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Tennessee Real Estate Exam Prep questions and answers | accurate and verified
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Tennessee Real Estate Exam Prep questions and answers | accurate and verified
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TN Exam Prep MatchingWrite the code corresponding to the correct match in the space provided.
___ 1. "Real Estate Broker Act was established in ----- A1. lien priority
___ 2. An upgrading of improved property having sufficient magnitude to B1. trade fixture
constitute an addition to the property's basis. Contrasts with repair C1. master deed
and maintenance.
D1. security
___ 3. a quantity of a product of serve i.e. that is desired for purchase,
lease, or trade at any given time. E1. Uniform Residential
Landlord and Tenant Act
___ 4. That portion of a property's value owned by the legal owner, (URLTA)
expressed as the difference between the property's market value and
all loan balances outstanding on the property. F1. deed in lieu of foreclosure.
___ 5. A federal law which aims to standardize settlement practices and G1. easement in gross
ensure that buyers understand settlement costs. Applies to purchase H1. capital improvement
of residential real estate (one to four family homes) to be financed I1. broker
by "federally related" first mortgage loans. Requires
J1. conversion
___ 6. A power of a government entity to force the sale of private property
for subsequent public use. K1. adjusted basis
___ 7. The remaining positive or negative amount of income an investment L1. foreclosure
produces after subtracting all operating expenses and debt service M1. = 40 acres
from gross income. N1. Escrow Trust Account
___ 8. The party in an agency relationship who is hired by the principal to O1. power of attorney
perform certain duties. In so doing, the agent must also uphold
fiduciary duties owed to the principal. P1. predatory price cutting and
certain labor strikes,
___ 9. Laws that protect a homeowner against loss of the homeowner's picketing and boycotts
principle residence to a sale forced by creditors to collect debts. Also
protect the interests of individual spouses by requiring both spouses Q1. zoning ordinance
to sign any conveyance of the homestead property. R1. marketable title
___ 10. A deed used to convey title to a property sold in a tax foreclosure. S1. special exception
___ 11. A standard elevation reference point used by surveyors to measure T1. 60 years old
elevations of property in an area. U1. public grant
___ 12. A state whose laws give a lender on a mortgaged property equitable V1. riparian rights
title rather than legal title. The mortgagor in a lien theory state
retains legal title. W1. time share
___ 13. A mortgage loan having an interest rate that can be periodically X1. value
raised or lowered in accordance with the movement of a financial Y1. amortization
index. Z1. demand
___ 14. of the nine, 1 must be at least ------- A2. replacement cost
___ 15. An unauthorized physical intrusion of one's real property into the B2. agent
real property of another.
C2. general partnership
___ 16. A meeting of principal parties where a seller transfers title and a
buyer pays monies owed the seller and lender. D2. curtesy
___ 17. Deed in trust E2. legal life estate
___ 18. Expenditure to purchase an asset with the expectation of deriving a F2. superior lien
future profit or benefit from the asset.
,___ 19. A party named to benefit from the yield or disposition of an asset G2. Real Estate Settlement
identified in a trust, insurance policy, or will. Procedures Act (RESPA)
___ 20. A loss of value in a property because of external factors generally H2. density
beyond the control of the downer, for example, a municipality's I2. equalization
lack of funds to improve deteriorated roadways. Also call external
obsolescence. J2. net operating income
___ 21. An imaginary latitude line within the rectangular survey system K2. Federal National Mortgage
that is designated in relation to a principal meridian for purposes of Association (Fannie Mae)
identifying townships. L2. underwriting
___ 22. A lien placed against a specific item of property rather than against M2. void contract
all of an owner's property. N2. Federal Deposit Insurance
___ 23. A licensed employee or independent contractor hired by a broker to Corporate (FDIC)
perform authorized activities on behalf of the broker's client. O2. origination fee
___ 24. An agreement that is subject to being nullified because a party to P2. lot and block system
the agreement acted under some legal disability. Only one party
may cancel, minor, party acted under duress or undue Q2. ground lease
force/coercion threat, undue influence. R2. present value
___ 25. A local government entity authorized by state, county, or S2. bilateral contract
municipality to levy taxes for a particular purpose. T2. offer and acceptance
___ 26. The quantity of a product or service available for sale, lease, or U2. annual percentage rate
trade at any given time. (APR)
___ 27. The maximum amount of revenue a property could generate before V2. Federal Constitution
accounting for vacancy, collection loss, and expenses. Consists of
total rent with full occupancy at established rent rates, plus other W2. Law of Agency
