TN Law

According to rule 1260-2-32, the Commission has the authority to?

impose fines as civil penalties upon licensees

The primary purpose of the Tennessee Real Estate Commission are to?

license and regulate practitioners in order to protect the public

A licensee convicted of a license law violation will lose his/her license unless he or she?

makes a written request for a hearing to the Commission within 60 days

What is true regarding the Tennessee regulatory environment?

members are sourced from geographical zones called grand divisions

What best characterizes subagency?

a client relationship between the listing licensee and another licensee where the latter effectively represents the listed party

A licensee who assists more than one party to a transaction with a specific written agency agreement is?

a dual agent

A broker may pay a referral fee or compensation to which parties?

a licensed practitioner operating outside of Tennessee

According to the Tennessee Code Annotated, the best definition of an acquisition agent is?

a time share presentation solicitor

By definition, a material fact is one which?

affects a person's decision to enter into a real property transaction

What document provides authority for a licensee to act as another party's agent in a real estate transaction?

an exclusive listing agreement

What is permitted by an affiliate broker?

attempting to procure a listing within one week of the principal's previous listing expiration

A licensed broker is not allowed to?

compensate a non-licensee for performing licensing activity

What is a true statement regarding a facilitator?

does not engage in agency representation

The Tennessee Real Estate Commission is specifically authorized to?

enact rules to facilitate the administration of license law

A licensee may have his or her license revoked or suspended for any of the following EXCEPT?

providing multiple copies of a contract to the signatory at the time of signing

A license may be revoked or suspended for any of the following acts EXCEPT?

requiring that all listing agreements contain a specific termination date

What statement is true regarding the Real Estate Education and Recovery Account?

the maximum liability of the account is $15,000 per transaction, regardless of the number of persons aggrieved

What is a true statement regarding the Tennessee Real Estate Commission?

there are nine Tennessee-resident memebers