![]() Tennessee real estate commission 9 Members, 3 from each grand division of the state How is education in recovery account money spent Pays for True or false? true What is the education and recovery account fee for affiliate brokers? $10 Tennessee real estate commission In Tennessee the real estate license law is administered by the. Good moral character The Commission never get involved in commission disputes. Misrepresentation E&O insurance How long is the affiliate license good for? 2 years How many hours of continued education does an affiliate broker need? *16 hours* every *2* years If you practice as a broker, affiliate broker, timeshare sales person without a license it is considered a_? Misdemeanor If you get commission from someone other than a broker or a bonus from the seller what will the penalty be? The commission will make you give it back plus treble damages (3x) How long does a commission member serve for? 5 years How many members of the commission did not hold a real estate related job before being appointed 2 The commission members need to be _of the state and shall possess_. Copies of documents must be given right after they are signed Are net listings legal in Tennessee? No it is illegal in Tennessee Can a diamond ring be used as earnest money or commission? yes What is the minimum balance that the real estate commission needs to keep in the education and recovery account? $500,000 The commission will hear complaints for all of the following except: Affiliate broker could lose their license for failing to do so A licensee may lose his license for failing to furnish a *copy *of any listing, sales, lease or other contract of a real estate transaction to all parties involved *right after they have signed*. True or false true Tennessee law states that the licensee can lose his or her license for using a sales contract form or offer to purchase form that failed to specify a definitive * termination date *? True or false True. Place ad which have been approved by the brokerĬan disclose the current sales status of a listed property What is an unlicensed assistant not allowed to do at Brokerage? Cannot show housesĬannot explain listings, contracts or other similar matters with persons outside of the firm You cannot pay anyone commission unless they have a license. They can look up a property but they cannot show it, *NO MORE THAN 3 DAYS!!!!!* What is the license renewal fee for an affiliate broker? $80 How much is the PSI exam fee? $43 What can an unlicensed assistant do at a Brokerage? Allowed to open doors for open house but cannot show house, It costs $100 How often does the commission meet? Once a month for 2 to 3 days ![]() True or false? False It costs $110 for Tennessee affiliate broker license application. 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? True With timeshares, The retail value of each prize/gift must be stated. At least _ of each prize/gift must be given? 1 With timeshares, If a sales presentation is required to qualify it must be stated. 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.
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