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TN Exam Prep Quiz 9 Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep Quiz 9 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 instrument used to convey mortgaged property back to the lender rather than have the lender foreclose on the property.
A. implied contract
B. deed in lieu of foreclosure.
C. mortgage financing
D. agency
2. 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. tax base
B. internal rate of return
C. point
D. proprietary lease
3. If an item is uniquely adapted to the property, or the property is custom-designed to accommodate the item. i.e., house keys, garage door opener,
door/window screens.
A. adaptation
B. escrow
C. joint venture
D. lien priority
4. The prohibited practice of channeling prospective buyers and tenants toward or away from a particular area.
A. Meridian
B. Section 62, Chapter 13
C. assumption
D. steering
5. An upgrading of improved property having sufficient magnitude to constitute an addition to the property's basis. Contrasts with repair and maintenance.
A. antitrust laws
B. capital improvement
C. building code
D. predatory price cutting and certain labor strikes, picketing and boycotts
6. A defective title transfer or the transfer of a defective title where the new owner is originally unaware of the defect. Color of title may be used as a grounds for
adverse possession, which, if successful would nullify the original defect.
A. color of title
B. mineral rights
C. foreclosure
D. exclusion
7. The principal regulator of the money supply as well as the American banking system.
A. testate
B. present value
C. dual agency
D. Federal Reserve System
8. "Lenders, investors, and government agencies who buy, sell, insure, or guarantee existing mortgages, mortgage pools, and mortgage-backed securities.
Fannie Mae, Freddie Mac, Ginnie Mae
A. exclusive right to sell
B. reversion
C. vacancy
D. Secondary mortgage markets
9. www.boma.org
A. cash flow
B. Building Owners and Managers Association
C. - empowers government to proceed agains antitrust violators
D. binder
10. An unlawful practice of mixing escrow funds with the agency's operating funds.
, A. commingling
B. section
C. conveyance
D. capital improvement
11. A cooperative owner's lease on a unit in the cooperative building. The lease runs concurrently with the owner's ownership interest in the cooperative.
A. physical deterioration
B. deed of trust
C. proprietary lease
D. hypothecation
12. of the nine, 1 must be at least -------
A. property sold at a tax sale
B. range
C. income ratio
D. 60 years old
13. An organization of brokers who agree to cooperate in marketing the pooled listings of all members.
A. private grant
B. home equity loan
C. multiple listing service (MLS)
D. performance
14. Legal condition of a person who dies without a leaving a will.
A. township
B. intestate
C. binder
D. datum
15. A division of HUD which guarantees FNMA mortgages and securities backed by pools of VA-guaranteed and FHA-insured mortgages.
A. void
B. Government National Mortgage Association (Ginnie Mae)
C. life estate
D. superior lien
16. A court order enabling a damaged lender to attach a lien on the defaulted borrower's property of an amount equal to the difference between the debt and the
proceeds of a foreclosure sale.
A. Federal National Mortgage Association (Fannie Mae)
B. mutual consent
C. deficiency judgement
D. Federal Reserve System
17. A non-exclusive listing which pays an agent a commission only if the agent is procuring cause of a ready, willing, and able customer.
A. joint venture
B. Duty owed to licensee's client
C. Open listing
D. acquisition agent
18. A lien whose priority is subordinate to that of a superior (tax) lien. Priority among inferior liens is established according to the time of recordation, with the
exception of the mechanic's lien. Also called junior lien.
A. special exception
B. inferior lien / junior lien
C. allocation of markets
D. negotiable instrument
19. A for-profit business where two or more co-owners agree to share management responsibilities and profits. Does not involve silent partners, as in a limited
partnership.
A. seller's market
B. subagency
C. value
D. general partnership
20. 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. client
B. lis pendens
, C. annual percentage rate (APR)
D. 5
21. A lien against any an all property owned by a lienee
A. customer
B. general lien
C. hazard insurance
D. Single agency
22. A contract for the purchase and sale of real property containing all terms and provision of the sale and describing the responsibilities of the parties.
A. colllusion
B. tax district
C. Government National Mortgage Association (Ginnie Mae)
D. sale contract
23. A contract where both parties promise to perform in exchange for performance by the other party.
A. bilateral contract
B. Federal Home Loan Mortgage Corporation (Freddie Mac)
C. strict foreclosure
D. replacement cost
24. "A provision in a deed that limits or places rules on how the deeded property may be used or improved.
A. collateral
B. Deed Restriction
C. Bundle of Rights
D. cooperative estate
25. A fiduciary relationship which employers an agent to perform an and all actions for a principal that may be legally delegated.
A. universal agency
B. Agency Status
C. Meridian
D. bundle of rights
26. 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. redemption period / equity of redemption
B. judgment
C. joint venture
D. homestead tax exemption
27. A defeasible fee estate where title automatically reverts to the grantor if usage conditions stated in the deed are violated.
A. negative amortization
B. determinable fee
C. antitrust laws
D. security
28. A north-south area bounded by consecutive meridians.
A. specific lien
B. annual percentage rate (APR)
C. range
D. executor to convey decedent's estate
29. A financial practice of reducing the value of dollars received in the future by an amount that reflects the interest that would have been earned if the dollars
had been received today.
A. air rights
B. discounting
C. Government National Mortgage Association (Ginnie Mae)
D. capitalization rate
30. A land use in conflict with current zoning that is nevertheless authorized because of its perceived benefit to the public welfare.
A. special exception
B. liability
C. tier
D. acceleration
, 31. Contract in which all there terms and covenants of the agreement have been manifestly state and agreed to by all parties, whether verbally or in writing.
Enforceable.
A. express or implied contract
B. holographic will
C. syndication
D. multiple listing service (MLS)
32. License law is created by state legislation in the Tennessee Code Annotated (TCA),
A. Section 62, Chapter 13
B. encumbrance
C. Institute of Real Estate Management
D. income capitalization
33. 1. An accounting entry representing a claim against the assets of a business by a creditor. 2. A condition of vulnerability to lawsuits seeking redress for
potentially wrongful acts or statements.
A. liability
B. implied agency
C. property management / managers
D. effective gross income
34. A parcel of property lacking legal access to a public thoroughfare; requires a court-ordered easement by necessity to relieve the condition.
A. 60 years old
B. landlocked
C. 2
D. hypothecation
35. A process that creates a contract. Acceptance is the offeree's unequivocal, manifest agreement to the terms of an offer. The offer becomes a contract when
the acceptance has been communicated to the offeror.
A. qualification
B. offer and acceptance
C. eminent domain
D. ethics
36. A listing which states a minimum sale or lease price the owner will accept, with any excess going to the broker as a commission. Professionally discouraged,
if not illegal.
A. estate
B. equalization
C. = 5,280 ft. or 640 acres
D. net listing
37. Real estate and the bundle of rights associated with ownership of real estate
A. License Penalties
B. mortgage financing
C. real property
D. Women's Council of Realtors
38. An estate distinguished by fee simple ownership of the airspace of a unit plus an undivided interest with the other unit owners in the overall property's
common elements.
A. Building Owners and Managers Association
B. unilateral contract
C. condominium estate
D. dower
39. An instrument that gives the holder the right to apply for a tax deed after paying taxes on a property and after a statutory period.
A. lis pendens
B. tax certificate
C. title insurance
D. implied contract
40. The remaining positive or negative amount of income an investment produces after subtracting all operating expenses and debt service from gross income.
A. securities license
B. littoral rights
C. cash flow
D. lease
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