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Tennessee Real Estate Exam Prep Verified and 100% Correct Q & A, Complete Document for Exam
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Tennessee Real Estate Exam Prep 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. A specific standard of construction or maintenance of any aspect of an improved property established
by local government officials.
A. building code
B. ground lease
C. colllusion
D. vacancy
2. A for-profit business where two or more co-owners agree to share management responsibilities and
profits. Does not involve silent partners, as in a limited partnership.
A. general partnership
B. trade fixture
C. State vs. Federal Laws
D. 5
3. A voluntary or involuntary placing of a lien's priority below that of another. a mortgage lien, for example
automatically subordinates to a real estate tax lien.
A. equity of redemption
B. hypothecation
C. suit for possession
D. subordination
4. A completed agreement which enjoins one or both principal parties to perform certain actions in order
for the contract to become fully executed. Pending sale.
A. Federal National Mortgage Association (Fannie Mae)
B. executory contract
C. statute of limitations
D. fiduciary
5. A contract where both parties promise to perform in exchange for performance by the other party.
A. elective share
B. operating expense
C. subsurface rights
D. bilateral contract
6. A transfer of title to real property without the consent or against the will of the owner, for example,
eminent domain, foreclosure, and adverses possession.
A. involuntary alienation
B. tenancy in common
, C. density
D. Federal Constitution
7. The relationship between the yield rate of an investment and the interest rate of funds borrowed to
finance the investment.
A. escheat
B. agent
C. demand
D. leverage
8. www.boma.org
A. negative amortization
B. Building Owners and Managers Association
C. local laws
D. assignment
9. The cost of constructing a functional equivalent of a property at current labor and materials costs using
current construction methods.
A. special exception
B. replacement cost
C. Statutory deeds
D. credit evaluation
10. Duties of an agent to the principal in an agency relationship, including skill, care, diligence, loyalty,
obedience, confidentiality, disclosure, and accounting.
A. colllusion
B. price fixing
C. fiduciary duties
D. appraiser
11. A land use that conflicts with current zoning but is authorized for certain reasons, including undue
hardship to comply and minimal negative impact to leave it alone.
A. courts case law
B. variance
C. mortgage financing
D. counteroffer
12. A legal restraint to prevent a person from claiming a right or interest that is inconsistent with the
person's previous statements or acts. An estoppel certificate documents the party's initial position or act,
which cannot be contradicted later.
A. capital gain (or loss)
B. estoppel
C. planned unit development (PUD)
D. reversion
, 13. A listing which states a minimum sale or lease price the owner will accept, with any excess going to
the broker as a commission. Professionally discouraged, if not illegal.
A. seller's market
B. net listing
C. credit
D. living trust
14. A quasi-governmental agency that insures deposits of depository institutions and otherwise develops
regulations for the banking industry.
A. Federal Deposit Insurance Corporate (FDIC)
B. arrears
C. listing
D. title insurance
15. An intangible business asset valued at the difference between the sale price and the value of all other
assets of the business.
A. liquidated damages
B. millage rate
C. living trust
D. goodwill
16. A parcel of property lacking legal access to a public thoroughfare; requires a court-ordered easement
by necessity to relieve the condition.
A. landlocked
B. income capitalization
C. net lease
D. depreciation
17. A body of state-level laws that stipulates how an estate will be passed on to heirs in the absence of a
valid will.
A. Regulation Z
B. laws of decent and distribution
C. fiduciary duties
D. Warrant of further assurance
18. An instrument used to convey real property to the trustee of a land trust. The truster is also the
beneficiary.
A. easement
B. physical deterioration
C. deed in trust
D. National Association of Real Estate Brokers
19. A lease which requires a tenant o pay rent as well as a share of the property's operating expenses to
the extent provided for in the lease contract.
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