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Tennessee Real Estate Exam Prep Questions and Answers
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Tennessee Real Estate Exam Prep Questions and Answers
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___ 1. An averaging of assessed valuations in an area to compensate for ad A1. consideration
valorem tax inequities. B1. sole proprietorship
___ 2. An agency relationship that arises by implication from the actions C1. option
and representations of either agent or principal.
D1. liquidity
___ 3. The relationship between the yield rate of an investment and the
interest rate of funds borrowed to finance the investment. E1. 1973
___ 4. Legal condition of a person who dies without a leaving a will. F1. monument
___ 5. A voluntary or involuntary placing of a lien's priority below that of G1. asset sale
another. a mortgage lien, for example automatically subordinates to H1. servient tenement
a real estate tax lien. I1. title insurance
___ 6. A lender's written pledge to lend funds under specific terms. May J1. adverse facts
contain deadlines and conditions.
K1. full-service / gross lease
___ 7. The degree of unavailability of a product or service in relation to
demand for the product or service. A critical element of value. L1. gross income multiplier
___ 8. A parcel of property lacking legal access to a public thoroughfare; M1. Duty owed to licensee's
requires a court-ordered easement by necessity to relieve the client
condition. N1. condominium developer
___ 9. A lump sum payment on any loan which retires the remaining loan O1. homestead laws
balance in full. P1. subagency
___ 10. The total cost of credit to a borrower inclusive of finance charges Q1. pur autre vie
and the state interest rate, expressed as an annual rate of interest.
R1. Government National
___ 11. A potentially enforceable agreement between two or more parties Mortgage Association
who agree to perform or not perform some act. (Ginnie Mae)
___ 12. Air - Asbestos, Carbon monoxide, formaldehyde, lead, mold, S1. alienation
radon;Soil and water - underground storage tanks, wetlands;Other
ambient and natural conditions - Electromagnetic fields, noise, T1. marketable title
earthquake and flood hazards" U1. appraisal
___ 13. A bargain and sale deed containing the assurance that the grantor V1. improvement
will defend against any and all claims to the title. W1. legal life estate
___ 14. A deed used to convey land to a condominium developer. X1. comparative market
___ 15. A broker's listing with a buyer to locate a suitable property for analysis (CMA)
purchase of lease. Y1. fiduciary
___ 16. A designed meridian in the rectangular survey system that is used Z1. point
in conjunction with a base line to identify ranges, tiers, and
townships. A2. subordination
___ 17. An authorization granting a fiduciary the power to perform B2. condominium estate
specified acts on the principal's behalf. Used to establish a C2. foreclosure
universal agency relationship. D2. notice of title
___ 18. An organization of brokers who agree to cooperate in marketing E2. executor to convey
the pooled listings of all members. decedent's estate
___ 19. An amount of money allocated from a property's income to cover F2. credit evaluation
future repair and maintenance costs.
,___ 20. A lender's opinion of a borrower's ability to repay a loan in view of G2. debt coverage ratio
financial capabilities and past repayment patterns. H2. void
___ 21. An underwriting equation reflecting how much debt service an I2. appurtenance
investment property can reasonably afford to pay out of its net
operating income; used to identify how large a loan the property J2. Federal Reserve System
can afford given an interest rate and loan term. K2. debt ratio
___ 22. An agreement in which only one party promises to perform, L2. time share
contingent on the other party's performance of an optional action. M2. Single agency
___ 23. A transfer by a tenant of portions of the rights and obligations of a N2. foreclosure
lease to another party, the sublessee. The original tenant remains
primarily liable to the landlord for fulfilling lease obligations. O2. mortgage
___ 24. Separable subsurface rights to mineral deposits; transferrable by P2. elective share
sale or lease to other parties. Q2. metes and bounds
___ 25. or mortgage loan on a residence, secured by portions of the R2. restriction
owner's equity in the home. S2. dual agency
___ 26. A shortcut method for estimating the value of an income property T2. master deed
by multiplying the property's gross annual income times a
multiplier that reflects the ratio between gross annual income and U2. property management /
sale price that is typical for similar properties in the area. managers
___ 27. A lease which requires a tenant o pay rent as well as a share of the V2. bilateral contract
property's operating expenses to the extent provided for in the W2. leasehold estate
lease contract. X2. negative amortization
___ 28. 1/4 of 1/4 of 1/4 always Y2. co-brokerage
___ 29. A meeting of principal parties where a seller transfers title and a Z2. granting clause, or premises
buyer pays monies owed the seller and lender. clause for deed
___ 30. Land and all man made structures permanently attached to it. A3. Open listing
___ 31. One one-thousandth of a dollar ($.001). Used to quantify the ad B3. assumption
valorem tax rate in dollars.
