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TN Exam Prep Quiz 8. Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep Quiz 8. 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. All property that is not considered real property; all property that is not land or permanently attached to land, excepting trade fixtures and emblements.
A. mortgage
B. accretion
C. personal property
D. liability
2. Partition deed
A. land use control
B. mill
C. Duty owed to licensee's client
D. convey co-owned property
3. A lien placed against a specific item of property rather than against all of an owner's property.
A. specific lien
B. beginning basis
C. Designated Agency
D. 5
4. The business of managing the physical and financial condition of an investment property for an owner. Oversee specific properties on behalf of the owners.
A. property management / managers
B. refinancing
C. CERCLA Superfund (1980) and SARA Superfund amendment (1986)
D. sale contract
5. A finical analysis to identify the discounted value of the cash flow of an investment over a given number o years.
A. note
B. metes and bounds
C. discounted cash flow analysis
D. beginning basis
6. An item permanently attached to land so as to e defined as real property.
A. - empowers government to proceed agains antitrust violators
B. condominium developer
C. for land trust
D. fixture
7. The illegal lending practice of restricting loans by geographical area.
A. readlining
B. syndication
C. alienation
D. Statutory deeds
8. An interest that gives a lien holder or buyer the right to acquire legal title to a property if certain contractual conditions occur.
A. facilitator / transaction broker
B. lot and block system
C. recording
D. equitable title
9. No encumbrances on the property
A. exclusive right to sell
B. Warrant of encumbrances
C. predatory price cutting and certain labor strikes, picketing and boycotts
D. equalization
10. Standards governing proper and professional business practices.
A. ethics
B. periodic tenancy
C. contract for deed
D. bilateral contract
,11. A trust in which a truster conveys a fee estate to a trustee and names himself or herself as beneficiary. The beneficiary in turn controls the property and the
actions of the trustee.
A. contract for deed
B. Warranty forever
C. land trust
D. economic obsolescence
12. An instrument used to convey mortgaged property back to the lender rather than have the lender foreclose on the property.
A. deed in lieu of foreclosure.
B. operating expense
C. home equity loan
D. prior appropriation
13. A lender's opinion of a borrower's ability to repay a loan in view of financial capabilities and past repayment patterns.
A. debt coverage ratio
B. credit evaluation
C. landlocked
D. deposit
14. An agreement that is null and cannot be enforced.
A. escalator clause
B. deed of trust
C. servient tenement
D. void contract
15. "Personal representative's deed
A. = 10 acres
B. executor to convey decedent's estate
C. judgment
D. specific performance
16. TREC - Means conditions or occurrences generally recognized by competent licenses that have negative impact of the value of the real estate.
A. adverse facts
B. state agencies
C. implied agency
D. net operating income
17. A will prepared entirely in the testator's handwriting, complete with date and signature.
A. general agency
B. statute of limitations
C. holographic will
D. Open listing
18. An attorney's or title officer's opinion of the condition and marketability of title to a parcel of property based on a recent search of title records by a competent
party.
A. opinion of title
B. subsurface rights
C. certificate of occupancy
D. documentary stamp
19. Representing no one - just handling the transaction process - Facilitator/Transaction Broker
A. deposit
B. devise
C. Non-agency
D. estate
20. Immobile, Industructible, Heterogeneous (unique)
A. negative amortization
B. Characteristics of land
C. antitrust laws
D. tenancy in severalty
21. Tennessee does not recognize this type of agency which is based on a person's actions to determine agency relationship
A. Implied Agency
B. Law of Agency
, C. proprietary lease
D. capital gain (or loss)
22. Legal status of a valid contract or other document that a court of law will force to be performed.
A. equilibrium
B. enforceability
C. Environmental Controls areas of concern
D. <p>independent contractor
23. A future freehold interest in a life estate held by a third party remainderman named by the grantor. When the life tenant dies, the estate passes to the
remainderman.
A. laws of decent and distribution
B. remainder
C. acquisition agent
D. home equity loan
24. An act of collusion where competitors agree to establish prices at certain levels to the detriment of customers or other competitiors.
A. investment
B. convey co-owned property
C. price fixing
D. prior appropriation
25. An upgrading of improved property having sufficient magnitude to constitute an addition to the property's basis. Contrasts with repair and maintenance.
A. security
B. buydown
C. capital improvement
D. = 160 acres
26. An agency relationship that arises by implication from the actions and representations of either agent or principal.
A. implied agency
B. real estate investment trust (REIT)
C. customer
D. tax certificate
27. An encumbrance or claim on title to property impeding or diminishing its marketability.
A. Non-agency
B. lot and block system
C. cloud
D. personal property
28. A north-south line used in a rectangular survey system of legal descriptions.
A. mutual consent
B. fee simple
C. value
D. Meridian
29. Acts addressing the disposal of solid and toxic wastes and measures for managing waste. In addition, the Superfund act provided money for hazardous
waste disposal and the authority to charge cleanup costs to responsible parties.
A. Warrant of quite enjoyment
B. CERCLA Superfund (1980) and SARA Superfund amendment (1986)
C. cooperative estate
D. loan commitment
30. A condition that must be satisfied for a contract to be binding and enforceable.
A. = 43,560 sq. ft.
B. contingency
C. periodic tenancy
D. base line
31. Without legal force or effect
A. legal description
B. null and void
C. balloon payment
D. chattel
32. A north-south area bounded by consecutive meridians.
, A. Institute of Real Estate Management
B. range
C. arrears
D. improvement
33. A court proceeding to clear a property's title of defects, claims and encumbrances.
A. brokerage
B. dower
C. qualification
D. quiet title suit
34. A voluntary transfer of real property interests
A. conveyance
B. Property Condition Disclosure Form
C. reversion
D. enforceability
35. Rights in real property as they apply to the property's airspace, or all space above the surface within the parcel's legal boundaries.
A. null and void
B. law of agency
C. air rights
D. steering
36. An impound account used for the safekeeping of a buyer's earnest money deposit; accompanied by specific instructions to the escrow agent for holding an
disbursing the funds.
A. contract for deed
B. Regulation Z
C. building code
D. earnest money escrow
37. Payment that occurs at the end of a payment term rather than at the beginning. Examples of items paid in arrears include taxes and interest.
A. negative amortization
B. arrears
C. demand
D. tenancy in severalty
38. A financial practice of reducing the value of dollars received in the future by an amount that reflects the interest that would have been earned if the dollars
had been received today.
A. market value
B. elective share
C. discounting
D. leverage
39. 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 real property.
A. monument
B. implied agency
C. debit
D. documentary stamp
40. Regulates estate ownership and usage according to customer and accepted practices.
A. real estate
B. courts common law
C. dominant tenement
D. monument
41. Apportionment of expense and income items for closing. Examples of items prorated between buyer and seller include interest, insurance, taxes, and rent.
A. proration
B. real estate
C. homestead laws
D. obsolescence
42. A transfer of title to real property without the consent or against the will of the owner, for example, eminent domain, foreclosure, and adverses possession.
A. strict foreclosure
B. involuntary alienation
C. executory contract
D. ground lease
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