Tennessee Real Estate Practice Exam

What should be the basis of determining a licensee's payment when submitting fees to the commission?

1. Date submitted by the licensee

2. Official postmark date

3. Date received by the commission

4. Payment method used

The correct answer is: Official postmark date

The basis for determining a licensee's payment when submitting fees to the commission is the official postmark date. This practice is significant because it establishes a clear record of when the payment was initiated. The postmark serves as an official date that reflects the time the licensee sent their payment, helping to determine whether it was submitted within the appropriate time frame. This is particularly important in real estate transactions, where deadlines for fees can impact licensing status and compliance with regulatory requirements. Understanding that the postmark date is essential helps licensees avoid potential issues that could arise if payments are processed late. This ensures they remain in good standing with the commission, maintaining their licenses without the risk of lapsing due to late or missed payments. Using this standard provides clarity and fairness to both the licensee and the commission in the handling of payments.