TAB Tennessee Affiliate Broker Exam - Set 5 - Part 3

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 41: A Cleveland transaction generated three written offers, two of which the seller rejected and one of which closed. Which offers must the firm keep in its transaction file?

Only offers at or above the listing price

Only offers the principal broker personally reviewed

All three offers, including the rejected ones

Only the accepted offer that closed

Question 42: The Commission notifies a firm in Columbia that it will audit the firm's escrow records. To whom is that audit notice directed, and who must produce the records?

The firm's franchise headquarters

The individual affiliate brokers

The bank holding the escrow account

The principal broker

Question 43: During an escrow audit in Davidson County, the Commission examines whether the account records can trace each dollar. Which set of details must those records show for the money?

Depositor, deposit date, withdrawal date, and payee

Only the running balance of the account

The buyer's credit score and income

Only the names of the listing agents

Question 44: A couple at a Pigeon Forge presentation buy a deeded week without ever touring the resort, signing the contract that evening. Under the Tennessee Time-Share Act, how long is their cancellation period?

Three days from the signing of the contract

Fifteen days from the signing of the contract

Fifteen days from delivery of the deed

Ten days from the signing of the contract

Question 45: A developer near Crossville collects deposits toward deeded timeshare estates in a half-built lodge. Under the Time-Share Act, who must hold those purchaser deposits?

A company under common control with the developer

The developer until the project is finished

An independent escrow agent in Tennessee

The project's sales agent during the offering

Question 46: A registered timeshare developer keeps its signed public offering statement receipts and sales contracts in Tennessee. For how long must the developer maintain these records?

At least three years

At least two years

At least seven years

At least four years

Question 47: An investor in Sevierville wants to lease out and collect rents on houses she does not own, doing it for owners for a fee. What credential does Tennessee require for this work?

A real estate license through a firm

A leasing agent permit only

No credential, since rentals are exempt

A dedicated property management license

Question 48: An on-site, salaried resident manager at a Germantown apartment complex shows units, hands out the owner's standard leases, and collects rents and deposits. Which act would push this employee beyond the license exemption?

Handing tenants the owner's standard lease

Negotiating the amount of rent with a prospect

Showing the available residential units

Collecting security deposits from tenants

Question 49: An affiliate broker plans to list and sell a Chattanooga shopping center for the first time. What additional license does Tennessee require before handling commercial property?

A commercial real estate endorsement

An industrial property specialty license

None beyond the existing real estate license

A separate brokerage license for income property

Question 50: A licensee preparing a tax estimate for a buyer of an office building in Rutherford County needs the assessment ratio. At what percentage of appraised value is commercial and industrial real property assessed in Tennessee?

Thirty percent

Fifty-five percent

Twenty-five percent

Forty percent

Congratulations!

You have completed all 5 question sets. Good job!

Go Back to Home

Struggling With Exams?

Less Time Studying, More Time Living – Finish Your Degree Faster! Pay-After-you-Pass!

Get Exam Support