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TN Exam Prep Quiz 777 Questions and Answers
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TN Exam Prep Quiz 777 Questions and Answers
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TN Exam Prep QuizCircle the letter of the Answer that corresponds to the displayed Question.
1. The actual income of an investment property before expenses, expressed as total potential income minus vacancy and collection losses.
A. asset
B. agency
C. effective gross income
D. deed of trust
2. All earnest money must be deliered to the broker immediately upon receipt; Each contact shall state the amount of earnest money, who will hold thefundsa
end under what conditions it may be disbursed. Earnest money funds must be held in a separate Escrow
A. disintermediation
B. tax base
C. Escrow Trust Account
D. Duties owed to ALL parties
3. A tangible or intangible item of value.
A. legal description
B. dual agency
C. potential gross income
D. asset
4. TREC - Means and includes leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or non-freehold, and whether
the real estate is situated in this state or elsewhere.
A. judicial foreclosure
B. cash flow
C. real estate
D. abstract of title
5. Removal of a tenant from a property because of a lease default.
A. range
B. lis pendens
C. National Association of Realtors
D. eviction
6. A method of legally describing property which utilizes physical boundary markers and compass directions for describing the perimeter boundaries of a parcel.
A. building code
B. deed in trust
C. metes and bounds
D. value
7. Not disturbed by third party title disputes
A. reserve allowance
B. title insurance
C. Warrant of quite enjoyment
D. seller's market
8. Created in 1951, they licenses and register real estate firms, brokers and affiliate brokers. The commission also enacts rules addressing professional conduct
and standards of practice. It is classified as a judicial body of government. Their mission i
A. Tennessee Real Estate Commission (TREC)
B. public grant
C. personal property
D. color of title
9. That portion of a property's value owned by the legal owner, expressed as the difference between the property's market value and all loan balances
outstanding on the property.
A. special assessment lien
B. executory contract
C. equity
D. plottage
10. 1. Collateral for a loan. 2. A type of personal property investment, for example, bonds, stocks, and mutual funds.
, A. Characteristics of land
B. security
C. Warrant of encumbrances
D. securities license
11. 1. A process of investigating the financial capabilities and creditworthiness of a prospective borrower and granting credit to a qualified borrower. 2. The act of
insuring or financing a party, business venture, or investment.
A. reserve allowance
B. offer
C. underwriting
D. special assessment lien
12. One-percent of a loan amount, a lender's finance charge
A. 2
B. elective share
C. accretion
D. point
13. Separable subsurface rights to mineral deposits; transferrable by sale or lease to other parties.
A. broker
B. constructive notice
C. mineral rights
D. tax district
14. A non-exclusive listing which pays an agent a commission only if the agent is procuring cause of a ready, willing, and able customer.
A. strict foreclosure
B. effective gross income
C. fiduciary duties
D. Open listing
15. A unilateral contract in which an owner, or optionor, grants a buyer or tenant, the optionee, a future right to be exercised before a deadline, in exchange for
valuable consideration.
A. subordination
B. option
C. = 43,560 sq. ft.
D. subagency
16. A surviving joint tenant's right to receive all rights and interests in the property enjoyed by another joint tenant in the event of the latter's death.
A. right of survivorship
B. equalization
C. condominium estate
D. Torrens System
17. A lender's opinion of a borrower's ability to repay a loan in view of financial capabilities and past repayment patterns.
A. credit evaluation
B. intermediation
C. taxable income
D. evidence of title
18. Land and all man made structures permanently attached to it.
A. universal agency
B. sale contract
C. real estate
D. depreciable basis
19. Limiting Services
A. Warrant of encumbrances
B. = 10 acres
C. acquisition agent
D. Unbundling services
20. A legal contract that establishes and controls the dynamics of the agency relationship between principal and agent. The principal to the listing may be buyer,
seller, landlord, or tenant.
