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TN Exam Prep Quiz 222 Questions and Answers
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TN Exam Prep Quiz 222 Questions and Answers
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TN Exam Prep QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. A completed agreement which enjoins one or both principal parties to perform certain actions in order
for the contract to become fully executed. Pending sale.
A. executory contract
B. limited/advisory agency
C. elective share
D. homestead laws
2. A condition that must be satisfied for a contract to be binding and enforceable.
A. estoppel
B. lien theory state
C. 1973
D. contingency
3. A form of real property ownership in which co-owners share all rights and interests equally and
indivisibly; entails right of survivorship. Defining characteristics are unity of time, equal ownership,
transfer of ownership, survivorship.
A. joint tenancy
B. assessed value
C. tenancy in severalty
D. restriction
4. The remaining positive or negative amount of income an investment produces after subtracting all
operating expenses and debt service from gross income.
A. - empowers government to proceed agains antitrust violators
B. operating expense
C. cash flow
D. amortization
5. A partnership created for a specific predetermined business endeavor, after which the joint venture is
usually dissolved.
A. joint venture
B. implied agency
C. Warranty forever
D. customer
6. Title 66 "Property" requires the seller's written summary of the property's condition at the time of
contracting for sale. Required by owners of single family homes and buildings containing 1-4 dwelling
units. Agents responsibility but seller completes a
, A. concurrency
B. Warrant of quite enjoyment
C. Property Condition Disclosure Form
D. securities license
7. A property having similar characteristics to a subject property in an appraisal. The value or sale price of
the comparable is used to estimate the value of the subject.
A. goodwill
B. price fixing
C. comparable
D. supply
8. Laws that protect a homeowner against loss of the homeowner's principle residence to a sale forced
by creditors to collect debts. Also protect the interests of individual spouses by requiring both spouses to
sign any conveyance of the homestead property.
A. ethics
B. notice of title
C. homestead laws
D. comparable
9. A fiduciary relationship which employers an agent to perform an and all actions for a principal that may
be legally delegated.
A. inferior lien / junior lien
B. universal agency
C. assessed value
D. income ratio
10. An accounting entry on a closing statement indicating an amount a party must pay.
A. hypothecation
B. facilitator / transaction broker
C. debit
D. Designated Agency
11. Successive property owners of record dating back to the original grant of title from the state to a
private party.
A. Federal Housing Administration (FHA)
B. encroachment
C. public grant
D. chain of title
12. A set of water rights defined by state law relating to parties abutting navigable bodies of water such
as lakes and bays. Generally, a property owner enjoys usage rights but owns land only to the high water
mark.
A. real property
B. credit evaluation
, C. littoral rights
D. constructive notice
13. A government-sponsored agency in the secondary mortgage market which buys conventional, FHA,
and VA loans, sells mortgage-backed securities, and guarantees payment of principal and interest on the
securities.
A. antitrust laws
B. hypothecation
C. homestead tax exemption
D. Federal National Mortgage Association (Fannie Mae)
14. An individual's personal right to use the property of another for a specific purpose. Revocable at any
time at the owner's discretion. Does not attach to the property and terminates upon the death of either
party.
A. will
B. marketable title
C. license
D. equity
15. "Established in 1992 for Tennessee to establish how the licensee is working with the parties (buyers
& sellers) in the transaction
A. sale contract
B. Law of Agency
C. real estate
D. gross easement
16. An organization of brokers who agree to cooperate in marketing the pooled listings of all members.
A. multiple listing service (MLS)
B. taxable income
C. tenancy by the entireties
D. sale contract
17. A deed used to convey land to a condominium developer.
A. master deed
B. elective share
C. second mortgage
D. servient tenement
18. Form of ownership reserved exclusively for husband and wife.
A. common law
B. subagency
C. tenancy by the entireties
D. deed in lieu of foreclosure.
, 19. An insurance policy, purchased by a borrower, that protects a lender against loss of that portion of a
mortgage loan which exceeds the acceptable loan-to-value ratio. This can be removed when the LTVR
reaches 78%.
A. tax deed
B. Environmental Controls areas of concern
C. private mortgage insurance (PMI)
D. eviction
20. A theoretical use of a property that is legally permissible, physically possible, financially feasible, and
maximally productive, usually in terms of net income generation.
A. credit evaluation
B. monument
C. highest and best use
D. marketable title
21. Air - Asbestos, Carbon monoxide, formaldehyde, lead, mold, radon;Soil and water - underground
storage tanks, wetlands;Other ambient and natural conditions - Electromagnetic fields, noise, earthquake
and flood hazards"
A. Environmental Controls areas of concern
B. Building Owners and Managers Association
C. lien priority
D. superior lien
22. Limiting Services
A. prior appropriation
B. Single agency
C. Unbundling services
D. State Constitution
23. The party in an agency relationship who is hired by the principal to perform certain duties. In so doing,
the agent must also uphold fiduciary duties owed to the principal.
A. severance
B. consideration
C. amortization
D. agent
24. A will prepared entirely in the testator's handwriting, complete with date and signature.
A. fair financing laws
B. full-service / gross lease
C. holographic will
D. sole proprietorship
25. A mortgage loan where the seller ends a buyer some or all of the purchase price of a property.
A. purchase money mortgage
B. plat
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