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Exam Prep Quiz 5 Verified and 100% Correct Q & A, Complete Document for Exam
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Exam Prep Quiz 5 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. ----- must be in the business of real estate
A. fair housing laws
B. personal property
C. 7
D. bundle of rights
2. 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. Environmental Controls areas of concern
B. facilitator
C. Tennessee Real Estate Commission (TREC)
D. will
3. A standard elevation reference point used by surveyors to measure elevations of property in an area.
A. supply
B. contingency
C. datum
D. title insurance
4. An agency relationship that arises by implication from the actions and representations of either agent
or principal.
A. range
B. implied agency
C. eviction
D. courts common law
5. Property lined by a lender as security for a loan.
A. collateral
B. qualification
C. sale leaseback
D. commingling
6. The illegal lending practice of restricting loans by geographical area.
A. mechanic's lien
B. appraiser
C. legal life estate
D. readlining
,7. The business of procuring customers on behalf of clients for the purpose of completing a real estate
transaction.
A. devise
B. exclusion
C. replacement cost
D. brokerage
8. An agreement in which only one party promises to perform, contingent on the other party's
performance of an optional action.
A. License Penalties
B. unilateral contract
C. Federal Housing Administration (FHA)
D. land trust
9. Property acquired during the marriage with jointly held funds.
A. tier
B. asset sale
C. community property
D. escrow
10. A surviving joint tenant's right to receive all rights and interests in the property enjoyed by another
joint tenant in the event of the latter's death.
A. classifications of real estate by use in Tennessee
B. right of survivorship
C. judgment
D. Statutory deeds
11. A reversionary transfer of real property to the state or county when the legal owner dies without a will
and without heirs.
A. oral vs. written contracts
B. local laws
C. escheat
D. for land trust
12. The ad valorem tax rate of a taxing district, derived by dividing revenues required from taxpayers by
the districts tax base. If the millage rate is 30, the tax rate is 3%, or $3.00 per $100 of assessed valuation
(net of exemptions).
A. encumbrance
B. planned unit development (PUD)
C. millage rate
D. earnest money escrow
13. A condition that must be satisfied for a contract to be binding and enforceable.
, A. Secondary mortgage markets
B. contingency
C. leverage
D. adverse possession
14. All property that is not considered real property; all property that is not land or permanently attached
to land, excepting trade fixtures and emblements.
A. personal property
B. acquisition agent
C. bilateral contract
D. restriction
15. The portion of a property's total basis that may be depreciated, generally the basis of the
improvements, since land cannot be depreciated.
A. determinable fee
B. Class B misdemeanor
C. tenancy in common
D. depreciable basis
16. A power of a government entity to force the sale of private property for subsequent public use.
A. abstract of title
B. License Penalties
C. collateral
D. eminent domain
17. Anti-discrimination legislation designed to ensure that all parties have equal access to mortgage
financing.
A. Warranty forever
B. fair financing laws
C. adverse possession
D. redemption period / equity of redemption
18. Every two years as required by statue to renew a Tennessee real estate license, a resident of
Tennessee must complete 16 hours of education which includes a 6 hour TREC core course for each 2-
year license period. and 10+ of any other approved CE courses.
A. benchmark
B. Real Estate License Renewal
C. proprietary lease
D. non-judiical foreclosure
19. An unauthorized physical intrusion of one's real property into the real property of another.
A. encroachment
B. Real Estate Education and Recovery Account
C. buyer representation agreement
D. mill
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