Tennessee Real Estate Practice Exam

What is a key responsibility of the Tennessee Real Estate Commission (TREC)?

1. Oversee state laws for real estate transactions

2. Conduct market surveys for real estate prices

3. Protect the public

4. Provide tax assessments for properties

The correct answer is: Protect the public

A primary responsibility of the Tennessee Real Estate Commission (TREC) is to protect the public. This mission is central to the function of regulatory bodies in real estate, ensuring that the interests of consumers are safeguarded in property transactions. TREC achieves this by establishing and enforcing laws, regulations, and ethical standards for real estate professionals operating in Tennessee. By holding licensees accountable and implementing practices that promote honesty and integrity within the industry, TREC ultimately enhances consumer confidence in real estate practices. Additionally, while the oversight of state laws for real estate transactions is part of TREC's functions, the primary emphasis is on consumer protection rather than just legislative oversight. Conducting market surveys for real estate prices and providing tax assessments for properties are typically outside the commission's purview, focusing instead on regulatory aspects and maintaining a fair marketplace for consumers rather than market analytics or taxation.