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TN Exam Prep Quiz 7 Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep Quiz 7 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 deed used to convey land to a condominium developer.
A. Non-agency
B. Federal Reserve System
C. life estate
D. master deed
2. A state whose laws give a lender on a mortgaged property equitable title rather than legal title. The mortgagor in a lien theory state retains
legal title.
A. escrow
B. lien theory state
C. balloon payment
D. interest rate
3. An individual's personal right to use the property of another for a specific purpose. Revocable at any time at the owner's discretion. Does not
attach to the property and terminates upon the death of either party.
A. vacancy
B. license
C. - empowers government to proceed agains antitrust violators
D. rectangular survey system / government survey system
4. The party in an agency relationship who is hired by the principal to perform certain duties. In so doing, the agent must also uphold fiduciary
duties owed to the principal.
A. multiple listing service (MLS)
B. agent
C. sale contract
D. lien priority
5. An area defined by a rectangular survey system and consisting of 1/36th of a township, or one square mile.
A. unequal services
B. section
C. millage rate
D. documentary stamp
6. Establish standards for protecting interests of handicapped people."
A. principal meridian
B. Real Estate License Renewal
C. net lease
D. Federal laws
7. The period during which an improvement is expected to remain useful in its original use. Establishes the improvement's annual depreciation
amounts in appraisal.
A. National Association of Realtors
B. remainder
C. affiliate broker
D. economic life
8. A legal restraint to prevent a person from claiming a right or interest that is inconsistent with the person's previous statements or acts. An
estoppel certificate documents the party's initial position or act, which cannot be contradicted later.
A. credit evaluation
B. statute of limitations
C. estoppel
D. hazard insurance
9. Most common type of agency relationship. Agent is representing either buyer or seller.
, A. subagency
B. customer
C. estate in land
D. Single agency
10. Each commission serves ---- years
A. contingency
B. sales comparison approach
C. 5
D. depreciation
11. An underwriting ratio that relates the size of a loan to the market value of the collateral. The closer the loan value is to market value, the
riskier the loans for the lender.
A. loan-to-value ration (LTV)
B. earnest money escrow
C. private grant
D. contribution
12. TREC - Party to a transaction with whom the broker has entered into a specific written agency agreement to provide services.
A. Real Estate Education and Recovery Account
B. License Penalties
C. client
D. credit
13. The prohibited practice of channeling prospective buyers and tenants toward or away from a particular area.
A. assignment
B. implied contract
C. encroachment
D. steering
14. A fixture necessary for the conduct of a business. Although affixed to the land, it is personal property.
A. classifications of real estate by use in Tennessee
B. trade fixture
C. cost approach
D. easement
15. A land use that conflicts with current zoning but is authorized for certain reasons, including undue hardship to comply and minimal negative
impact to leave it alone.
A. cloud
B. variance
C. usury
D. land use control
16. 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.
A. sublease
B. life estate
C. full-service / gross lease
D. Federal National Mortgage Association (Fannie Mae)
17. A right, interest, or improvement that attaches to and transfers with a parcel of real property, such as an easement or a riparian right.
A. suit for possession
B. executory contract
C. hazard insurance
D. appurtenance
18. Any new offer or amended offer made in response to a offer.
A. counteroffer
B. operating expense
, C. = 10 acres
D. Warrant of encumbrances
19. The discounted value of an amount of money to be received in the future that accounts for the interest that would h ave been earned if the
money had been received in the present.
A. present value
B. general lien
C. devise
D. affiliate broker
20. a duly trained and licensed professional authorized to perform appraisals for other parties.
A. appraiser
B. reversion
C. accretion
D. lien priority
21. Representing no one - just handling the transaction process - Facilitator/Transaction Broker
A. real estate
B. Non-agency
C. adaptation
D. closing
22. Legal condition of a person who dies without a leaving a will.
A. yield
B. contribution
C. intestate
D. joint tenancy
23. 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. ethics
B. debt ratio
C. Statutory deeds
D. tier
24. A written, chronological record of the title records affecting rights and interests in a parcel of real property.
A. abstract of title
B. void
C. marketing plan
D. Advertising
25. A life estate where the grantee's interest endures over the lifetime of another party named by the grantor. i.e., when someone can't care for
themselves and they have a caregiver.
A. liquidity
B. pur autre vie
C. yield
D. landlocked
26. A lender's opinion of a borrower's ability to repay a loan in view of financial capabilities and past repayment patterns.
A. credit evaluation
B. tax base
C. conventional loan
D. non-conforming use
27. A local government entity authorized by state, county, or municipality to levy taxes for a particular purpose.
A. ethics
B. general lien
C. tax district
D. security
, 28. Acre
A. Uniform Residential Landlord and Tenant Act (URLTA)
B. = 43,560 sq. ft.
C. lot and block system
D. security
29. 1. An accounting entry representing a claim against the assets of a business by a creditor. 2. A condition of vulnerability to lawsuits seeking
redress for potentially wrongful acts or statements.
A. revocation
B. liability
C. implied contract
D. personal property
30. May establish right to levy tax; or may delegate right to counties and municipalities, regulate real estate licensing, establish broad usage
standards
A. sole proprietorship
B. exclusion
C. State Constitution
D. acceleration
31. 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. appurtenance
B. Tennessee Real Estate Commission (TREC)
C. blockbusting
D. designated agent
32. Must be confirmed in writing with an unrepresented buyer prior to the preparation of an offer to purchase.
A. legal life estate
B. police power
C. Real Estate Education and Recovery Account
D. Agency Status
33. A mortgage loan having an interest rate that can be periodically raised or lowered in accordance with the movement of a financial index.
A. adjustable rate mortgage
B. internal rate of return
C. exclusion
D. interest rate
34. 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. suit for possession
B. commissioners appointed by the Governor
C. executory contract
D. syndication
35. A shortcut method for estimating the value of an income property by multiplying the property's gross annual income times a multiplier that
reflects the ratio between gross annual income and sale price that is typical for similar properties in the area.
A. acquisition agent
B. gross income multiplier
C. right of survivorship
D. public grant
36. Air - Asbestos, Carbon monoxide, formaldehyde, lead, mold, radon;Soil and water - underground storage tanks, wetlands;Other ambient and
natural conditions - Electromagnetic fields, noise, earthquake and flood hazards"
A. 1973
B. hazard insurance
C. Environmental Controls areas of concern
D. usury
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