How should a rental property security deposit be handled upon receipt by the broker?

It must be deposited in an escrow or trustee account.

It must be deposited in an interest bearing account.

It must be deposited in a non-interest bearing account.

It must be deposited in an escrow or trustee account.

It must be applied toward the rental payments.

After writing a purchase contract on behalf of a buyer, the licensee leaves a copy with the buyer. The licensee then presents the offer to the seller, who accepts and signs it. The licensee MUST now give a copy of the offer to

his broker with the original to the seller.

A licensee terminates his affiliation with a brokerage firm and secures his signed release form on August 15. On August 30, the licensee completes the change of affiliation form and mails it, via certified mail, to the Commission. Did the licensee follow CORRECT procedure?

No. The licensee should have mailed the change of affiliation form earlier, with the proper fee, so that it would have been received by the Commission by August 25.

No. The principal broker should have been the one to complete the change of affiliation form and to submit the same to the Commission.

No. The licensee should have verbally notified the Commission of the termination the same day it occurred.

No. The licensee should have mailed the change of affiliation form earlier, with the proper fee, so that it would have been received by the Commission by August 25.

Yes. The licensee followed the correct procedure for change of affiliation.

In order to offer any gift or prize as an inducement to list a condominium, an affiliate broker MUST obtain the approval of:

the homeowners' association (HOA).

the Tennessee Real Estate Commission.

Tennessee Affiliate Broker Exam

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Question 1

An owner indicates to you that they prefer that you find female renters for their property because in the past, they have done less damage to the apartment building. If you comply with their request, you are

Your Answer: Option(s)

Correct Answer: Option(s) A

Rationale

Guilty of discriminatory practices.

Complying with the owner's request to find only female renters based on past experiences constitutes discrimination based on gender, violating fair housing laws that prohibit such biases in rental practices.

A) Guilty of discriminatory practices.
This choice accurately reflects the legal and ethical implications of the situation. By favoring one gender over another, the agent engages in discriminatory practices that can lead to legal repercussions and undermine equal housing opportunities.

B) Fulfilling your agency responsibilities.
While agents have responsibilities to their clients, these duties must be balanced with compliance to fair housing laws. Following the owner’s discriminatory preference disregards the agent's obligation to ensure equal treatment of all potential renters, thus failing to fulfill their responsibilities ethically.

C) Implementing good risk management practices.
Risk management involves minimizing potential losses, but this choice mistakenly equates discriminatory practices with sound management. Choosing tenants based solely on gender is not a legitimate risk management strategy; it is biased and potentially harmful to the agent's reputation and legal standing.

D) Serving as the property manager in addition to the agent.
This option suggests an expanded role, but it does not address the ethical or legal issues inherent in complying with the owner's request. The agent's role as a property manager should still adhere to fair housing laws, making this option irrelevant to the question of compliance with discriminatory practices.

Conclusion
The inquiry highlights the critical distinction between client preferences and lawful obligations. By choosing to prioritize the owner's request for female renters, the agent engages in discriminatory practices that violate fair housing regulations. Upholding equal treatment for all renters is essential, ensuring that agency responsibilities align with ethical and legal standards in real estate management.

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Guilty of discriminatory practices.

It must be deposited in an escrow or trustee account.

The licensee MUST now give a copy of the offer to both the seller and buyer.

No. The licensee should have mailed the change of affiliation form earlier, with the proper fee, so that it would have been received by the Commission by August 25.

an affiliate broker MUST obtain the approval of his or her firm.

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Guilty of discriminatory practices.

It must be deposited in an escrow or trustee account.

The licensee MUST now give a copy of the offer to both the seller and buyer.

No. The licensee should have mailed the change of affiliation form earlier, with the proper fee, so that it would have been received by the Commission by August 25.

an affiliate broker MUST obtain the approval of his or her firm.

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