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Tennessee Real Estate Exam Prep questions and answers | accurate and verified with rationales | updated 2024 | graded A+ | guaranteed pass$7.99
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___ 1. An unlawful agreement between competitors to monopolize a A1. functional obsolescence
market, disadvantage other competitors, or otherwise undertake B1. personal property
activities in violation of fair trade laws.
C1. emblements
___ 2. A body of state-level laws that stipulates how an estate will be
passed on to heirs in the absence of a valid will. D1. loan commitment
___ 3. An area six miles square, bounded by two consecutive parallels and E1. legal life estate
two consecutive meridians in the rectangular survey system. F1. base line
Contains 36 sections. G1. Characteristics of land
___ 4. A transfer by a tenant of portions of the rights and obligations of a H1. goodwill
lease to another party, the sublessee. The original tenant remains
primarily liable to the landlord for fulfilling lease obligations. I1. tax district
___ 5. A junior lien enabling property builders, suppliers, and contractors J1. general agency
to secure debt arising from labor and materials expended on a K1. mill
property. L1. note
___ 6. Control land usage over specific parcels of land" M1. internal rate of return
___ 7. Annual income from an investment property that is subject to N1. obsolescence
taxation, generally equal to net operating income plus reserves
minus depreciation and interest expense. O1. net operating income
___ 8. An act of entering into public title records any document or P1. implied agency
transaction affecting title to real estate. Recording gives Q1. 1
constructive notice of one's rights and interests in a property and R1. township
established the priority of inferior liens.
S1. Warranty forever
___ 9. A deed used to convey title to a property sold in a tax foreclosure.
T1. Federal Housing
___ 10. 1/4 of 1/4 of 1/4 always Administration (FHA)
___ 11. An increase in land caused by natural phenomena, for example a U1. dual agency
deposit of sand on a beachfront property due to a tropical storm.
V1. for land trust
___ 12. Rights of a property that abuts a body of water to own or use the
water. W1. deposit
___ 13. Legal status of a contract that meets requirements of: competence X1. landlocked
of parties, mutual consent, valuable consideration, legal purpose, Y1. 7
and voluntary good faith. A prerequisite for enforceabilitiy. Z1. offer
___ 14. The brokerage of a business enterprise in addition to any real A2. client
property it may own or lease.
B2. Institute of Real Estate
___ 15. a duly trained and licensed professional authorized to perform Management
appraisals for other parties.
C2. steering
___ 16. Not disturbed by third party title disputes
D2. conveyance
___ 17. A party named to benefit from the yield or disposition of an asset
identified in a trust, insurance policy, or will. E2. laws of decent and
distribution
___ 18. Plants and crops considered personal property, since human labor
is required for planting, growing and harvesting. F2. land trust
___ 19. of the nine, 1 must be at least ------- G2. Government National
Mortgage Association
,___ 20. An item of tangible or intangible value, or one's promise to do or (Ginnie Mae)
not do some act which is used as an inducement to another party H2. substitution
to enter into a contract.
I2. gross income multiplier
___ 21. The order in which liens against a property are satisfied; the
J2. suit for possession
highest priority lien receives sale proceeds from a foreclosure
before any other lien. K2. scarcity
___ 22. An impound account used for the safekeeping of a buyer's earnest L2. oral vs. written contracts
money deposit; accompanied by specific instructions to the M2. point
escrow agent for holding an disbursing the funds.
N2. section
___ 23. An intangible business asset valued at the difference between the
O2. certificate of occupancy
sale price and the value of all other assets of the business.
P2. Single agency
___ 24. A division of HUD which guarantees FNMA mortgages and
securities backed by pools of VA-guaranteed and FHA-insured Q2. benchmark
mortgages. R2. deficiency judgement
___ 25. A forced sale of mortgaged property without a formal foreclosure S2. commissioners appointed by
suit or court proceeding. Authorized through a "power of sale" the Governor
clause in a mortgage or trust deed document. There is no right of
T2. hazard insurance
redemption / redemption period option.
U2. liability
___ 26. A financial contract where a seller retains legal title to a property
and gives the buyer equitable title and possession over a period of V2. title insurance
time. Seller finances all or part of the purchase price. W2. void
___ 27. Each commission serves ---- years X2. living trust
___ 28. Expenditure to purchase an asset with the expectation of deriving Y2. local laws
a future profit or benefit from the asset.
