solution
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A licensed affiliate broker acquires a listing for his firm but decides to switch firms before the listing contract expires. Which of the following is TRUE?
A – The affiliate broker can take the listing with him to his new firm, but the new firm must split any commission with the former firm.
B – The affiliate broker can take the listing with him and it becomes the property of his new firm
C – The listing remains the property of the original firm.
D – The listing is automatically cancelled.
Question 2
What is the appropriate agency with which to file a complaint regarding a licensee’s actions in Tennessee?
A – District Attorney’s office.
B – National Association of REALTORS(R).
C – Real Estate Commission.
D – Division of Consumer Affairs.
A listing licensee would be in violation of the Tennessee Residential Property Disclosure Act if which of the following facts known by him were NOT disclosed to the buyers?
A – The fact that there was a suicide on the property.
B – The square footage of the property.
C – The existence of other offers on the property.
D – The discovery of termites in the back porch.
Question 2
Assuming there is no specific statement in the offer regarding its deposit, according to the Rules of the Tennessee Real Estate Commission, how soon MUST earnest money be deposited in an escrow or trust account after an offer is accepted?
A – Promptly upon acceptance of the offer.
B – The next business day.
C – Within 5 business days.
D – Within 7 business days.
Any change in the farms address must be reported by the principal broker to the commission within how many days of the change?
A – Three working days.
B – Five working days.
C – Ten working days.
D – Thirty calendar days.
Question 2
After investigating a complaint filed against you, a broker, the Tennessee Real Estate Commission has held a hearing and ruled against you. Which of the following is NOT among the disciplinary actions the Commission may take?
A – It may impose a minimum fine of $50.
B – It may impose a prison sentence.
C – It may revoke or suspend your license.
D – It may downgrade such broker’s license to “affiliate broker” status.
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