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TN Prep Test 4 Verified and 100% Correct Q & A, Complete Document for Exam
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TN Prep Test 4 Verified and 100% Correct Q & A, Complete Document for Exam
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TN Exam Prep TestEnter the letter for the matching Answer
1. A defeasible fee estate where title A. assessed value
automatically reverts to the grantor if
usage conditions stated in the deed are B. implied agency
violated.
C. principal
2. The original cost or market value of an
acquired asset D. tenancy by the entireties
3. A combining of contiguous parcels of real E. land
estate into a single tract, performed with
the expectation that increase value will F. Implied Agency
result.
G. collateral
4. A contract where both parties promise to
perform in exchange for performance by H. grantee
the other party.
I. mechanic's lien
5. Patent deed
6. A life estate established by operation of J. gross easement
law rather than by the actions or wishes
K. local laws
of the property owners. Examples are
homestead law, dower, curtesy, and L. determinable fee
elective share.
7. The surface area of the earth, all natural M. bilateral contract
things permanently attached to the earth,
N. Tennessee Real Estate Commission
and everything beneath the surface to
(TREC)
the earth's center and above the surface
extending upward to infinity. O. conventional loan
8. A permanent long-term loan that is not
FHA-insured or VA-guaranteed. Ratios P. legal life estate
28%; 36% - Hardest to get.
Q. transfer government property
9. Created in 1951, they licenses and
register real estate firms, brokers and R. documentary stamp
affiliate brokers. The commission also
enacts rules addressing professional S. beginning basis
conduct and standards of practice. It is T. assemblage
classified as a judicial body of
government. Their mission i
10. Tennessee does not recognize this type
of agency which is based on a person's
actions to determine agency relationship
11. A personal right to use another's
property, granted by the owner; does not
attach to the estate, and there are no
dominant or servant tenements.
12.
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