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Real Estate Salesperson Exam — National Portion

E&O insurance (TN): practice questions

Our Real Estate (National) bank has 3 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · Tennessee

Which Tennessee licensee is NOT required to carry errors and omissions insurance?

  1. An affiliate broker working only part time
  2. A broker whose firm also carries its own errors and omissions policy
  3. A licensee whose license is in retired status
  4. A licensee who handles only rental listings
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C. A licensee whose license is in retired status — Tenn. Comp. R. & Regs. 1260-01-.15(1); Tenn. Code Ann. 62-13-112(b).

Question 2 · Tennessee

What happens to a Tennessee license that has been suspended for lack of E&O coverage for more than one year?

  1. It is referred to the district attorney for criminal charges
  2. It stays suspended until the licensee requests a formal hearing
  3. It is placed in retired status until coverage is purchased
  4. It is automatically revoked without further Commission action
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D. It is automatically revoked without further Commission action — Tenn. Code Ann. 62-13-112(l).

Question 3 · Tennessee

An affiliate's license is suspended for an E&O lapse. The principal broker avoids any penalty if, within how many days, proof of coverage is filed or the affiliate is released?

  1. 60 days
  2. 30 days
  3. 45 days
  4. 10 days
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B. 30 days — Tenn. Comp. R. & Regs. 1260-01-.16(2)(b).

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