(a)

(1) In addition to submitting proof of honesty, trustworthiness, integrity and good reputation, each applicant shall pass a written examination prepared by or under the supervision of the commission.

(2) The examination may be given orally at the discretion of the commission if a written examination is precluded by reason of physical disability.

(3) The examination shall be given at times and places within the state that the commission shall prescribe. Notwithstanding any law to the contrary, the commission may administer the examination at requested locations and may charge special fees that the commission may deem appropriate.

(4) The examination for a license shall include business ethics, composition, arithmetic, elementary principles of land economics and appraisal, closing statements, a general knowledge of the statutes of this state relating to deeds, mortgages, trust deeds, contracts of sale, leases and other related matters and the provisions of this chapter.

(5) The examination for a broker's license shall be of more exacting nature and scope than the examination for an affiliate broker's license.

(6) An applicant failing to pass an examination may be reexamined under rules that the commission may prescribe.

(7)

(A) The examination for time-share salesperson license shall include the fundamentals of the time-share business, the Tennessee Time-Share Act, compiled in title 66, chapter 32, and other related topics including the parts of this chapter relative to time-share salespersons.

(B) The minimum passing grade for the time-share salesperson examination shall be seventy percent (70%).

(C) An application for the time-share salesperson license examination must be received by the commission at least ten (10) days before the examination date on which the applicant wishes to be examined.

(8)

(A) The examination for an acquisition agent license shall be the same as the examination administered for a time-share salesperson license.

(B) The minimum passing grade for an acquisition agent license examination shall be seventy percent (70%).

(C) An application for the acquisition agent license examination must be received by the commission at least ten (10) days before the examination date on which the applicant wishes to be examined.

(b) No applicant shall engage in the real estate business as a broker, affiliate broker, time-share salesperson or acquisition agent until satisfactorily passing the examination and complying with other requirements of this chapter and until a license has been issued to the applicant. An applicant for a time-share salesperson license or acquisition agent license who has passed the examination for either license in the twelve-month period preceding the date of application shall be deemed to have satisfied the examination requirements for the pending application.