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Exam Prep Test Verified and 100% Correct Q & A, Complete Document for Exam
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Exam Prep Test Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep TestEnter the letter for the matching Answer
1. A will prepared entirely in the A. holographic will
testator's handwriting, complete
with date and signature. B. implied agency
2. A state whose laws give a lender C. obsolescence
on a mortgaged property
equitable title rather than legal D. cash flow
title. The mortgagor in a lien
theory state retains legal title. E. fiduciary duties
3. Acts addressing the disposal of F. voidable contract
solid and toxic wastes and
measures for managing waste. In G. Environmental Controls areas of concern
addition, the Superfund act
provided money for hazardous H. dual agency
waste disposal and the authority
to charge cleanup costs to I. water rights
responsible parties. J. inferior lien / junior lien
4. A failure to provide equal
opportunity for persons to acquire K. Federal Reserve System
or finance housing based on race,
L. exclusive right to sell
color, religion, national origin, sex,
handicapped status, marital M. CERCLA Superfund (1980) and SARA Superfund
status, or family status. amendment (1986)
5. An interest that gives a lien holder
or buyer the right to acquire legal N. collateral
title to a property if certain O. yield
contractual conditions occur.
6. Duties of an agent to the principal P. Regulation Z
in an agency relationship,
Q. facilitator / transaction broker
including skill, care, diligence,
loyalty, obedience, confidentiality, R. lien theory state
disclosure, and accounting.
7. Property lined by a lender as S. equitable title
security for a loan.
T. "discrimination in housing
8. A fair financing law applying to
residential loans; lenders must
disclose financing costs and
relevant terms of the loan to the
borrower.
9. Rights of a property that abuts a
body of water to own or use the
water.
10. TREC - Any licensee who assists
one or more parties to a
, transaction who has not entered
into a specific written agency
agreement representing one or
more of the parties.
11. The principal regulator of the
money supply as well as the
American banking system.
12. 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.
13. 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.
14. Representing both principal
parties to a transaction.
15. A loss of property value because
of functional or economic
(external) factors.
16. The remaining positive or
negative amount of income an
investment produces after
subtracting all operating
expenses and debt service from
gross income.
17. Investment return expressed as a
dollar amount or a percent of the
original investment amount.
18. Air - Asbestos, Carbon monoxide,
formaldehyde, lead, mold,
radon;Soil and water -
underground storage tanks,
wetlands;Other ambient and
natural conditions -
Electromagnetic fields, noise,
earthquake and flood hazards"
19. An agency relationship that arises
by implication from the actions
and representations of either
agent or principal.
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