Exam (elaborations)
TN Real Estate Questions and Answers Fully Solved
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Exam of 23 pages for the course Tennessee Real Estate at Tennessee Real Estate (TN Real Estate)
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TN Real EstatePer the EPA, what must be conducted before a project may be approved for development?
An environmental impact study
An investigation into the developer's credit history
A site inspection
A test for hazardous materials - answerAn environmental impact study
What's a foreclosure?
A property sale that occurs in less than one week
A sale that fails to receive a high enough bid at auction and then falls to the bank's ownership
The forced sale of a property due to the borrower defaulting on the mortgage loan
The sale of a property when the market value of the home is less than what is owed, plus closing costs - answerThe forced sale of a property due to the borrower defaulting on the mortgage loan
John is 18 and he wants to be a real estate broker in Tennessee. If he completes the 120 hours of required real estate licensing coursework, is there anything that might prevent him from taking the broker's license exam?
No—you go, John!
Yes—he must be at least 19 years old.
Yes—he must have at least 36 months of experience as an active licensee before he qualifies to take the broker's exam.
Yes—he must schedule his exam before beginning the required coursework. - answerYes—he must have at least 36 months of experience as an active licensee before he qualifies to take the broker's exam.
Which agency enforces federal fair housing laws?
FHA
FHEO
NFHA
NHA - answerFHEO
Which type of estate conveys possession and control, but not title?
Freehold estate Leasehold estate
Temporary estate
Title-free estate - answerLeasehold estate
Ed buys Wendy and Randy's home, and in the sales agreement he specifies that the playground set must stay with the home. Wendy and Randy take the playground set when they move out. In Tennessee, if Ed wants to sue Wendy and Randy for taking the playground set, he must do so within ________.
Five years
Four years
Seven years
Six years - answerSix years
What's the acronym for the legislation that eliminates illegal referral fees among settlement service providers? - answerARRA
ECOA
RESPA
TILA
Broker Hal enters into a listing agreement with seller Jane. Jane insists that the agreement state that only native-born U.S. citizens be allowed to buy the home. For what reason will this agreement be considered void?
It lacks a lawful objective.
It needs to be oral rather than written.
It represents a mutual mistake.
It was made under duress. - answerIt lacks a lawful objective.
Wayne is a licensee and would like to update his advertising. What must he be sure to include on any advertising?
Fax number
Firm name and phone number
Franchise logo
Personal photo - answerFirm name and phone number
A negotiable instrument must contain an order to pay or a ________.
Flexible sum of money
Hand written signature
Notary stamp
Promise to pay - answerPromise to pay
Tennessee's fair housing law includes eight protected classes, adding _____ to the seven federally protected classes. Creed
Marital status
Religion
Sexual identification - answerCreed
Marital status
Religion
Sexual identification
Janie's got an open house scheduled for Sunday, but lets her friend in on Saturday to preview it. It's love at first sight! With the owner out of town, Janie decides to cancel the open house so there won't be any other offers. Her friend makes an offer and it's accepted on Monday. What fiduciary duty or duties has Janie breached? - answerAccounting
Accounting and disclosure
Disclosure
Loyalty and disclosure
Which of the following is an adverse material fact?
A colony of garter snakes hibernates under the garden shed every winter.
The neighborhood crime rate is on the rise.
There are a lot of elementary school children in the neighborhood.
There's fire damage that was mentioned in the Seller Property Disclosure form. - answerA colony of garter snakes hibernates under the garden shed every winter.
Marco is an unlicensed assistant for the Ace Team at Acme Realty. Steven is an affiliate
broker on the team, which Sylvester, the sponsoring broker, leads. Who's ultimately legally responsible for Marco's activities?
Marco, as the unlicensed assistant
No one is responsible
Steven, as the affiliate broker
Sylvester, as the sponsoring broker - answerSylvester, as the sponsoring broker
A borrower has a 30-year, $500,000 loan with an interest rate of 6.25%. His monthly principal and interest payment is $3,078.59. How many payments will he make over the course of the loan?
180
240
30
360 - answer360
Which of the following statements about covenants is true?
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