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TN Exam Prep Quiz 40 Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep Quiz 40 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 map of one or more properties indicating each parcel's lot and block number, boundaries, and
dimensions.
A. Dual Agency
B. Federal Constitution
C. contingency
D. plat
2. The value of a property as established by assessors for the purpose of ad valorem taxation.
A. = 43,560 sq. ft.
B. Building Owners and Managers Association
C. remainder
D. assessed value
3. 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. cloud
B. credit
C. general partnership
D. commingling
4. A procedure for forcing sale of a secured property to satisfy a lien holder's claim.
A. real estate
B. fiduciary duties
C. mortgage financing
D. foreclosure
5. "Regulate leasing and management practices of landlords and residential properties. Sets standards
for improving oral, vague, or unbalanced lease agreements.
A. discounting
B. Bundle of Rights
C. severance
D. Uniform Residential Landlord and Tenant Act (URLTA)
6. 1. Cancellation of a contract 2. Cancellation of a real estate license.
A. revocation
B. securities license
C. severance
D. option
, 7. A voluntary conveyance of property by a private party.
A. seller financing
B. private grant
C. credit
D. power of attorney
8. TREC - A situation in which the licensee has agreements to provide services as an agent to more than
one party in a specific transaction and in which the interests of the parties are adverse.
A. Warrant of encumbrances
B. assignment
C. "discrimination in housing
D. dual agency
9. A legal document wherein a mortgagor pledges ownership interests in a property to a lender, or
mortgagee, as collateral against performance of the mortgage debt obligation.
A. mortgage
B. estoppel
C. community property
D. 7
10. An underwriting equation that is used to determine how much debt an individual can reasonably
afford in view of the party's or household's income.
A. debt ratio
B. Statutory deeds
C. rectangular survey system / government survey system
D. Chapter 1260
11. TREC - Any licensee who assists one or more parties to a transaction who has not entered into a
specific written agency agreement representing one or more of the parties.
A. securities license
B. easement
C. mineral rights
D. facilitator / transaction broker
12. 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 care for themselves and they have a caregiver.
A. pur autre vie
B. <p>independent contractor
C. encumbrance
D. estate
13. Establishes absolute right of private ownership of real estate; prohibits federal government from
levying real property taxes; prohibit discrimination, environmental standards, standards for legal
descriptions, environmental standards
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