REE Unit 4 Quiz
Persons who hold firm licenses have to also carry personal policies. to carry a rider policy. the option of carrying a blanket policy. the option of carrying an individual policy.
the option of carrying an individual policy.
Errors and Omissions insurance is used to cover liability for unlicensed activities. to cover the Recovery Fund account. to cover liability for licensed activities. to cover legal costs of the Commission.
to cover liability for licensed activities.
Licenses of all types expire two years from the date of issue or renewal. three years from the date of issue or renewal. two years from the date of licensee's birth date. two years from the date of passing the exam.
two years from the date of issue or renewal.
Which of the following is TRUE of a licensee in inactive status? The licensee may perform acts requiring a license but may not be compensated. The licensee does not need to satisfy continuing education requirements. The licensee may petition to have his license downgraded to retired to avoid educational requirements. Licensee remains subject to educational requirements for renewal.
Licensee remains subject to educational requirements for renewal.
Which of the following is a requirement for license renewal? Proof of ownership of a bank account A sworn statement from the principal broker attesting that the licensee is a good worker Proof of membership in a real estate professional association Proof of Errors and Omissions insurance coverage
Proof of Errors and Omissions insurance coverage
A licensee's license may be suspended or revoked if the licensee informs the Commission of a change of address. the licensee's principal broker declines to request the Commission to renew it. a court rules that a licensee's actions have injured a complaining party. the licensee asks the Commission to settle a commission dispute with his broker.
a court rules that a licensee's actions have injured a complaining party.
The Commission may, as a disciplinary action, order a broker's license to be downgraded to inactive broker status. affiliate broker status. limited broker status. administrative leave status.
affiliate broker status.
How many Commission members must agree for a revoked license to be reissued? Four Six Seven Nine
Six
How many Commission members must agree for a revoked license to be reissued? Four Six Seven Nine
Six
What is the continuing education requirement for renewal of an affiliate broker's license? Fifteen hours Sixteen hours Thirty hours Sixty hours
Sixteen hours
A Tennessee licensee who holds a nonresident license issued in another state must file copies of the license with the office manager the Real Estate Board. with the owner broker and the Tax Commission. with the principal firm and the MLS office. with the principal broker and the Real Estate Commission.
with the principal broker and the Real Estate Commission.
An expired license may be reinstated without examination within ninety (90) days after the expiration date. within sixty (60) days after the expiration date. after formal notification sent to the Commission anytime after expiration date of the license.
within sixty (60) days after the expiration date.