Tennessee Real Estate Flash Cards

Review our flash cards for the Tennessee real estate exam with over 90 national and state specific questions to help you ace the test. Our flash cards provide key questions and answers for real estate license law, state housing laws, property rights, title, deeds and much more. Click a flash card now and get started.

What activities require a license?

Any person who performs or offers, attempts or agrees to perform any single act defined in TCA § 62-13-102, is required to be licensed.

Can a unlicensed employee, assistant or secretary Make Cold Calls by telephone?

Can a unlicensed employee, assistant or secretary Show properties for sale and/or lease to prospective purchasers?

Can an unlicensed employee, assistant or secretary Host open houses, home show booths or fairs?

Can an unlicensed employee, assistant or secretary negotiate any terms of a real estate transaction?

Can an unlicensed employee, assistant or secretary be paid any compensation which is dependent upon, or directly related to, a real estate transaction?

I have a licensed assistant. How can I pay them for activities that require a license?

A person engaged in activities that require a license must have a valid active license and be affiliated with a licensed real estate firm. Compensation received for activities that require a license must be paid by the licensed real estate firm where the assistant is affiliated.

I am a licensed auctioneer. I have a real estate license and I am affiliated with ABC Realty. I own a separate licensed auction firm, The Auction Company, licensed by the Tennessee Auctioneer Commission. Can I sell real property at auction using my real estate license and my auction firm license?

No, you can only sell real property through the licensed real estate firm where you are affiliated.

I am licensed in another state. Can I visit Tennessee to list or sell real estate and ‘‘partner’’ or ‘‘cooperate’’ with a Tennessee licensee in order to avoid obtaining a Tennessee real estate license?

No, a real estate licensee from another state or jurisdiction cannot ‘‘cooperate’’ or ‘‘partner’’ with a Tennessee licensee in order to conduct business that requires a real estate license in this state without obtaining a license issued by the Tennessee Real Estate Commission (TREC)

A lawyer has contacted me and wants to send a referral and receive a referral fee from my firm. Can I pay him a referral fee?

No, a lawyer can only receive a referral fee or commission if they are properly licensed as a real estate broker or affiliate and the compensation is paid to them by the licensed real estate firm where they are affiliated.

How do I reactivate my real estate license from an inactive or retired status?

A TREC Form 1 should be completed in its entirety and mailed to TREC with the appropriate fee.

What is the TREC Core Course?

The TREC Core Course is a specific six (6) hour course designated by the Commission which is required to be taken by licensees who must complete the 16 hour continuing education requirement.

I want to take an education course in another state for a designation I am working on. Will I automatically get credit because it was given by the national association?

No, all courses must be pre-approved by the Commission.

How should deposits and earnest money be handled?

Brokers are responsible at all times for deposits and earnest money.

The amount of years Firms are required to keep records of all real estate transactions for...

3 years.

What information must appear in all advertising?

Firm name, phone number on every page of a website.

May a Principal Broker act as a Principal Broker for two firms?

Yes, the PB can act as a PB for both firms as long as the firms are in the same location.

Does TREC allow home offices?

A licensee may have the main office or branch office of a firm in his home if the zoning allows a real estate office at that location.

In order to transfer to a new firm, what form must be filled out?

The TREC Form 1

Is the “right of survivorship” included in the bundle of legal rights?

No, it is found in joint tenancy and tenancy by the entirety.

Define Emblements.

Annual crops cultivated by a tenant which are treated as the tenant’s property rather than the landowner’s.

Nonhomogeneity is best described as?

A lack of uniformity; dissimilarity. Because no two parcels of land are exactly alike.

Is a transaction broker known as a fiduciary?

Can one get his or her real estate license revoked or suspended if they fail to specify a definite termination date on a listing contract?

Yes

When is a person's real property transferred by devise?

When a person dies testate.

When Chris brought his property he had a 15% down payment and secured a 30 year loan at 8% interest. If his first month's interest was $810.50, how much did he pay for the property?

$143,029

In 1945 John purchased a condo for $10,000. Today she sold the property for $100,000 and agreed to finance the loan for the buyer. This transaction is known as a ...

Land Contract

Define Habendum Clause.

A section in a real estate contract that transfers ownership of a property with no restrictions.

Can you find Habendum Clause in a deed?

Yes

What is RESPA?

The Real Estate Settlement Procedures Act

Does RESPA prohibit kickbacks from service providers?

Yes