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TN Exam Prep Quiz 1 questions and answers | accurate and verified with rationales | updated 2024 | graded A+ | guaranteed pass
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  • Tennessee Real Estate Prep

TN Exam Prep Quiz 1 questions and answers | accurate and verified with rationales | updated 2024 | graded A+ | guaranteed pass

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  • August 6, 2024
  • 47
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Tennessee Real Estate Prep
  • Tennessee Real Estate Prep

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TN Exam Prep Quiz
Circle the letter of the Answer that corresponds to the displayed Question.
1. Form of ownership reserved exclusively for husband and wife.
A. tenancy by the entireties
B. usury
C. police power
D. void contract


2. A proposal to enter into binding contract under certain terms, submitted by an offeror to an offer. If accepted without amendment an offer becomes a contract.
A. Federal Housing Administration (FHA)
B. lien priority
C. offer
D. negative amortization


3. A registered marker denoting an official elevation above sea level; used by surveyors to identify other elevations in the area.
A. closing
B. conventional loan
C. sale leaseback
D. benchmark


4. A public notice in a foreclosure proceeding that the mortgaged property may soon have a judgment issued against it. Enables other investors to join in the
proceeding if they wish to collect their debts.
A. offer and acceptance
B. National Association of Real Estate Brokers
C. taxable income
D. lis pendens


5. A fiduciary relationship between an agent and a principal where respective rights and duties are prescribed by laws of agency and by the agency agreement
executed by two parties.
A. collateral
B. agency
C. third party trustee as collateral for a a loan
D. trade fixture


6. Financing that uses mortgaged real property as security for borrowed funds
A. Unbundling services
B. mortgage financing
C. appraisal
D. deed in trust


7. A title recording system that registers title to property as well as liens and encumbrances, on a title certificate. The certificate is the title and reflects everything
there is to be known about the condition of the title.
A. mortgage
B. Secondary mortgage markets
C. Torrens System
D. loan-to-value ration (LTV)


8. Regulation of how individual owners use property in a municipality or planning district. Control patterns are generally in accordance with a master plan.
A. joint venture
B. land use control
C. title theory state
D. Federal Deposit Insurance Corporate (FDIC)


9. One of the bundle of legal rights to real property enabling the owner to prevent others from entry or use.
A. license
B. limited agency / special agency
C. exclusion
D. deed in lieu of foreclosure.


10. A method of legally describing property which utilizes physical boundary markers and compass directions for describing the perimeter boundaries of a parcel.
A. Designated Agency
B. metes and bounds

, C. non-judiical foreclosure
D. license
11. "Bargain and sale deed; General warranty deed - most common; Special warranty deed; Quitclaim deed;
A. capital gain (or loss)
B. salesperson
C. comparable
D. Statutory deeds


12. A fiduciary relationship which authorizes the agent to conduct a broad range of activities for principal in a particular business enterprise. May or may not
include authority to enter into contracts.
A. pur autre vie
B. unequal services
C. general agency
D. tenancy in severalty


13. A right granted through a loan clause enabling the lender to call all sums immediately due and payable on a loan should the borrower violate certain
provisions of the loan agreement.
A. operating expense
B. = 10 acres
C. acceleration
D. Bundle of Rights


14. An act of collusion where two or more competitors agree to limit competitive activity in portions of the market in exchange for reciprocal restrictions from the
others.
A. master deed
B. allocation of markets
C. Government National Mortgage Association (Ginnie Mae)
D. real property


15. Rights and interests to whatever is beneath the surface of one's parcel of real property.
A. annual percentage rate (APR)
B. enforceability
C. subsurface rights
D. National Association of Real Estate Brokers


16. Removal of a tenant from a property because of a lease default.
A. general warranty deed
B. eviction
C. option
D. Meridian


17. A mortgage loan where the seller ends a buyer some or all of the purchase price of a property.
A. depreciable basis
B. discounting
C. tax district
D. purchase money mortgage


18. A court proceeding triggered by a foreclosure suit. Involves notice, debt acceleration, the termination of the owner's interests in the property, and a public
sale where proceeds are applied to the debt.
A. rectangular survey system / government survey system
B. enforceability
C. judicial foreclosure
D. determinable fee


