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TN Exam Prep Quiz 123 questions and answers | accurate and verified with rationales | updated 2024 | graded A+ | guaranteed pass $7.99   Add to cart
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TN Exam Prep Quiz 123 questions and answers | accurate and verified with rationales | updated 2024 | graded A+ | guaranteed pass
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  • Tennessee Real Estate Prep
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  • Tennessee Real Estate Prep

TN Exam Prep Quiz 123 questions and answers | accurate and verified with rationales | updated 2024 | graded A+ | guaranteed pass

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  • August 6, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Tennessee Real Estate Prep
  • Tennessee Real Estate Prep

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TN Exam Prep Quiz
Circle the letter of the Answer that corresponds to the displayed Question.
1. A standard elevation reference point used by surveyors to measure elevations of property in an area.
A. datum
B. right of enjoyment
C. cloud
D. buyer's market


2. ----- must not be in any field of real estate
A. Agency Status
B. Deed Restriction
C. title theory state
D. 2


3. A party who was first to obtain a ready, willing, and able customer, or a party who expended the effort
to induce the customer to complete the transaction.
A. net operating income
B. Warrant of seisin
C. procuring cause
D. fee simple


4. Portions of a condominium property that are owned by all unit owners for example grounds, parking
facilities, lobby and elevators. Portions of a commercial property used by all occupants as well as the
public.
A. common elements
B. price fixing
C. discounting
D. Federal Housing Administration (FHA)


5. An agreement in which only one party promises to perform, contingent on the other party's
performance of an optional action.
A. unilateral contract
B. Tennessee Real Estate Commission (TREC)
C. chain of title
D. co-brokerage


6. A combining of contiguous parcels of real estate into a single tract, performed with the expectation that
increase value will result.
A. assemblage
B. sole proprietorship

, C. customer
D. balloon payment
7. Without legal force or effect; unenforceable and null, such as an illegal contract. Results when illegal
purpose, operations of law prevents, acts of nature.
A. economic obsolescence
B. quiet title suit
C. void
D. bilateral contract


8. 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. underwriting
B. Federal National Mortgage Association (Fannie Mae)
C. estate in land
D. present value


9. A transfer by a tenant of portions of the rights and obligations of a lease to another party, the
sublessee. The original tenant remains primarily liable to the landlord for fulfilling lease obligations.
A. transfer government property
B. equalization
C. sublease
D. actual notice (see also constructive notice)


10. The beginning basis, or cost, of a property plus the costs of capital improvements, minus all
depreciation expense.
A. note
B. land
C. adjusted basis
D. interest rate


11. An estate that entails temporary rights of use, possession, and to an extent, exclusion, but not legal
ownership.
A. Federal Constitution
B. debt ratio
C. executory contract
D. leasehold estate


12. An underwriting ratio that relates a borrower's gross or net income and the debt service of a loan;
used to determine how large a loan a borrower can reasonably afford.
A. express or implied contract
B. chattel
C. income ratio
D. Federal laws

, 13. A business enterprise consisting of general and limited partners: general partners manage the affairs
of the business while limited partners are silent investors.
A. limited partnership
B. cost approach
C. economic life
D. Federal Constitution


14. An ownership estate of indeterminable duration; contrasts with a leasehold estate.
A. freehold estate
B. conveyance
C. township
D. void contract


15. Use of real property as collateral for a mortgage loan.
A. tax deed
B. right of enjoyment
C. emblements
D. hypothecation


16. A measure of the unoccupied supply of exiting space in a building or market at any point in time. A
vacancy rate is the amount of vacant space divided by the total amount of existing space.
A. vacancy
B. estate
C. depreciable basis
D. determinable fee


17. "Personal representative's deed
A. severance
B. density
C. executor to convey decedent's estate
D. allocation of markets


18. A land use in conflict with current zoning that is nevertheless authorized because of its perceived
benefit to the public welfare.
A. special exception
B. discounting
C. highest and best use
D. statute of frauds


19. An area between consecutive parallels, as defined in the rectangular survey system.
A. remainder
B. lis pendens

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