TN Real Estate study guide
TN Real Estate · Work through your exam, one topic at a time.
The Tennessee Affiliate Broker license is the entry-level real estate credential regulated by the Tennessee Real Estate Commission, a board within the Department of Commerce and Insurance. The Commission was created in 1951 to regulate real estate brokers and affiliate brokers, real estate firms, rental location agents, time-share salespersons and developments, vacation clubs and vacation lodging services, and its mission is to protect the public health, safety and welfare through that regulation. The TN Real Estate study guide has 7 sections and about 1,917 words.
01Agency and Non-Agency Relationships
Agency is a fiduciary relationship created when a principal authorizes a broker to act on the principal's behalf. In Tennessee, candidates should distinguish clients from customers, and agency from non-agency (transaction-broker) service.
294 words, about 1 min02Contracts and Contract Law
A valid real estate contract needs an offer, acceptance, consideration, capable parties, lawful purpose, and mutual assent. For land sales, Tennessee's statute of frauds requires a writing signed by the party to be charged and containing the essential terms: parties, property description, price, and signature.
279 words, about 1 min03Real Property Ownership, Interests, and Land Use
Tennessee candidates must know freehold estates (fee simple absolute, life estate), leasehold estates, and concurrent ownership. Tenancy in common has no right of survivorship and unequal shares are allowed.
269 words, about 1 min04Real Estate Financing and Mortgages
The note is the borrower's promise to pay; the mortgage or deed of trust is the security instrument. Tennessee lenders commonly use a deed of trust with a trustee and power of sale, allowing nonjudicial foreclosure under the deed's terms.
279 words, about 1 min05Property Valuation and Market Analysis
Market value assumes an arm's-length sale, informed buyers and sellers, no undue pressure, and reasonable exposure. A CMA is a brokerage opinion of price, not an appraisal; licensees must not call it an appraisal or guarantee value.
260 words, about 1 min06Real Estate Practice and Transactions
Learn listing types: exclusive right to sell (broker earns commission even if seller finds the buyer), exclusive agency (seller may sell without owing the broker), and open listing (non-exclusive). Buyer agency agreements create duties to the buyer; transaction-broker service does not.
275 words, about 1 min07Tennessee Real Estate License Law, Rules, and Commission Regulations
The Tennessee Real Estate Commission (TREC) regulates brokers and affiliate brokers under the Real Estate Broker License Act. An affiliate broker must be sponsored by a licensed broker and cannot operate independently.
261 words, about 1 min