owner (FSBO) who has advertised a home for sale only if the licensee is answering the solicitation for a |
buyer |
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if a consumer who is on the do-not-call registry calls the licensee, then the licensee may contact the consumer for up to |
ninety 90 days |
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commercial electronic marketing is governed by this law |
Can spam act |
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commercial electronic marketing, such as text, faxes or email must include this feature |
opt out mechanism |
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Megan's law concerns the registry of |
sex offenders |
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Tennessee real estate licensees are not required to disclose sex offenders
true or false |
true |
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a stigmatized property is best described as a property that the public feels has ____________ or had something horrifying happen on the premises |
ghosts |
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this phrase is required when a licensee is selling a property they own |
owner/agent |
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Property transfers by court order, tax sales, probate, new construction, foreclosures, non-owner occupied for at least three years or transferred between relatives are not required to complete a property condition disclosure but provide this form confirming their status |
Property disclosure Exemption |
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misrepresentation of facts by the seller on a property condition disclosure allows a buyer to |
terminate the contract |
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non-disclosure of adverse facts on a property condition disclosure is grounds for a buyer, who has reason, to file suit in court for a period up to |
one year later |
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When a seller does not warrant the condition of the property, this form may be used to comply with the property disclosure law for the buyer to waive the property disclosure |
a property condition disclaimer |
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Failure of the seller to disclose known defects is |
fraud |
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Tennessee Fair housing law for owners of residential one or two unit dwellings may be exempt from compliance if the owner ________ in or rents part of their home |
lives |
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How many protected classes for fair housing is covered in Tennessee |
eight classes |
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Other Tennessee fair housing exemptions include housing for older persons (55+ years of age) and |
religious groups |
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An exempt owner may not violate the fair housing rules in terms of |
advertising |
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An affiliate broker may become a broker when they have been licensed for at least |
three years |
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A degree in Real Estate changes the experience required for an affiliated broker to become a broker from three years to |
two years experience |
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Pre-license education hours to become a broker is a total of |
120 pre-license hours |
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The 120 hours is comprised of - 60 hour real estate principles - 30 hour new affiliate course - 30 hour ? |
office broker mgmt course |
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An affiliate broker must pass the broker exam with a score of |
75% |
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An affiliate broker who has passed the broker exam has to apply for the broker license within |
six months |
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A newly licensed broker must complete post-license education within what time frame from the issuance of the broker license |
within three years |
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How many hours of post-license education is required for a newly licensed broker |
120 hours CE |
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A principal broker license qualifies the broker to supervise agents by opening |
a brokerage firm |
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If a licensed broker remains a salesperson under a principal broker, the broker is called an |
associate broker |
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A licensed broker who supervising licensees at a branch office but is not the head of the firm |
sales or office manager |
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A brokerage firm must have what type of location to be in business |
physical location |
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After the post-licensing period is passed, the broker must complete continuing education each license period at a minimum of |
16 hours ce |
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How many brokers may a licensee allow to hold their license |
one |
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Renewal of the real estate license requires a renewal fee and proof of |
16 hrs approved CE |
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Approved continuing education is evidenced when the course approval number
and what licensee information is recorded |
license ID number |
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If I have a real estate license but my status does not allow me to practice real estate, I most likely have a license that is |
retired |
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A licensee with a retired license must pay what fee every two years |
renewal fee |
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My real estate license is retired. I pay a renewal fee each period but I am not required to maintain an
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E&O Insurance policy |
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The status of a license when a principal broker sends in a TREC form 1 releasing a licensee from their firm |
broker release |
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A licensee who cannot engage in real estate activities for a specified time period, most likely has a |
suspended license |
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If TREC took my license and I can no longer perform real estate activities, I most likely have a |
revoked license |
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A revoked licensee may obtain a new license by requesting a _________with TREC |
hearing |
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A license that has been placed in a holding status by TREC is |
an inactive license |
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The eight protected classes in Tennessee are
race, color, national origin, religion, sex, disability, familial status and __________ |
creed |
