TN Exam Prep Matching
Write the code corresponding to the correct match in the space provided.
___ 1. A legal restraint to prevent a person from claiming a right or interest A1. tier
that is inconsistent with the person's previous statements or acts. An B1. asset sale
estoppel certificate documents the party's initial position or act,
which cannot be contradicted later. C1. tenancy by the entireties
___ 2. Contains the conveyance intentions; names the parties; describes the D1. cooperative estate
property; indicates nominal consideration. (the only required clause) E1. variance
___ 3. Investment by a depository institution on behalf of depositors. F1. = 43,560 sq. ft.
___ 4. A form of real property ownership in which co-owners share all G1. concurrency
rights and interests equally and indivisibly; entails right of H1. Warrant of further
survivorship. Defining characteristics are unity of time, equal assurance
ownership, transfer of ownership, survivorship.
I1. Single agency
___ 5. An agency relationship that arises by implication from the actions
and representations of either agent or principal. J1. Federal Home Loan
Mortgage Corporation
___ 6. An area six miles square, bounded by two consecutive parallels and (Freddie Mac)
two consecutive meridians in the rectangular survey system.
Contains 36 sections. K1. listing
___ 7. 1. One of a class of liens that by law have a higher priority than an L1. classifications of real estate
junior lien; all are tax liens. 2. A junior lien whose priority is higher by use in Tennessee
than that of another lien. M1. escheat
___ 8. Any new offer or amended offer made in response to a offer. N1. Escrow Trust Account
___ 9. The rate of return on capital an investor will demand from the O1. homestead laws
investment property, or the rate of return that the property will P1. strict foreclosure
actually produce.
Q1. conventional loan
___ 10. A method for determining value that takes into account the cost of
the land and the replacement for reproduction cost of the R1. superior lien
improvements n et of estimated depreciation. S1. quiet title suit
___ 11. An instrument used to convey real property to the trustee of a land T1. cloud
trust. The truster is also the beneficiary. U1. antitrust laws
___ 12. Laws that protect a homeowner against loss of the homeowner's V1. designated agent
principle residence to a sale forced by creditors to collect debts.
Also protect the interests of individual spouses by requiring both W1. point of beginning (POB)
spouses to sign any conveyance of the homestead property. X1. closing
___ 13. A personal right to use another's property, granted by the owner; Y1. township
does not attach to the estate, and there are no dominant or servant Z1. contribution
tenements.
A2. survey
___ 14. A failure to provide equal opportunity for persons to acquire or
finance housing based on race, color, religion, national origin, sex, B2. condominium developer
handicapped status, marital status, or family status. C2. intestate
___ 15. A registered marker denoting an official elevation above sea level; D2. limited partnership
used by surveyors to identify other elevations in the area. E2. misrepresentation
___ 16. A mortgage loan whose lien priority is subordinate to a senior, or F2. courts common law
first, mortgage.
G2. assessment
,___ 17. Air - Asbestos, Carbon monoxide, formaldehyde, lead, mold, H2. credit
radon;Soil and water - underground storage tanks, wetlands;Other I2. tax base
ambient and natural conditions - Electromagnetic fields, noise,
earthquake and flood hazards" J2. Building Owners and
Managers Association
___ 18. Actual or recorded public evidence of real property ownership.
K2. general lien
___ 19. The percentage of a loan amount that a borrower must pay a lender
annually as interest on a loan amount. L2. Institute of Real Estate
Management
___ 20. A deed used to convey land to a condominium developer.
M2. void
___ 21. A document expressing the opinion of a title officer or attorney that
a property seller is in fact the owner of a good title based on a N2. Warranty forever
review of title records. O2. oral vs. written contracts
___ 22. A real estate investment structure in which investors provide P2. physical deterioration
capital and organizers provide management expertise to develop Q2. colllusion
and acquire and manage investment real estate for profit.
R2. chattel
___ 23. Real estate and the bundle of rights associated with ownership of
real estate S2. littoral rights
___ 24. A fiduciary relationship which employers an agent to perform an T2. functional obsolescence
and all actions for a principal that may be legally delegated. U2. sale contract
___ 25. An area between consecutive parallels, as defined in the V2. deposit
rectangular survey system. W2. hypothecation
___ 26. Duties of an agent to the principal in an agency relationship, X2. state agencies
including skill, care, diligence, loyalty, obedience, confidentiality,
disclosure, and accounting. Y2. Dual Agency
___ 27. TREC - Any person engaged under contract by or on behalf of a Z2. property sold at a tax sale
licensed broker to participate in any activity included in A3. special exception
subdivision. B3. joint tenancy
___ 28. "Sherman Antitrust Act - 1890 C3. Federal Deposit Insurance
___ 29. An agency relationship which restricts the agent's authorizations to Corporate (FDIC)
a specific set of duties. The relationship usually terminates on D3. laws of decent and
performance of these duties, as in a real estate broker's listing distribution
agreement.
