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TN Exam Prep Quiz 20 Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep Quiz 20 Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. A future freehold interest in a life estate held by a third party remainderman named by the grantor.
When the life tenant dies, the estate passes to the remainderman.
A. remainder
B. mutual consent
C. time share
D. Federal Reserve System
2. A right granted through a loan clause enabling the lender to call all sums immediately due and payable
on a loan should the borrower violate certain provisions of the loan agreement.
A. equity of redemption
B. 60 years old
C. acceleration
D. judgment
3. The origination and termination point in a metes and bounds legal description.
A. escheat
B. point of beginning (POB)
C. State vs. Federal Laws
D. offer
4. A broker's listing with a buyer to locate a suitable property for purchase of lease.
A. buyer representation agreement
B. constructive notice
C. reconciliation
D. party wall easement
5. A personal right to use another's property, granted by the owner; does not attach to the estate, and
there are no dominant or servant tenements.
A. syndication
B. lien theory state
C. gross easement
D. client
6. Most states require listing agreements, sales contracts, and leases exceeding one year to be in writing
to be enforceable.
A. oral vs. written contracts
B. mill
C. tax deed
D. option
, 7. A recurring or periodic expense necessary for the operation of an income property. Examples include
utilities, management, and ad valorem tax expenses. Excluded are debt service and the property's
income tax liability.
A. adverse possession
B. operating expense
C. actual notice (see also constructive notice)
D. investment
8. The surface area of the earth, all natural things permanently attached to the earth, and everything
beneath the surface to the earth's center and above the surface extending upward to infinity.
A. conventional loan
B. cloud
C. land
D. cash flow
9. In a contract, a clause that expressly provides for compensation a defaulting party owes the damaged
party. In the absence of such a clause, a damaged party may sue for unliquidated damages.
A. appraiser
B. misrepresentation
C. depreciable basis
D. liquidated damages
10. An underwriting equation that is used to determine how much debt an individual can reasonably
afford in view of the party's or household's income.
A. courts common law
B. debt ratio
C. State Constitution
D. income ratio
Circle the letter of the Question that corresponds to the displayed Answer.
11. net lease
A. TREC - An agency relationship created for the purpose of providing real estate services on identified real estate tasks
or projects in exchange for a fee, salary, or retainer for a preset /prepaid fee.
B. Partition deed
C. of the nine, 1 must be at least -------
D. A lease which requires a tenant o pay rent as well as a share of the property's operating expenses to the extent
provided for in the lease contract.
12. time share
A. A transfer by a tenant of portions of the rights and obligations of a lease to another party, the sublessee. The original
tenant remains primarily liable to the landlord for fulfilling lease obligations.
B. A creditor;s claim against real or personal property as security for a property owner's debt. A lien enables a creditor to
force the sale of the property and collect proceeds as payment toward the deb.
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