1. Which of the following is true about a net listing in Tennessee?
It may be in oral form only.
It must be in writing according to the Statute of Frauds.
It is the only type of listing allowable in Tennessee that can be canceled without notice to the broker.
It is illegal and prohibited in Tennessee.
2. A buyer was told by a licensed agent that the second-story window air conditioner would remain with the house if the buyer paid the asking price. The affiliate broker had not confirmed this with the seller and the seller removed the unit before closing. The buyer paid the full price for the house, then discovered the unit missing and contacted the TREC to file a complaint. Which of the following statements is correct?
The TREC will require the broker to buy an air conditioner for the buyers.
The TREC may suspend the affiliate broker's license for making a misrepresentation.
The TREC can only levy a fine against the affiliate broker equal to the cost of a new air conditioner.
The TREC has no power or authority to take action.
3. When an affiliate broker terminates his/her association with a broker, which of the following statements is true?
The agent has six months to place his license with another broker or put his/her license on inactive status with the TREC.
The agent may have friends' listings transferred to his/her new broker.
The broker may not engage in any real estate transactions under another firm until the necessary forms and fees have been sent to the Commission.
The broker must retain the agent's license until a new broker asks for it.