Exam (elaborations)
Exam Prep Quiz 5 Verified and 100% Correct Q & A, Complete Document for Exam
- Course
- Institution
Exam Prep Quiz 5 Verified and 100% Correct Q & A, Complete Document for Exam
[Show more]
Content preview
TN Exam Prep QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. ----- must be in the business of real estate
A. fair housing laws
B. personal property
C. 7
D. bundle of rights
2. Created in 1951, they licenses and register real estate firms, brokers and affiliate brokers. The
commission also enacts rules addressing professional conduct and standards of practice. It is classified
as a judicial body of government. Their mission i
A. Environmental Controls areas of concern
B. facilitator
C. Tennessee Real Estate Commission (TREC)
D. will
3. A standard elevation reference point used by surveyors to measure elevations of property in an area.
A. supply
B. contingency
C. datum
D. title insurance
4. An agency relationship that arises by implication from the actions and representations of either agent
or principal.
A. range
B. implied agency
C. eviction
D. courts common law
5. Property lined by a lender as security for a loan.
A. collateral
B. qualification
C. sale leaseback
D. commingling
6. The illegal lending practice of restricting loans by geographical area.
A. mechanic's lien
B. appraiser
C. legal life estate
D. readlining
,7. The business of procuring customers on behalf of clients for the purpose of completing a real estate
transaction.
A. devise
B. exclusion
C. replacement cost
D. brokerage
8. An agreement in which only one party promises to perform, contingent on the other party's
performance of an optional action.
A. License Penalties
B. unilateral contract
C. Federal Housing Administration (FHA)
D. land trust
9. Property acquired during the marriage with jointly held funds.
A. tier
B. asset sale
C. community property
D. escrow
10. 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. classifications of real estate by use in Tennessee
B. right of survivorship
C. judgment
D. Statutory deeds
11. A reversionary transfer of real property to the state or county when the legal owner dies without a will
and without heirs.
A. oral vs. written contracts
B. local laws
C. escheat
D. for land trust
12. The ad valorem tax rate of a taxing district, derived by dividing revenues required from taxpayers by
the districts tax base. If the millage rate is 30, the tax rate is 3%, or $3.00 per $100 of assessed valuation
(net of exemptions).
A. encumbrance
B. planned unit development (PUD)
C. millage rate
D. earnest money escrow
13. A condition that must be satisfied for a contract to be binding and enforceable.
, A. Secondary mortgage markets
B. contingency
C. leverage
D. adverse possession
14. All property that is not considered real property; all property that is not land or permanently attached
to land, excepting trade fixtures and emblements.
A. personal property
B. acquisition agent
C. bilateral contract
D. restriction
15. The portion of a property's total basis that may be depreciated, generally the basis of the
improvements, since land cannot be depreciated.
A. determinable fee
B. Class B misdemeanor
C. tenancy in common
D. depreciable basis
16. A power of a government entity to force the sale of private property for subsequent public use.
A. abstract of title
B. License Penalties
C. collateral
D. eminent domain
17. Anti-discrimination legislation designed to ensure that all parties have equal access to mortgage
financing.
A. Warranty forever
B. fair financing laws
C. adverse possession
D. redemption period / equity of redemption
18. Every two years as required by statue to renew a Tennessee real estate license, a resident of
Tennessee must complete 16 hours of education which includes a 6 hour TREC core course for each 2-
year license period. and 10+ of any other approved CE courses.
A. benchmark
B. Real Estate License Renewal
C. proprietary lease
D. non-judiical foreclosure
19. An unauthorized physical intrusion of one's real property into the real property of another.
A. encroachment
B. Real Estate Education and Recovery Account
C. buyer representation agreement
D. mill
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACTUALSTUDY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77988 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now