Tennessee Real Estate Exam Practice Question
Who is responsible for maintaining the errors-and-omissions insurance required of all active Tennessee licensees?
Correct Answer: B
Rationale: Maintaining errors-and-omissions insurance is primarily the responsibility of the firm, as it ensures that all active licensees are covered under a collective policy. This protects both the individual agents and the firm from potential liabilities.
Option A, the team leader, may oversee team operations but is not solely responsible for insurance coverage. Option C, the homeowners' association (HOA), has no role in this matter, as it pertains to real estate professionals, not community organizations. Option D, the Tennessee Real Estate Commission, regulates the industry but does not manage insurance policies for licensees.
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