TN Exam Prep Quiz
Circle the letter of the Answer that corresponds to the displayed Question.
1. Last will and testament; a written or verbal statement by a testator instructing how to distribute the testator's estate to heirs.
A. buydown
B. foreclosure
C. securities license
D. will
2. An exemption of a portion of the assessed value of a homeowner's principal residence from ad valorem taxation.
A. estoppel
B. easement
C. homestead tax exemption
D. property management / managers
3. A transfer of one's entire interest in an item of real or personal property. The assignor transfers the interest to the assignee.
A. 2
B. "discrimination in housing
C. Designated Agency
D. assignment
4. The agent in an agency relationship; receives the trust and confidence of the principal and owes fiduciary duties to the principal.
A. origination fee
B. fiduciary
C. second mortgage
D. counteroffer
5. A real estate investment structure in which investors provide capital and organizers provide management expertise to develop and acquire and manage
investment real estate for profit.
A. syndication
B. Dual Agency
C. opinion of title
D. unequal services
6. Inducing property owners to sell or rent their holdings due to an impending downturn in their property values, often owing to a change in the area's ethnic or
social composition.
A. blockbusting
B. colllusion
C. laws of decent and distribution
D. legal life estate
7. TREC - Any party, other than a client in a transaction, for whom or to whom a licensee provides services.
A. judicial foreclosure
B. = 10 acres
C. customer
D. monument
8. www. irem.org
A. exclusion
B. Institute of Real Estate Management
C. escrow
D. reserve allowance
9. 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.
A. readlining
B. net lease
C. functional obsolescence
D. deposit
10. 1. A non-cash expense taken against the income of investment property that allows the owner to recover the cost of the investment through tax savings. 2. A
loss of value to improved property.
A. capital improvement
B. listing
, C. National Association of Real Estate Brokers
D. depreciation
11. A legal contract that establishes and controls the dynamics of the agency relationship between principal and agent. The principal to the listing may be buyer,
seller, landlord, or tenant.
A. determinable fee
B. limited partnership
C. escrow
D. listing
12. A north-south line used in a rectangular survey system of legal descriptions.
A. disintermediation
B. fixture
C. Meridian
D. negative amortization
13. An appraisal principle that holds that a buyer will pay no more for a property than a buyer would pay for an equally desirable and available substitute
property. Forms the foundation for the sales comparison approach to value.
A. substitution
B. State vs. Federal Laws
C. Escrow Trust Account
D. Anti Trust laws
14. A description of a parcel of property which accurately locates and identifies the boundaries of the subject parcel to a degree acceptable by local courts of law.
A. common elements
B. land use control
C. legal description
D. designated agent
15. Ownership of shares in a non-profit corporation which acquires a multi-unit dwelling as its primary asset. Shareholders also receive a proprietary lease on a
unit for a duration of their share ownership.
A. eminent domain
B. assemblage
C. facilitator / transaction broker
D. cooperative estate
16. In a sale of real property, the transfer of the seller's mortgage loan obligations to the buyer. Requires, in most cases, approval of the leader.
A. assumption
B. easement
C. quiet title suit
D. tenancy in severalty
17. TREC - Party to a transaction with whom the broker has entered into a specific written agency agreement to provide services.
A. client
B. acquisition agent
C. Federal Deposit Insurance Corporate (FDIC)
D. tier
18. A listing which states a minimum sale or lease price the owner will accept, with any excess going to the broker as a commission. Professionally discouraged,
if not illegal.
A. offer
B. net listing
C. market value
D. effective gross income
19. An attorney's or title officer's opinion of the condition and marketability of title to a parcel of property based on a recent search of title records by a competent
party.
A. real estate
B. non-judiical foreclosure
C. quiet title suit
D. opinion of title
20. A title recording system that registers title to property as well as liens and encumbrances, on a title certificate. The certificate is the title and reflects
everything there is to be known about the condition of the title.
