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TN Exam Prep Quiz 6 Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep Quiz 6 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. Insurance against loss or damage to real property improvements; required by most mortgage lenders
to protect the collateral.
A. tax certificate
B. offer
C. hazard insurance
D. superior lien
2. A loss of property value because of functional or economic (external) factors.
A. obsolescence
B. present value
C. trade fixture
D. Warranty forever
3. An advertisement that does not contain the identity of the advertiser.
A. blind ad
B. price fixing
C. net operating income
D. planned unit development (PUD)
4. A method of legally describing property which utilizes physical boundary markers and compass
directions for describing the perimeter boundaries of a parcel.
A. metes and bounds
B. = 43,560 sq. ft.
C. foreclosure
D. abstract of title
5. Financing that uses mortgaged real property as security for borrowed funds
A. mortgage financing
B. National Association of Real Estate Brokers
C. Property Condition Disclosure Form
D. title theory state
6. A listing agreement which pays the listing broker a commission if anyone other than the property owner
procures a customer.
A. limited/advisory agency
B. functional obsolescence
C. designated agent
D. exclusive agency
,7. Master deed
A. business brokerage
B. color of title
C. police power
D. condominium developer
8. The percentage of a loan amount that a borrower must pay a lender annually as interest on a loan
amount.
A. interest rate
B. right of survivorship
C. third party trustee as collateral for a a loan
D. customer
9. An opinion of value of a property developed by a professional and disinterested third party and
supported by data and evidence.
A. appraisal
B. courts case law
C. superior lien
D. null and void
10. The prohibited practice of channeling prospective buyers and tenants toward or away from a
particular area.
A. equity of redemption
B. inferior lien / junior lien
C. conveyance
D. steering
11. A direct agent of the principal who is hired for compensation to perform a stated service such as
procuring a customer.
A. rectangular survey system / government survey system
B. eminent domain
C. enforceability
D. broker
12. 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. judicial foreclosure
B. blind ad
C. option
D. co-brokerage
13. Regulates real estate ownership and usage according to prior court decisions.
A. tier
B. "discrimination in housing
, C. courts case law
D. accretion
14. Define, qualify ownership rights"
A. fair housing laws
B. state laws
C. yield
D. depreciable basis
15. Establish standards for protecting interests of handicapped people."
A. yield
B. interest rate
C. negotiable instrument
D. Federal laws
16. Regulates estate ownership and usage according to customer and accepted practices.
A. State vs. Federal Laws
B. courts common law
C. Implied Agency
D. fixture
17. A property containing an easement that must "serve" the easement use belonging to a dominant
tenement.
A. tax deed
B. servient tenement
C. title theory state
D. Non-agency
18. A voluntary or involuntary placing of a lien's priority below that of another. a mortgage lien, for
example automatically subordinates to a real estate tax lien.
A. joint venture
B. subordination
C. annual percentage rate (APR)
D. net listing
19. An agreement that is subject to being nullified because a party to the agreement acted under some
legal disability. Only one party may cancel, minor, party acted under duress or undue force/coercion
threat, undue influence.
A. gross easement
B. Implied Agency
C. Federal Deposit Insurance Corporate (FDIC)
D. voidable contract
20. A junior lien enabling property builders, suppliers, and contractors to secure debt arising from labor
and materials expended on a property.
, A. mechanic's lien
B. due on sale
C. marketable title
D. township
21. A body of state-level laws that stipulates how an estate will be passed on to heirs in the absence of a
valid will.
A. credit
B. laws of decent and distribution
C. freehold estate
D. liquidity
22. An agreement to repay a loan of an indicated amount under certain terms
A. economic obsolescence
B. equity
C. recording
D. note
23. A local government entity authorized by state, county, or municipality to levy taxes for a particular
purpose.
A. cash flow
B. tax district
C. discounting
D. marketing plan
24. 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. Duty owed to licensee's client
B. amortization
C. syndication
D. Bundle of Rights
25. 1. Cancellation of a contract 2. Cancellation of a real estate license.
A. revocation
B. lot and block system
C. National Association of Realtors
D. Law of Agency
26. Direct investment without the intermediation of a bank or other depository institution to make loans
and other investments.
A. negative amortization
B. disintermediation
C. subagency
D. economic life
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