19. 1. A decree by a court or municipal authority that a parcel of private property is to be taken for public use under the power of eminent domain. 2. A
government order that a particular property is no longer fit for use and must be demolished.
A. property sold at a tax sale
B. condemnation
C. ground lease
D. counteroffer


20. Expenditure to purchase an asset with the expectation of deriving a future profit or benefit from the asset.
A. courts common law
B. investment
C. contingency
D. origination fee

,21. An item of tangible or intangible value, or one's promise to do or not do some act which is used as an inducement to another party to enter into a contract.
A. consideration
B. income ratio
C. eviction
D. Chapter 1260


22. A mortgage loan having an interest rate that can be periodically raised or lowered in accordance with the movement of a financial index.
A. negative amortization
B. cloud
C. mechanic's lien
D. adjustable rate mortgage


23. A will prepared entirely in the testator's handwriting, complete with date and signature.
A. holographic will
B. statute of frauds
C. disintermediation
D. 1


24. Without legal force or effect; unenforceable and null, such as an illegal contract. Results when illegal purpose, operations of law prevents, acts of nature.
A. void
B. unilateral contract
C. second mortgage
D. antitrust laws


25. An investment in which owners purchase shares in a trust which owns or acquires real property. Investors receive income and gain on a per-share basis.
A. right of enjoyment
B. water rights
C. real estate investment trust (REIT)
D. Open listing


26. Forced performance of one's obligations in a agreement, to the letter of the agreement. A legal remedy for a damaged party to take against a defaulting
party.
A. density
B. littoral rights
C. specific performance
D. state laws


27. A set of water rights defined by state law relating to parties abutting navigable bodies of water such as lakes and bays. Generally, a property owner enjoys
usage rights but owns land only to the high water mark.
A. land use control
B. littoral rights
C. second mortgage
D. = 40 acres


28. A market characterized by an excess of sellers over buyers.
A. buyer's market
B. asset
C. assumption
D. Deed Restriction


29. Legal condition of a person who dies without a leaving a will.
A. deficiency judgement
B. assessed value
C. intestate
D. Tennessee Real Estate Commission (TREC)


30. An authorization to broker securities. The Series 39 and 22 securities licenses authorize licensees to broker real estate securities.
A. determinable fee
B. securities license
C. origination fee
D. millage rate


31. An organization of brokers who agree to cooperate in marketing the pooled listings of all members.
A. multiple listing service (MLS)
B. implied contract

, C. facilitator
D. bilateral contract
32. A theoretical use of a property that is legally permissible, physically possible, financially feasible, and maximally productive, usually in terms of net income
generation.
A. tenancy in severalty
B. License Penalties
C. highest and best use
D. blind ad


33. 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. refinancing
B. hypothecation
C. trust
D. negative amortization


34. An instrument used by a borrower to convey title to mortgaged property to a trustee to be held as security for the lender, who is the beneficiary of the trust. 3
parties involved, makes it easier to foreclose.
A. Characteristics of land
B. executory contract
C. deed of trust
D. alienation


35. 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.
A. will
B. Government National Mortgage Association (Ginnie Mae)
C. voidable contract
D. ground lease


36. A government-sponsored agency in the secondary mortgage market which buys conventional, FHA, and VA loans, sells mortgage-backed securities, and
guarantees payment of principal and interest on the securities.
A. property sold at a tax sale
B. 5
C. Federal National Mortgage Association (Fannie Mae)
D. ad valorem tax


37. An easement appurtenant where owners of two adjacent properties share an improvement along the property boundary. The parties agree not to perform
acts that would adversely affect the other party's interest in the shared improvement.
A. easement in gross
B. party wall easement
C. debit
D. time share


38. Licensee is responsible for paying judgement"
A. counteroffer
B. commissioners appointed by the Governor
C. debt ratio
D. Real Estate Education and Recovery Account


39. An instrument used to convey mortgaged property back to the lender rather than have the lender foreclose on the property.
A. Government National Mortgage Association (Ginnie Mae)
B. deed in lieu of foreclosure.
C. 1973
D. depreciation


40. Payment that occurs at the end of a payment term rather than at the beginning. Examples of items paid in arrears include taxes and interest.
A. statute of limitations
B. arrears
C. null and void
D. personal property


41. A future freehold interest in a life estate held by a third party remainderman named by the grantor. When the life tenant dies, the estate passes to the
remainderman.
A. right of survivorship
B. Absorption

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