E3. master deed
___ 30. The difference between the net sales proceeds of an asset and its
adjusted basis. F3. Implied Agency
___ 31. A method for legally describing property in a subdivision where G3. common elements
lots are identified by block and number. A recorded metes and H3. demand
bounds or rectangular survey description of the subdivision I3. affiliate broker
underlies the lot and block system.
J3. equilibrium
___ 32. Removal of a tenant from a property because of a lease default.
K3. exclusive right to sell
___ 33. A law which restricts the period during which a damaged party
may seek to rescind or disaffirm a contract or take other legal L3. Real Estate Settlement
actions. Procedures Act (RESPA)
___ 34. A market condition characterized by an excess of buyers over M3. National Association of
sellers. Real Estate Brokers
___ 35. The total of the assessed valuation of real properties within a taxing N3. plottage
jurisdiction, less the total of exemptions. O3. involuntary alienation
___ 36. A condition of title to a property where there are no claims, liens, P3. Contract
or encumbrances clouding title or impeding the property's Q3. community property
, transferability. R3. Unbundling services
___ 37. An area defined by a rectangular survey system and consisting of S3. discounted cash flow
1/36th of a township, or one square mile. analysis
___ 38. Rights and interests to whatever is beneath the surface of one's T3. refinancing
parcel of real property.
U3. grantee
___ 39. An imaginary latitude line within the rectangular survey system
V3. holographic will
that is designated in relation to a principal meridian for purposes of
identifying townships. W3. credit evaluation
___ 40. A loss of property value because of functional or economic X3. equitable title
(external) factors. Y3. market
___ 41. A widower's (husband) life estate claim to portions of his deceased Z3. conveyance
spouse's (wife) real property. Not in Tennessee.
A4. ethics
___ 42. Estate for years - definite term types of leasehold estates; Estate
B4. loan commitment
from period to period - definite term but with renewable; Estate at
will - no definite term and no renewal; Estate at sufferance - tenant C4. operating expense
occupying without consent D4. severance
___ 43. An easement appurtenant where owners of two adjacent properties E4. implied contract
share an improvement along the property boundary. The parties
F4. business brokerage
agree not to perform acts that would adversely affect the other
party's interest in the shared improvement. G4. equity
___ 44. A statement or act, or failure to make a statement or act, that H4. devise
misleads a party in a transaction. May be intentional or I4. steering
unintentional. May warrant legal recourse or license revocation.
J4. alienation
___ 45. A conversion of real property to personal property through
K4. broker
detachment of the iitem from the land.
L4. non-judiical foreclosure
___ 46. A legal document wherein a mortgagor pledges ownership interests
in a property to a lender, or mortgagee, as collateral against M4. eviction
performance of the mortgage debt obligation. N4. discounting
___ 47. Most common type of agency relationship. Agent is representing O4. title insurance
either buyer or seller.
P4. disintermediation
___ 48. A completed agreement which enjoins one or both principal parties
Q4. goodwill
to perform certain actions in order for the contract to become fully
executed. Pending sale. R4. trade fixture
___ 49. Without legal force or effect; unenforceable and null, such as an S4. customer
illegal contract. Results when illegal purpose, operations of law T4. = 5,280 ft. or 640 acres
prevents, acts of nature.
U4. client
___ 50. A legal doctrine granting a state the power to control and regulate
V4. Federal National Mortgage
the use of water resources within state boundaries. Tennessee does
Association (Fannie Mae)
not have this.
W4. subagency
___ 51. The order in which liens against a property are satisfied; the
highest priority lien receives sale proceeds from a foreclosure X4. supply
before any other lien. Y4. State vs. Federal Laws
___ 52. A court decision resulting from a lawsuit. If a creditor sues to Z4. buyer representation
collect a debt, a favorable ruling is followed by a judgment lien agreement
against the defaulting borrower's property.
A5. density
___ 53. In a contract, a clause that expressly provides for compensation a
B5. grantor
defaulting party owes the damaged party. In the absence of such a
clause, a damaged party may sue for unliquidated damages. C5. beginning basis
