TN Exam Prep Matching
Write the code corresponding to the correct match in the space provided.
___ 1. Standards governing proper and professional business practices. A1. real property
___ 2. www.nareb.com B1. water rights
___ 3. Define, qualify ownership rights" C1. plat
___ 4. A meeting of principal parties where a seller transfers title and a D1. net listing
buyer pays monies owed the seller and lender. E1. deed in lieu of foreclosure.
___ 5. An exemption of a portion of the assessed value of a homeowner's F1. real estate
principal residence from ad valorem taxation.
G1. mortgage
___ 6. Actual or constructive notice of real property ownership, including
opinion of title, certificate of title, and title insurance. H1. business brokerage
___ 7. An encumbrance or claim on title to property impeding or I1. lien
diminishing its marketability. J1. void contract
___ 8. An increase in land caused by natural phenomena, for example a K1. credit evaluation
deposit of sand on a beachfront property due to a tropical storm. L1. Warrant of seisin
___ 9. A loss of value in an improved property because of design flaws or M1. courts case law
failure of the property to meet current standards. May be curable or
incurable. N1. highest and best use
___ 10. A court proceeding triggered by a foreclosure suit. Involves notice, O1. escrow
debt acceleration, the termination of the owner's interests in the P1. state laws
property, and a public sale where proceeds are applied to the debt. Q1. misrepresentation
___ 11. and------ must be a minority" R1. land
___ 12. One one-thousandth of a dollar ($.001). Used to quantify the ad S1. statute of frauds
valorem tax rate in dollars.
T1. legal description
___ 13. A lease of the land-only portion of a parcel of real property
U1. capitalization rate
___ 14. An item that has a legal owner, along with the attendant rights to
legal ownership. V1. implied agency
___ 15. A failure to provide equal opportunity for persons to acquire or W1. price fixing
finance housing based on race, color, religion, national origin, sex, X1. 2
handicapped status, marital status, or family status. Y1. operating expense
___ 16. A property having similar characteristics to a subject property in an Z1. interest
appraisal. The value or sale price of the comparable is used to
estimate the value of the subject. A2. debt coverage ratio
___ 17. A state whose laws give legal title of a mortgaged property to the B2. testate
mortgagee until the mortgagor satisfies the terms and obligations of C2. exclusion
the loan. D2. Warrant of quite enjoyment
___ 18. The illegal lending practice of restricting loans by geographical E2. elective share
area.
F2. License Penalties
___ 19. A tax stamp affixed to a property document or record as evidence
that the owner has paid taxes related to the financing or transfer of G2. Real Estate Education and
real property. Recovery Account
___ 20. A measure of the unoccupied supply of exiting space in a building H2. economic life
or market at any point in time. A vacancy rate is the amount of I2. acceleration
vacant space divided by the total amount of existing space.
,___ 21. A legal contract that establishes and controls the dynamics of the J2. blind ad
agency relationship between principal and agent. The principal to K2. littoral rights
the listing may be buyer, seller, landlord, or tenant.
L2. earnest money escrow
___ 22. A lender's written pledge to lend funds under specific terms. May
contain deadlines and conditions. M2. strict foreclosure
___ 23. A will prepared entirely in the testator's handwriting, complete with N2. adverse possession
date and signature. O2. net lease
___ 24. Without legal force or effect P2. Federal Deposit Insurance
___ 25. 1. A process of investigating the financial capabilities and Corporate (FDIC)
creditworthiness of a prospective borrower and granting credit to a Q2. buydown
qualified borrower. 2. The act of insuring or financing a party, R2. potential gross income
business venture, or investment.
S2. local laws
___ 26. 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 T2. lien theory state
review of title records. U2. Government National
___ 27. May establish right to levy tax; or may delegate right to counties Mortgage Association
and municipalities, regulate real estate licensing, establish broad (Ginnie Mae)
usage standards V2. tenancy in severalty
___ 28. An interest, right or intrusion that limits the freehold interest of an W2. common law
owner of real property or otherwise adversely effects the X2. oral vs. written contracts
marketability of title.
Y2. broker
___ 29. A loan arrangement where the borrower pays extra interesting
advance for the future benefit of a lower interest rate over the loan Z2. market value
term. A3. salesperson
___ 30. A trust established during one's lifetime in which the truster B3. building code
conveys legal title to property to a trustee and names another party C3. counteroffer
as beneficiary.
