TN Exam Prep Quiz
Circle the letter of the Answer that corresponds to the displayed Question.
1. An estate representing the highest form of legal ownership of real property, particularly the fee simple absolute estate.
A. fair housing laws
B. fee simple
C. rectangular survey system / government survey system
D. adaptation
2. A state whose laws give a lender on a mortgaged property equitable title rather than legal title. The mortgagor in a lien theory state retains legal title.
A. unilateral contract
B. earnest money escrow
C. common elements
D. lien theory state
3. TREC - Any person who, for a fee, commission, finder's fee or any other valuable consideration or with the intent or expectation of receiving a fee,
commission on the sale of real estate.
A. = 10 acres
B. broker
C. will
D. buyer's market
4. Anti-discrimination legislation designed to ensure that all parties have equal access to mortgage financing.
A. landlocked
B. Law of Agency
C. grantor
D. fair financing laws
5. A bargain and sale deed containing the assurance that the grantor will defend against any and all claims to the title.
A. general warranty deed
B. present value
C. deed in lieu of foreclosure.
D. Warrant of further assurance
6. A licensed employee or independent contractor hired by a broker to perform authorized activities on behalf of the broker's client.
A. tier
B. notice of title
C. easement in gross
D. salesperson
7. A title recording system that registers title to property as well as liens and encumbrances, on a title certificate. The certificate is the title and reflects everything
there is to be known about the condition of the title.
A. Torrens System
B. water rights
C. 5
D. estate in land
8. An agency of the department of housing and urban development which insures permanent long-term loans that meet certain qualifications.
A. recording
B. private grant
C. operating expense
D. Federal Housing Administration (FHA)
9. Estate for years - definite term types of leasehold estates; Estate from period to period - definite term but with renewable; Estate at will - no definite term and
no renewal; Estate at sufferance - tenant occupying without consent
A. "discrimination in housing
B. point
C. misrepresentation
D. Four types of leasehold estates
10. An agreement that is subject to being nullified because a party to the agreement acted under some legal disability. Only one party may cancel, minor, party
acted under duress or undue force/coercion threat, undue influence.
, A. limited partnership
B. voidable contract
C. investment
D. dual agency
11. An agency relationship between the client of a listing broker and other brokers and salespeople who have agreed to assist the broker in procuring a customer
for the client. Agent of an agent.
A. option
B. subagency
C. Escrow Trust Account
D. appraiser
12. License law is created by state legislation in the Tennessee Code Annotated (TCA),
A. Section 62, Chapter 13
B. = 43,560 sq. ft.
C. effective gross income
D. specific lien
13. The amount of pre-tax revenue generated from an income property after accounting for operating expenses and before accounting for a debt service.
A. general warranty deed
B. net operating income
C. grantor
D. non-judiical foreclosure
14. Partition deed
A. alienation
B. convey co-owned property
C. principal
D. 2
15. 1/4 of 1/4 always
A. base line
B. equitable title
C. = 40 acres
D. Warrant of encumbrances
16. A market condition characterized by an excess of buyers over sellers.
A. mechanic's lien
B. adverse possession
C. cooperative estate
D. seller's market
17. An interest that gives a lien holder or buyer the right to acquire legal title to a property if certain contractual conditions occur.
A. remainder
B. equitable title
C. collateral
D. title theory state
18. 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. salesperson
B. subagency
C. real estate investment trust (REIT)
D. littoral rights
19. A lien imposed by legal process irrespective of the owner's wishes or consent.
A. steering
B. general agency
C. tenancy in severalty
D. involuntary lien
20. A partial or complete reduction of a loan's principal balance over the loan term, achieved by periodic payment s which include principal as well as interest.
A. law of agency
B. Federal Deposit Insurance Corporate (FDIC)
C. acceleration
D. amortization
,21. An estate
A. Contract
B. estate in land
C. Absorption
D. contract for deed
22. An opinion of the price at which a willing seller and buyer would trade a property at a given time, assuming a cash sale, reasonable exposure to the market,
informed parties, marketable title, and no abnormal pressure to transact.
A. market value
B. functional obsolescence
C. negotiable instrument
D. principal meridian
23. A court decision resulting from a lawsuit. If a creditor sues to collect a debt, a favorable ruling is followed by a judgment lien against the defaulting borrower's
property.
A. emblements
B. executory contract
C. judgment
D. CERCLA Superfund (1980) and SARA Superfund amendment (1986)
24. An ownership estate of indeterminable duration; contrasts with a leasehold estate.
A. redemption period / equity of redemption
B. freehold estate
C. assignment
D. survey
25. A direct agent of the principal who is hired for compensation to perform a stated service such as procuring a customer.
A. broker
B. adverse possession
C. equity of redemption
D. right of survivorship
26. A right, interest, or improvement that attaches to and transfers with a parcel of real property, such as an easement or a riparian right.
A. exclusive right to sell
B. appurtenance
C. assessed value
D. investment
27. Knowledge on could or should have, according to the presumption of law; a demonstration to the public of property ownership through title recordation, "for
all to see."
A. sale leaseback
B. constructive notice
C. Federal laws
D. = 40 acres
28. "Real Estate Broker Act was established in -----
A. securities license
B. CERCLA Superfund (1980) and SARA Superfund amendment (1986)
C. Federal Deposit Insurance Corporate (FDIC)
D. 1973
29. A land use that is not consistent with the current zoning ordinance. May be legal or illegal.
A. land use control
B. net listing
C. condemnation
D. non-conforming use
30. Possess, Use, Transfer (ownership), Encumber (Mortgage), Exclude (others use)
A. special exception
B. Bundle of Rights
C. rectangular survey system / government survey system
D. yield
31. A party named to benefit from the yield or disposition of an asset identified in a trust, insurance policy, or will.
, A. beneficiary
B. right of enjoyment
C. curtesy
D. conventional loan
32. A procedure for forcing sale of a secured property to satisfy a lien holder's claim.
A. foreclosure
B. arrears
C. Warrant of quite enjoyment
D. estate in land
33. ----- must be in the business of real estate
A. tenancy in common
B. broker's opinion of value
C. consideration
D. 7
34. A land use in conflict with current zoning that is nevertheless authorized because of its perceived benefit to the public welfare.
A. net operating income
B. 1
C. special exception
D. asset sale
35. A retail property lease which requires a tenant to pay a minimum amount of rent plus an additional increment that reflects the sales achieved by the tenant.
A. Real Estate License Renewal
B. securities license
C. market
D. percentage lease
36. The degree of unavailability of a product or service in relation to demand for the product or service. A critical element of value.
A. marketable title
B. scarcity
C. quiet title suit
D. accretion
37. The order in which liens against a property are satisfied; the highest priority lien receives sale proceeds from a foreclosure before any other lien.
A. tenancy in common
B. assignment
C. easement in gross
D. lien priority
38. An amount of money allocated from a property's income to cover future repair and maintenance costs.
A. variance
B. appurtenance
C. equity of redemption
D. reserve allowance
39. An item of personal property.
A. amortization
B. physical deterioration
C. chattel
D. documentary stamp
40. A proposal to enter into binding contract under certain terms, submitted by an offeror to an offer. If accepted without amendment an offer becomes a contract.
A. Absorption
B. tax deed
C. offer
D. vacancy
41. A power of a government entity to force the sale of private property for subsequent public use.
A. eminent domain
B. adjustable rate mortgage
C. yield
D. proprietary lease
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