C3. mill
___ 32. Obey all lawful instructions of the client; Be loyal to the interests
of the client; Scheduling of all property showings; Receiving all D3. Federal Constitution
offers and counter offers and forwarding promptly to the client; E3. debit
Answering any questions ; Advising the client as to wh F3. "discrimination in housing
___ 33. An impound account used for the safekeeping of a buyer's earnest G3. Characteristics of land
money deposit; accompanied by specific instructions to the escrow
agent for holding an disbursing the funds. H3. opinion of title
___ 34. The beginning basis, or cost, of a property plus the costs of capital I3. equalization
improvements, minus all depreciation expense. J3. actual notice (see also
___ 35. Duties of an agent to the principal in an agency relationship, constructive notice)
including skill, care, diligence, loyalty, obedience, confidentiality, K3. special assessment lien
disclosure, and accounting. L3. balloon payment
___ 36. May establish right to levy tax; or may delegate right to counties M3. syndication
and municipalities, regulate real estate licensing, establish broad
usage standards N3. State Constitution
___ 37. A lien whose priority is subordinate to that of a superior (tax) lien. O3. strict foreclosure
Priority among inferior liens is established according to the time of P3. cooperative estate
recordation, with the exception of the mechanic's lien. Also called Q3. density
junior lien.
R3. equitable title
, ___ 38. Investment return expressed as a dollar amount or a percent of the S3. police power
original investment amount. T3. acceleration
___ 39. A set of rights associated with ownership of property, including the U3. personal property
rights to possess, use, transfer, encumber and exclude.
V3. credit
___ 40. Financing that uses mortgaged real property as security for
borrowed funds W3. equity
___ 41. Knowledge on could or should have, according to the presumption X3. Real Estate Education and
of law; a demonstration to the public of property ownership Recovery Account
through title recordation, "for all to see." Y3. severance
___ 42. A state whose laws give legal title of a mortgaged property to the Z3. superior lien
mortgagee until the mortgagor satisfies the terms and obligations A4. recording
of the loan.
B4. Uniform Residential
___ 43. A legal document wherein a mortgagor pledges ownership Landlord and Tenant Act
interests in a property to a lender, or mortgagee, as collateral (URLTA)
against performance of the mortgage debt obligation.
C4. antitrust laws
___ 44. An opinion of the price at which a willing seller and buyer would
trade a property at a given time, assuming a cash sale, reasonable D4. debt service
exposure to the market, informed parties, marketable title, and no E4. hypothecation
abnormal pressure to transact. F4. income capitalization
___ 45. TREC - Means and includes leaseholds, as well as any other G4. laws of decent and
interest or estate in land, whether corporeal, incorporeal, freehold distribution
or non-freehold, and whether the real estate is situated in this state
or elsewhere. H4. testate
___ 46. The remaining positive or negative amount of income an I4. physical deterioration
investment produces after subtracting all operating expenses and J4. offer
debt service from gross income. K4. Statutory deeds
___ 47. www.boma.org L4. title records
___ 48. A court proceeding triggered by a foreclosure suit. Involves notice, M4. proprietary lease
debt acceleration, the termination of the owner's interests in the
property, and a public sale where proceeds are applied to the debt. N4. adverse possession
___ 49. A fiduciary relationship which authorizes the agent to conduct a O4. tenancy by the entireties
broad range of activities for principal in a particular business P4. joint venture
enterprise. May or may not include authority to enter into Q4. earnest money escrow
contracts.
R4. Bundle of Rights
___ 50. A partial or complete reduction of a loan's principal balance over
the loan term, achieved by periodic payment s which include S4. chain of title
principal as well as interest. T4. liability
___ 51. A public notice in a foreclosure proceeding that the mortgaged U4. inferior lien / junior lien
property may soon have a judgment issued against it. Enables V4. lien priority
other investors to join in the proceeding if they wish to collect
their debts. W4. broker
___ 52. A financial contract where a seller retains legal title to a property X4. non-conforming use
and gives the buyer equitable title and possession over a period of Y4. Federal National Mortgage
time. Seller finances all or part of the purchase price. Association (Fannie Mae)
___ 53. Anticompetitive behavior - collusion, price fixing, bid rigging, Z4. hazard insurance
exclusive dealing, etc." A5. easement in gross
___ 54. A written, chronological record of the title records affecting rights B5. voidable contract
and interests in a parcel of real property.
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