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TN Exam Prep Quiz 2 Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep Quiz 2 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. TREC - An agency relationship created for the purpose of providing real estate services on identified
real estate tasks or projects in exchange for a fee, salary, or retainer for a preset /prepaid fee.
A. foreclosure
B. plat
C. limited/advisory agency
D. fair housing laws
2. In a contract, a clause that expressly provides for compensation a defaulting party owes the damaged
party. In the absence of such a clause, a damaged party may sue for unliquidated damages.
A. tenancy in common
B. deed in lieu of foreclosure.
C. effective gross income
D. liquidated damages
3. A legal instrument that can be sold, traded, assigned, or otherwise transferred to another party, such as
a promissory note.
A. tax base
B. securities license
C. negotiable instrument
D. third party trustee as collateral for a a loan
4. Every two years as required by statue to renew a Tennessee real estate license, a resident of
Tennessee must complete 16 hours of education which includes a 6 hour TREC core course for each 2-
year license period. and 10+ of any other approved CE courses.
A. legal life estate
B. Real Estate License Renewal
C. annual percentage rate (APR)
D. client
5. A loss of value in a property because of external factors generally beyond the control of the downer, for
example, a municipality's lack of funds to improve deteriorated roadways. Also call external
obsolescence.
A. highest and best use
B. refinancing
C. concurrency
D. economic obsolescence
6. Patent deed
, A. equity of redemption
B. density
C. transfer government property
D. Warrant of quite enjoyment
7. Successive property owners of record dating back to the original grant of title from the state to a
private party.
A. Federal National Mortgage Association (Fannie Mae)
B. building code
C. net listing
D. chain of title
8. Rules created by TREC are in ------- of the official TREC license Law Manual"
A. National Association of Realtors
B. plottage
C. Chapter 1260
D. evidence of title
9. The principal regulator of the money supply as well as the American banking system.
A. title insurance
B. - empowers government to proceed agains antitrust violators
C. Federal Reserve System
D. fair housing laws
10. 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. real estate investment trust (REIT)
B. remainder
C. Real Estate Education and Recovery Account
D. balloon payment
11. A forced sale of mortgaged property without a formal foreclosure suit or court proceeding. Authorized
through a "power of sale" clause in a mortgage or trust deed document. There is no right of redemption /
redemption period option.
A. debt coverage ratio
B. land trust
C. non-judiical foreclosure
D. qualification
12. A direct agent of the principal who is hired for compensation to perform a stated service such as
procuring a customer.
A. chain of title
B. amortization
C. seller's market
D. broker
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