Tennessee Realtor State Practice Exam

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Prepare for the Tennessee Realtor State Exam with questions and explanations designed to help you succeed. Master the principles and regulations of real estate in Tennessee. Ace your exam with confidence!

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Who can receive reimbursement from the Real Estate Education and Recovery Account?

A licensee who loses their license
A public member with a judgment against a licensee
A real estate firm filed against a licensee
A member of the commission

The correct answer is: A public member with a judgment against a licensee

The Real Estate Education and Recovery Account is designed to provide financial protection to individuals who suffer damages due to the actions of a licensed real estate agent or broker. Specifically, this account can reimburse the public, including any individual who holds a judgment against a licensee for fraud, misrepresentation, or certain other actions that lead to financial harm. In this context, a public member with a judgment against a licensee is eligible for reimbursement because they have been wronged by the actions of a licensee, and state regulations allow them to seek compensation from this fund. This mechanism ensures that the public is protected from unethical practices in the real estate profession. The other options, while they might involve different parties related to real estate transactions, do not fit the criteria established for reimbursement from the Real Estate Education and Recovery Account. Thus, they are not eligible to receive funds from this specific account.