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Tennessee Real Estate Exam Prep Verified and 100% Correct Q & A,
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Tennessee Real Estate Exam Prep Verified and 100% Correct Q & A,
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TN Exam Prep TestEnter the letter for the matching Answer
1. A recurring or periodic expense necessary A. fair housing laws
for the operation of an income property.
Examples include utilities, management, B. Deed Restriction
and ad valorem tax expenses. Excluded
are debt service and the property's C. millage rate
income tax liability.
D. devise
2. The portion of a property's total basis that
may be depreciated, generally the basis E. brokerage
of the improvements, since land cannot
be depreciated. F. depreciable basis
3. An item that has a legal owner, along with G. Women's Council of Realtors
the attendant rights to legal ownership.
H. Regulation Z
4. A partial or complete reduction of a loan's
principal balance over the loan term, I. transfer government property
achieved by periodic payment s which
include principal as well as interest. J. loan-to-value ration (LTV)
5. Fulfillment of the terms of a contract. K. business brokerage
6. Control land usage over specific parcels L. Duty owed to licensee's client
of land"
7. A fair financing law applying to residential M. assemblage
loans; lenders must disclose financing
N. operating expense
costs and relevant terms of the loan to the
borrower. O. designated agent
8. The ad valorem tax rate of a taxing
district, derived by dividing revenues P. performance
required from taxpayers by the districts
Q. local laws
tax base. If the millage rate is 30, the tax
rate is 3%, or $3.00 per $100 of assessed R. equalization
valuation (net of exemptions).
S. amortization
9. An averaging of assessed valuations in an
area to compensate for ad valorem tax T. property
inequities.
10. A transfer of real or personal property
from the devisor to the devisee(s) by
mesa of a will.
11. Anti-discrimination legislation designed to
ensure equal opportunity in housing to all
home buyers.
12. "A provision in a deed that limits or places
rules on how the deeded property may be
used or improved.
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