Affiliate Broker Study guides, Class notes & Summaries

An affiliate broker can legally start working with their broker when: A. They receive notification of a passing grade on license test B. The recovery fund fee is paid C. The applicant requests a hearing before the Real Estate Commission D. The affiliate broker's license has been issued. correct answer: D. The affiliate broker's license has been issued All of the following are true concerning the Tennessee Real Estate Education & Recovery Account EXCEPT: A. All affiliate brokers and ...

The type of contract where a seller employs one real estate firm to find a buyer for the seller's property; yet the seller retains the right to find a buyer himself/herself and not pay a commission to the listing firm is a(an)? A. Exclusive right to sell agreement B. Exclusive agency agreement C. Opportunity listing agreement D. Opening listing agreement B. Exclusive agency agreement A listing broker is hired to perform a specific purpose. What is the correct term to describe thus t...

Class B Misdemeanor What an accused is charged with for practicing real estate without a license. unders tate law treble damages Being made to pay back up to three times the penalty. There are 21 violations listed in the law that can result in disciplinary action: aking any substantial and willful misrepresentation Making any promise of a character likely to influence, persuade, or induce any person to enter into any contract or agreement when the licensee could not or did n...

Commissions are established by negotiation between the client/customer and broker. usually a % of the sales price. Must be incl in the listing agreement or buyer's representation agreement. Each broker's office will decide the exact amount. Diff rates for diff types of sales. A broker has EARNED the commission when you have found a ready, willing and able buyer who buys on the terms the seller has set or the seller accepts. Commission is collected at closing A broker ma...

TN New Affiliate Broker unit 1 test exam with 100% correct answers

To become a designated agent, one must be A) appointed as such by the managing broker. B) a dual agent. C) at least 21 years old and licensed. D) a member of the National Association of REALTORS®. A An affiliate broker wishes to retire her license. Prior to that action, she must A) turn the license backwards on the office wall. B) pay the commission a $100 application fee. C) complete required education. D) renew her errors and omissions insurance. C Because ...

What are littoral rights concerned with? Properties adjacent to non-moving bodies of water. Which of the following is NOT part of the bundle of rights? To steal property. Which of the following is a simple definition of real estate? Real estate is that it is air, water, land, and everything affixed to the land. The level of government that is the primary regulator of the real estate business is The State What is a "fixture?" An item of personal property that ha...

A lien is an example of a/an...? - Encumbrance - Entitlement - Estoppel - Escheatment Encumbrance If a property has both a tax lien and a mortgage lien against it, which lien has priority (generally speaking)? - Tax lien - Mortgage lien - They have equal priority - Whichever lien was filed first Tax lien A lien that is not tied to a specific piece of real estate is called a...? - General lien - Non-specific lien - Statutory lien - Tax lien General lien T...

The State Regulator of real estate licensees The Tennessee Real Estate Commission Enacts rules addressing professional conduct, conducts hearings concerning violations of the Act, imposes penalties, and administers a Real Estate Recovery Fund to protect the public The Tennessee Real Estate Commission The Commission Is a judicial body. The attorney general defends the members in court. The Commission May make whatever rules it needs to enforce the Licensing Act. Th...

What action should the seller take when an offer is rejected? Make a formal counter offer. Complete a contract rider. Complete an addendum. Note the rejection on the offer. Note the rejection on the offer. Which of the following requires a written contract? The purchase of a TV for $378.00 A real estate lease for a term less than one year A real estate lease for a term longer than one year A potential buyer visiting an open house showing A real estate lease for a term longer...