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TN Exam Prep Quiz 10 Q Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep Quiz 10 Q 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. An unstated or unintentional agreement that may be deemed to exist by implication because of acts or
statements by any of the parties to the agreement. Not enforceable.
A. net listing
B. deed in lieu of foreclosure.
C. tenancy in severalty
D. implied contract
2. All earnest money must be deliered to the broker immediately upon receipt; Each contact shall state
the amount of earnest money, who will hold thefundsa end under what conditions it may be disbursed.
Earnest money funds must be held in a separate Escrow
A. Escrow Trust Account
B. investment
C. CERCLA Superfund (1980) and SARA Superfund amendment (1986)
D. water rights
3. Any financing arrangement where a seller takes a note and mortgage from the buyer for all or part of
the purchase price of the property.
A. seller financing
B. collateral
C. private mortgage insurance (PMI)
D. testate
4. Portions of a condominium property that are owned by all unit owners for example grounds, parking
facilities, lobby and elevators. Portions of a commercial property used by all occupants as well as the
public.
A. judicial foreclosure
B. interest
C. subagency
D. common elements
5. A body of law developed by court judgments, decrees, and case decision.
A. taxable income
B. property
C. power of attorney
D. common law
Circle the letter of the Question that corresponds to the displayed Answer.
6. comparable
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