A. listing
B. Real Estate Settlement Procedures Act (RESPA)
, C. severance
D. survey
21. A map of one or more properties indicating each parcel's lot and block number, boundaries, and dimensions.
A. National Association of Realtors
B. plat
C. Unbundling services
D. colllusion
22. A lease requiring the landlord to pay all of a property's operating expenses, including those that pertain to an individual tenant. Used most often.
A. 5
B. purchase money mortgage
C. annual percentage rate (APR)
D. full-service / gross lease
23. A real estate investment structure in which investors provide capital and organizers provide management expertise to develop and acquire and manage
investment real estate for profit.
A. principal
B. assemblage
C. syndication
D. non-prorated expense
24. TREC - A licensee who has been chosen by the licensee's managing broker to serve as the agent of an actual or prospective party to a transaction, to the
exclusion of other licensees employed by or affiliated with the broker.
A. universal agency
B. private mortgage insurance (PMI)
C. convey co-owned property
D. designated agent
25. "A transfer of title to real property by voluntary or involuntary means. Voluntary- public grant, deed, will;Involuntary - descent, escheat, foreclosure, eminent
domain, adverse possession, estoppel"
A. grantor
B. alienation
C. concurrency
D. point
26. 9
A. legal description
B. Environmental Controls areas of concern
C. commissioners appointed by the Governor
D. price fixing
27. A procedure for forcing sale of a secured property to satisfy a lien holder's claim.
A. arrears
B. Building Owners and Managers Association
C. general lien
D. foreclosure
28. Patent deed
A. sale leaseback
B. transfer government property
C. 7
D. party wall easement
29. Excessive or illegal interest charged on a loan.
A. loan commitment
B. usury
C. express or implied contract
D. courts common law
30. A partnership created for a specific predetermined business endeavor, after which the joint venture is usually dissolved.
A. joint venture
B. limited partnership
C. bilateral contract
D. acceleration
, 31. 1. One of a class of liens that by law have a higher priority than an junior lien; all are tax liens. 2. A junior lien whose priority is higher than that of another
lien.
A. superior lien
B. effective gross income
C. null and void
D. second mortgage
32. An estate representing the highest form of legal ownership of real property, particularly the fee simple absolute estate.
A. Real Estate Settlement Procedures Act (RESPA)
B. general agency
C. adjusted basis
D. fee simple
33. A theoretical market state in which the forces of supply and demand are in balance.
A. third party trustee as collateral for a a loan
B. equilibrium
C. steering
D. capitalization rate
34. Contains the conveyance intentions; names the parties; describes the property; indicates nominal consideration. (the only required clause)
A. condemnation
B. enforceability
C. granting clause, or premises clause for deed
D. density
35. The maximum amount of revenue a property could generate before accounting for vacancy, collection loss, and expenses. Consists of total rent with full
occupancy at established rent rates, plus other income from any source.
A. estate in land
B. Open listing
C. potential gross income
D. client
36. Any manmade structure or item affixed to land.
A. improvement
B. foreclosure
C. real estate investment trust (REIT)
D. deed in lieu of foreclosure.
37. A financial contract where a seller retains legal title to a property and gives the buyer equitable title and possession over a period of time. Seller finances all
or part of the purchase price.
A. contract for deed
B. legal life estate
C. misrepresentation
D. real property
38. Must be confirmed in writing with an unrepresented buyer prior to the preparation of an offer to purchase.
A. arrears
B. courts case law
C. Agency Status
D. beneficiary
39. Knowledge given or received directly through demonstrable evidence. Actual notice of ownership: reading a bill of sale, inspecting a deed, searching title
records.
A. laws of decent and distribution
B. law of agency
C. actual notice (see also constructive notice)
D. mineral rights
40. 1. An accounting entry representing a claim against the assets of a business by a creditor. 2. A condition of vulnerability to lawsuits seeking redress for
potentially wrongful acts or statements.
A. general lien
B. liability
C. easement
D. community property
41. An instrument used to convey real property to the trustee of a land trust. The truster is also the beneficiary.
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