Final Exam TN Real Estate Course Questions and Answers with Verified Solutions
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Course
TN Real Estate
Institution
TN Real Estate
Final Exam TN Real Estate Course Questions and Answers with Verified Solutions A Tennessee licensee must use the "Exclusive Right to Sell" form required by the licensee's broker.
According to the level of authority delegated to the agent, the usual real estate agency is a limited agency.
When mus...
Final Exam TN Real Estate Course Questions and Answers with Verified Solutions A Tennessee licensee must use the "Exclusive Right to S ell" form ✔✔required by the licensee's broker. According to the level of authority delegated to the agent, the usual real estate agency is a ✔✔limited agency. When must the contract be in writing? ✔✔John is agreeing to sell his shed to Shawn for $1,000. One disadvantage in using active listings for comparables is ✔✔they provide somewhat dubious comparisons because listing prices are not selling prices. Why is it sometimes necessary to include a bill of sale with a purchase contract? ✔✔A bill of sale confirms that all promised inclusions are in fact part of the conveyance. Prior to the acceptance of a purchase contract, the seller must provide the buyer with a written property condition disclosure if ✔✔the property is a residential property of less than 5 units. Which HUD document provides information to builders regarding fair housing compliance? ✔✔Fair Housing Act Accessibility Guidelines The two rest raints of trade of most concern to real estate brokers are conspiracies to fix prices and ✔✔group boycotts. The payment amount a borrower makes periodically to a lender consists of ✔✔a portion of principal and a portion of interest. If a loan is subject to RESPA, the lender must give the borrower an estimate of closing costs ✔✔within three days of receiving the loan application. "Farming" is the practice of ✔✔prospecting for business in a selected area. ___________ is normally the single most important element in a home's value. ✔✔Location ______________ property is land or improved property with buildings designed for humans to live in, such as single -family homes, apartments, or condominiums. ✔✔Residential When does a purchase and sale agreement beco me enforceable? ✔✔At time of offer delivery and acceptance by seller Which of the following is subject to the requirements of RESPA? ✔✔A single -family home purchase financed by a federally -insured loan A licensee found guilty of engaging in the unauthori zed practice of law could face ✔✔suspension of license. An affiliate broker's license should be displayed ✔✔in her broker's principle place of business. Among the primary sources of real estate ethics and standards is ✔✔state real estate licensing regula tion. In contract law, which of the following is NOT required for the contract to be valid? ✔✔Both parties to the contract must be 21 years old. In Tennessee, all advertising for real property must ✔✔be under the firm's name .
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