Z2. homestead laws
___ 29. TREC - Party to a transaction with whom the broker has entered
A3. investment
into a specific written agency agreement to provide services.
B3. marketing plan
___ 30. A tax stamp affixed to a property document or record as evidence
that the owner has paid taxes related to the financing or transfer of C3. Regulation Z
real property. D3. Agency Status
___ 31. www.boma.org E3. lien theory state
___ 32. Deed in trust F3. third party trustee as
___ 33. A business enterprise consisting of general and limited partners: collateral for a a loan
general partners manage the affairs of the business while limited G3. limited/advisory agency
partners are silent investors.
H3. comparable
___ 34. The percentage of a loan amount that a borrower must pay a
I3. negotiable instrument
lender annually as interest on a loan amount.
J3. bundle of rights
___ 35. A voluntary transfer of real property interests
K3. Tennessee Real Estate
___ 36. Must be confirmed in writing with an unrepresented buyer prior to
Commission (TREC)
the preparation of an offer to purchase.
L3. cost approach
___ 37. A statement or act, or failure to make a statement or act, that
misleads a party in a transaction. May be intentional or M3. Bundle of Rights
unintentional. May warrant legal recourse or license revocation. N3. specific performance
___ 38. A voluntary conveyance of property by a private party. O3. Women's Council of
___ 39. An organization of brokers who agree to cooperate in marketing Realtors
the pooled listings of all members. P3. interest
___ 40. A voluntary or involuntary placing of a lien's priority below that Q3. exclusion
of another. a mortgage lien, for example automatically
R3. courts case law
, subordinates to a real estate tax lien. S3. adjusted basis
___ 41. An unstated or unintentional agreement that may be deemed to T3. density
exist by implication because of acts or statements by any of the
U3. allocation of markets
parties to the agreement. Not enforceable.
V3. underwriting
___ 42. A life estate where the grantee's interest endures over the lifetime
of another party named by the grantor. i.e., when someone can't W3. easement
care for themselves and they have a caregiver. X3. title insurance
___ 43. The rate at which inflows from income property investment must Y3. riparian rights
be discounted in order for the total inflows over time to equal the
Z3. tax base
initial outlay, expressed as a percent; may include projected
proceeds from the future sale of the property as an inflow. A4. quiet title suit
___ 44. A loan provision defining the lender's right to accelerate a note B4. real estate
upon the transfer of collateralized property. C4. appurtenance
___ 45. Separable subsurface rights to mineral deposits; transferrable by D4. Meridian
sale or lease to other parties.
E4. subagency
___ 46. A court proceeding to clear a property's title of defects, claims and
F4. null and void
encumbrances.
G4. life estate
___ 47. The rate of return on capital an investor will demand from the
investment property, or the rate of return that the property will H4. remainder
actually produce. I4. police power
___ 48. A right granted through a loan clause enabling the lender to call all J4. universal agency
sums immediately due and payable on a loan should the borrower
K4. Law of Agency
violate certain provisions of the loan agreement.
L4. planned unit development
___ 49. An instrument used by a borrower to convey title to mortgaged
(PUD)
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 M4. exclusive agency
foreclose. N4. discounted cash flow
___ 50. A party who receives a right, interest or title to real property from analysis
another. O4. Advertising
___ 51. A creditor;s claim against real or personal property as security for P4. closing
a property owner's debt. A lien enables a creditor to force the sale
Q4. power of attorney
of the property and collect proceeds as payment toward the deb.
R4. right of survivorship
___ 52. Investment return expressed as a dollar amount or a percent of the
original investment amount. S4. Building Owners and
Managers Association
___ 53. An instrument used to convey real property to the trustee of a land
trust. The truster is also the beneficiary. T4. appraiser
___ 54. A fiduciary relationship which authorizes the agent to conduct a U4. real estate investment trust
broad range of activities for principal in a particular business (REIT)
enterprise. May or may not include authority to enter into V4. liquidated damages
contracts.
W4. revocation
___ 55. 1. A mortgage underwriting procedure to determine the financial
X4. broker's opinion of value
capabilities and credit history of a prospective borrower. 1. A
listing and marketing procedure to determine the needs and Y4. 60 years old
urgency of a client or customer. Z4. periodic tenancy
___ 56. A state's or local government's legal authority to create, regulate, A5. deed in lieu of foreclosure.
tax, and condemn real property in the interest of the public's
B5. fee simple
health, safety, and welfare.
C5. = 10 acres
___ 57. A north-south area bounded by consecutive meridians.
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