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TN Exam Prep Quiz 3 Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep Quiz 3 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. Anticompetitive behavior - collusion, price fixing, bid rigging, exclusive dealing, etc."
A. principal
B. joint venture
C. Federal Home Loan Mortgage Corporation (Freddie Mac)
D. Anti Trust laws
2. A trust in which a truster conveys a fee estate to a trustee and names himself or herself as beneficiary.
The beneficiary in turn controls the property and the actions of the trustee.
A. land trust
B. private mortgage insurance (PMI)
C. hazard insurance
D. disintermediation
3. Obtaining a new loan to replace an existing loan, usually to take advantage of lower interest rates, to
obtain a longer-term loan, or to liquidate equity.
A. blind ad
B. Advertising
C. intestate
D. refinancing
4. Ownership of shares in a non-profit corporation which acquires a multi-unit dwelling as its primary
asset. Shareholders also receive a proprietary lease on a unit for a duration of their share ownership.
A. mill
B. hypothecation
C. cooperative estate
D. mutual consent
5. A loss of value to property because of decay or natural wear and tear. Exacerbated by deferred
maintenance, or the failure to repair or maintain property on a regular basis.
A. legal description
B. physical deterioration
C. facilitator
D. market value
6. 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. condominium estate
B. Class B misdemeanor
, C. debt ratio
D. = 40 acres
7. Define, qualify ownership rights"
A. easement
B. title insurance
C. state laws
D. conventional loan
8. www.nareb.com
A. offer
B. 60 years old
C. second mortgage
D. National Association of Real Estate Brokers
9. An imaginary latitude line within the rectangular survey system that is designated in relation to a
principal meridian for purposes of identifying townships.
A. power of attorney
B. base line
C. demand
D. fee simple
10. Guardian's deed
A. conversion
B. validity
C. court appointed guardian
D. seller financing
11. Investment by a depository institution on behalf of depositors.
A. concurrency
B. Chapter 1260
C. intermediation
D. interest
12. 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. sale leaseback
B. facilitator
C. collateral
D. deficiency judgement
13. An estate where each co-owner owns an electable share of the property and can transfer this share
to any other party. Does not include the right of survivorship; interests of deceased owners pass to heirs.
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