A. adaptation
B. offer
, C. air rights
D. Torrens System
21. A widow's (wife) life estate interest in portions of deceased spouse's (husband) real property. Not in Tennessee.
A. internal rate of return
B. dower
C. subsurface rights
D. color of title
22. An item that has a legal owner, along with the attendant rights to legal ownership.
A. steering
B. title theory state
C. property
D. substitution
23. An underwriting ratio that relates a borrower's gross or net income and the debt service of a loan; used to determine how large a loan a borrower can
reasonably afford.
A. bundle of rights
B. income ratio
C. due on sale
D. trust
24. A loss of value in a property because of external factors generally beyond the control of the downer, for example, a municipality's lack of funds to improve
deteriorated roadways. Also call external obsolescence.
A. Four types of leasehold estates
B. sole proprietorship
C. economic obsolescence
D. Law of Agency
25. A party who transfers a right, interest, or title to real property to another.
A. scarcity
B. steering
C. grantor
D. Deed Restriction
26. A bargain and sale deed containing the assurance that the grantor will defend against any and all claims to the title.
A. Advertising
B. general warranty deed
C. landlocked
D. Warrant of encumbrances
27. Must be confirmed in writing with an unrepresented buyer prior to the preparation of an offer to purchase.
A. lis pendens
B. void contract
C. gross income multiplier
D. Agency Status
28. a duly trained and licensed professional authorized to perform appraisals for other parties.
A. appraiser
B. joint tenancy
C. elective share
D. capital gain (or loss)
29. A public notice in a foreclosure proceeding that the mortgaged property may soon have a judgment issued against it. Enables other investors to join in the
proceeding if they wish to collect their debts.
A. lis pendens
B. universal agency
C. liquidated damages
D. Chapter 1260
30. A fixed, artificial or natural landmark used as a reference point in a metes and bounds legal description.
A. monument
B. statute of limitations
C. property
D. oral vs. written contracts
, 31. Duties of an agent to the principal in an agency relationship, including skill, care, diligence, loyalty, obedience, confidentiality, disclosure, and accounting.
A. Class B misdemeanor
B. fiduciary duties
C. estate in land
D. buyer representation agreement
32. Forced performance of one's obligations in a agreement, to the letter of the agreement. A legal remedy for a damaged party to take against a defaulting
party.
A. deed in lieu of foreclosure.
B. specific performance
C. note
D. Warrant of quite enjoyment
33. A court decision resulting from a lawsuit. If a creditor sues to collect a debt, a favorable ruling is followed by a judgment lien against the defaulting borrower's
property.
A. general partnership
B. non-judiical foreclosure
C. judgment
D. Secondary mortgage markets
34. Any financing arrangement where a seller takes a note and mortgage from the buyer for all or part of the purchase price of the property.
A. loan commitment
B. offer and acceptance
C. seller financing
D. CERCLA Superfund (1980) and SARA Superfund amendment (1986)
35. 9
A. commissioners appointed by the Governor
B. curtesy
C. readlining
D. Meridian
36. A defective title transfer or the transfer of a defective title where the new owner is originally unaware of the defect. Color of title may be used as a grounds for
adverse possession, which, if successful would nullify the original defect.
A. color of title
B. broker
C. universal agency
D. contract for deed
37. A surviving joint tenant's right to receive all rights and interests in the property enjoyed by another joint tenant in the event of the latter's death.
A. 1973
B. interest rate
C. right of survivorship
D. Chapter 1260
38. An area defined by a rectangular survey system and consisting of 1/36th of a township, or one square mile.
A. debt ratio
B. section
C. general partnership
D. purchase money mortgage
39. A conversion of real property to personal property through detachment of the iitem from the land.
A. cost approach
B. severance
C. foreclosure
D. Institute of Real Estate Management
40. A transaction broker who assists principal parties in completing a transaction without acting as a fiduciary agent of either party.
A. facilitator
B. functional obsolescence
C. debt coverage ratio
D. power of attorney
41. A limitation on the use of a property imposed by deed, zoning, state statue, or public regulation.
A. interest
B. restriction
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