income from any source. X2. supply
___ 28. The rate at which inflows from income property investment must Y2. encroachment
be discounted in order for the total inflows over time to equal the Z2. Open listing
initial outlay, expressed as a percent; may include projected
proceeds from the future sale of the property as an inflow. A3. seller financing
___ 29. Annual income from an investment property that is subject to B3. blockbusting
taxation, generally equal to net operating income plus reserves C3. general lien
minus depreciation and interest expense. D3. - empowers government to
___ 30. An instrument used to convey mortgaged property back to the proceed agains antitrust
lender rather than have the lender foreclose on the property. violators
___ 31. A finical analysis to identify the discounted value of the cash flow E3. effective gross income
of an investment over a given number o years. F3. courts case law
___ 32. "Established in 1992 for Tennessee to establish how the licensee is G3. air rights
working with the parties (buyers & sellers) in the transaction
H3. littoral rights
___ 33. 1. An accounting entry on a closing statement indicating an amount
a party has paid or is to receive. 2. Loan funds advanced to a I3. opinion of title
borrower. J3. fiduciary
___ 34. A voluntary conveyance of property by a private party. K3. liquidated damages
___ 35. An agreement that is null and cannot be enforced. L3. brokerage
___ 36. A combining of contiguous parcels of real estate into a single tract, M3. specific lien
performed with the expectation that increase value will result. N3. Property Condition
___ 37. A tax stamp affixed to a property document or record as evidence Disclosure Form
that the owner has paid taxes related to the financing or transfer of O3. contract for deed
real property.
, ___ 38. An authorization granting a fiduciary the power to perform P3. mortgage
specified acts on the principal's behalf. Used to establish a Q3. facilitator / transaction
universal agency relationship. broker
___ 39. A transfer of title to real property without the consent or against the R3. Warrant of further
will of the owner, for example, eminent domain, foreclosure, and assurance
adverses possession.
S3. State vs. Federal Laws
___ 40. Investment by a depository institution on behalf of depositors.
T3. Warrant of quite enjoyment
___ 41. An interest, right or intrusion that limits the freehold interest of an
owner of real property or otherwise adversely effects the U3. procuring cause
marketability of title. V3. escheat
___ 42. A life estate established by operation of law rather than by the W3. null and void
actions or wishes of the property owners. Examples are homestead X3. holographic will
law, dower, curtesy, and elective share.
Y3. land use control
___ 43. A registered marker denoting an official elevation above sea level;
used by surveyors to identify other elevations in the area. Z3. affiliate broker
___ 44. A trust in which a truster conveys a fee estate to a trustee and A4. devise
names himself or herself as beneficiary. The beneficiary in turn B4. collateral
controls the property and the actions of the trustee. C4. elective share
___ 45. A method for legally describing property in a subdivision where D4. mechanic's lien
lots are identified by block and number. A recorded metes and
bounds or rectangular survey description of the subdivision E4. earnest money escrow
underlies the lot and block system. F4. CERCLA Superfund
___ 46. www.nareb.com (1980) and SARA
Superfund amendment
___ 47. www.realtor.com (1986)
___ 48. A set of water rights defined by state law relating to parties G4. misrepresentation
abutting navigable bodies of water such as lakes and bays.
Generally, a property owner enjoys usage rights but owns land only H4. obsolescence
to the high water mark. I4. common law
___ 49. A fiduciary relationship between a truster and trustee. The truster J4. principal
conveys legal title to property to the trustee, who holds and K4. documentary stamp
manages the estate for the benefit of another party, the beneficiary.
L4. state agencies
___ 50. An agency relationship between the client of a listing broker and
other brokers and salespeople who have agreed to assist the broker M4. 2
in procuring a customer for the client. Agent of an agent. N4. joint tenancy
___ 51. A policy that protects the holder against loss arising from defects in O4. court appointed guardian
title or documents conveying title. P4. appraiser
___ 52. A written, chronological record of the title records affecting rights Q4. dominant tenement
and interests in a parcel of real property.
R4. sale leaseback
___ 53. A property containing an easement that must "serve" the easement
use belonging to a dominant tenement. S4. Warrant of seisin
___ 54. Real estate and the bundle of rights associated with ownership of T4. comparable
real estate U4. encumbrance
___ 55. Partition deed V4. law of agency
___ 56. A financial practice of reducing the value of dollars received in the W4. highest and best use
future by an amount that reflects the interest that would have been X4. contingency
earned if the dollars had been received today.
Y4. disintermediation
Z4. consideration
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