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Exam Prep Quiz 90 questions and answers | accurate and verified with rationales | updated 2024 | graded A+ | guaranteed pass $7.99   Add to cart
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Exam Prep Quiz 90 questions and answers | accurate and verified with rationales | updated 2024 | graded A+ | guaranteed pass
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Exam Prep Quiz 90 questions and answers | accurate and verified with rationales | updated 2024 | graded A+ | guaranteed pass

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  • August 6, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Tennessee Real Estate Prep
  • Tennessee Real Estate Prep

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TN Exam Prep Quiz
Circle the letter of the Answer that corresponds to the displayed Question.
1. The rate at which inflows from income property investment must be discounted in order for the total
inflows over time to equal the initial outlay, expressed as a percent; may include projected proceeds from
the future sale of the property as an inflow.
A. internal rate of return
B. intermediation
C. Law of Agency
D. effective gross income


2. A lease of the land-only portion of a parcel of real property
A. ground lease
B. highest and best use
C. implied agency
D. underwriting


3. A temporary agreement to buy a property evidenced by a valuable deposit. Receipt of the deposit
binds a seller to a good-faith agreement to sell a property, provided a complete sale contract is executed
within a certain period.
A. binder
B. judicial foreclosure
C. inferior lien / junior lien
D. color of title


4. Rights in real property as they apply to the property's airspace, or all space above the surface within
the parcel's legal boundaries.
A. transfer government property
B. assignment
C. air rights
D. state agencies


5. A state whose laws give legal title of a mortgaged property to the mortgagee until the mortgagor
satisfies the terms and obligations of the loan.
A. title theory state
B. market value
C. density
D. underwriting


6. An imaginary latitude line within the rectangular survey system that is designated in relation to a
principal meridian for purposes of identifying townships.

, A. limited/advisory agency
B. depreciation
C. trust
D. base line
7. A unilateral contract in which an owner, or optionor, grants a buyer or tenant, the optionee, a future
right to be exercised before a deadline, in exchange for valuable consideration.
A. CERCLA Superfund (1980) and SARA Superfund amendment (1986)
B. option
C. Class B misdemeanor
D. net lease


8. 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. courts case law
B. condominium developer
C. Property Condition Disclosure Form
D. blockbusting


9. An expense incurred by buyer or seller in closing a real estate transaction that is not shared with the
other party. Examples include attorney fees, documentary tax stamps, and lender fees.
A. actual notice (see also constructive notice)
B. power of attorney
C. sole proprietorship
D. non-prorated expense


10. Created in 1951, they licenses and register real estate firms, brokers and affiliate brokers. The
commission also enacts rules addressing professional conduct and standards of practice. It is classified
as a judicial body of government. Their mission i
A. economic obsolescence
B. intermediation
C. tenancy by the entireties
D. Tennessee Real Estate Commission (TREC)


11. A market characterized by an excess of sellers over buyers.
A. Single agency
B. Non-agency
C. notice of title
D. buyer's market


12. a duly trained and licensed professional authorized to perform appraisals for other parties.
A. proration
B. property management / managers

, C. appraiser
D. superior lien
13. A description of a parcel of property which accurately locates and identifies the boundaries of the
subject parcel to a degree acceptable by local courts of law.
A. testate
B. Contract
C. monument
D. legal description


14. The relationship between the yield rate of an investment and the interest rate of funds borrowed to
finance the investment.
A. leverage
B. lis pendens
C. principal
D. zoning ordinance


15. A condition that must be satisfied for a contract to be binding and enforceable.
A. general lien
B. predatory price cutting and certain labor strikes, picketing and boycotts
C. contingency
D. executor to convey decedent's estate


16. A lien against property to secure a tax levy for a specific public improvement, such as a new road or
sewer. Only properties benefitting from the improvement are taxed and liened.
A. ad valorem tax
B. dual agency
C. special assessment lien
D. tier


17. A public notice in a foreclosure proceeding that the mortgaged property may soon have a judgment
issued against it. Enables other investors to join in the proceeding if they wish to collect their debts.
A. reversion
B. encroachment
C. mutual consent
D. lis pendens


18. An area between consecutive parallels, as defined in the rectangular survey system.
A. limited/advisory agency
B. investment
C. tier
D. commingling


19. "A provision in a deed that limits or places rules on how the deeded property may be used or
improved.

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