Tennessee Real Estate Affiliate Broker Exam — All Questions
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2 questions
Tennessee Practice
Earnest money held by a Tennessee firm must be placed in a separate escrow or trust account and disbursed according to:
- a.The affiliate broker's personal discretion
- b.The terms of the agreement and TREC rules✓
- c.The buyer's verbal request only
- d.Whatever cash is on hand
Tennessee firms must deposit earnest money in a separate escrow or trust account and may disburse it only as the purchase agreement and TREC rules allow. The principal broker is responsible for proper handling; commingling or improper disbursement is a violation.
Tennessee Practice
A Tennessee affiliate broker's license must be held by, and the affiliate must work under, the:
- a.Affiliate broker personally
- b.Principal broker of the firm✓
- c.Tennessee Real Estate Commission
- d.Local multiple listing service
An affiliate broker's license is held by and 'hangs with' the principal broker of the firm. The affiliate may conduct brokerage activity only under that principal broker's supervision, and compensation flows through the firm.