D3. equity
___ 31. Grantor owns estate to be conveyed
E3. tax deed
___ 32. Investment return expressed as a dollar amount or a percent of the
original investment amount. F3. goodwill
___ 33. A method of appraising property that relies on the principle that a G3. title insurance
property is generally worth what other, similar properties are H3. consideration
worth. I3. depreciation
___ 34. An item of personal property. J3. enforceability
___ 35. A state's or local government's legal authority to create, regulate, K3. broker's opinion of value
tax, and condemn real property in the interest of the public's health,
safety, and welfare. L3. sale leaseback
___ 36. An agreement to repay a loan of an indicated amount under certain M3. mineral rights
terms N3. Federal Reserve System
___ 37. "Regulate leasing and management practices of landlords and O3. amortization
residential properties. Sets standards for improving oral, vague, or P3. beneficiary
unbalanced lease agreements.
Q3. tier
___ 38. An expense incurred by buyer or seller in closing a real estate
transaction that is not shared with the other party. Examples R3. debt ratio
include attorney fees, documentary tax stamps, and lender fees. S3. Property Condition
___ 39. A method of legally describing property which utilizes physical Disclosure Form
boundary markers and compass directions for describing the T3. fair housing laws
perimeter boundaries of a parcel.
, ___ 40. Deed in trust U3. debit
___ 41. Immobile, Industructible, Heterogeneous (unique) V3. Contract
___ 42. In a sale of real property, the transfer of the seller's mortgage loan W3. 5
obligations to the buyer. Requires, in most cases, approval of the X3. judgment
leader.
Y3. estoppel
___ 43. A court proceeding which gives a creditor legal title to a liened
property rather than cash proceeds from a court-ordered sale. Z3. security
___ 44. A mortgagor's right to pay off a defaulted mortgage and reclaim the A4. intermediation
property, provided the redemption occurs before the completion of B4. State vs. Federal Laws
the foreclosure sale. C4. subsurface rights
___ 45. Patent deed D4. Meridian
___ 46. A listing which states a minimum sale or lease price the owner will E4. dual agency
accept, with any excess going to the broker as a commission.
Professionally discouraged, if not illegal. F4. voidable contract
___ 47. A temporary agreement to buy a property evidenced by a valuable G4. antitrust laws
deposit. Receipt of the deposit binds a seller to a good-faith H4. reserve allowance
agreement to sell a property, provided a complete sale contract is I4. non-prorated expense
executed within a certain period.
J4. point
___ 48. A government-sponsored agency in the secondary mortgage market
which buys conventional, FHA, and VA loans, sells mortgage- K4. collateral
backed securities, and guarantees payment of principal and interest L4. = 5,280 ft. or 640 acres
on the securities. M4. Section 62, Chapter 13
___ 49. A method used by brokers and sales people for estimating the N4. plottage
current value of a property using sale price data from similar
properties. Not to be confused with a bona fide appraisal performed O4. legal life estate
by a licensed appraiser P4. Four types of leasehold
___ 50. Deed of trust estates
___ 51. Limiting Services Q4. constructive notice
___ 52. A loan provision defining the lender's right to accelerate a note R4. estate in land
upon the transfer of collateralized property. S4. usury
___ 53. Establish standards for protecting interests of handicapped people." T4. bilateral contract
___ 54. "Personal representative's deed U4. leasehold estate
___ 55. A business entity with an individual as sole owner. The death of the V4. liquidated damages
owner terminates the business. W4. taxable income
___ 56. A voluntary conveyance of property by a government entity to a X4. condemnation
private party.
Y4. Warrant of further
___ 57. An interest that gives a lien holder or buyer the right to acquire assurance
legal title to a property if certain contractual conditions occur.
Z4. property sold at a tax sale
___ 58. A sale of a business involving the transfer of assets as opposed to
the liabilities or stock. A5. tax certificate
___ 59. Successive property owners of record dating back to the original B5. <p>independent contractor
grant of title from the state to a private party. C5. appreciation
___ 60. Rights of a property that abuts a body of water to own or use the D5. superior lien
water. E5. metes and bounds
___ 61. A process that creates a contract. Acceptance is the offeree's F5. Anti Trust laws
unequivocal, manifest agreement to the terms of an offer. The offer
G5. certificate of title
