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Tennessee Real Estate Exam Prep Verified and 100% Correct Q & A, Questions and Answers
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Tennessee Real Estate Exam Prep Verified and 100% Correct Q & A, Questions and Answers
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___ 1. An estate A1. antitrust laws
___ 2. Real estate and the bundle of rights associated with ownership of B1. commingling
real estate C1. tenancy in common
___ 3. An exemption of a portion of the assessed value of a homeowner's D1. suit for possession
principal residence from ad valorem taxation.
E1. Real Estate Education and
___ 4. 1. A non-cash expense taken against the income of investment Recovery Account
property that allows the owner to recover the cost of the investment
through tax savings. 2. A loss of value to improved property. F1. tier
___ 5. A loan provision defining the lender's right to accelerate a note upon G1. broker
the transfer of collateralized property. H1. will
___ 6. Planning policy that requires developers to correct foreseen negative I1. offer and acceptance
impacts of a development during the construction period of the J1. foreclosure
project for example, widening a road during construction to
accommodate future increase in traffic. K1. securities license
___ 7. A cooperative owner's lease on a unit in the cooperative building. L1. loan-to-value ration (LTV)
The lease runs concurrently with the owner's ownership interest in M1. living trust
the cooperative. N1. emblements
___ 8. A right, interest, or improvement that attaches to and transfers with a O1. Class B misdemeanor
parcel of real property, such as an easement or a riparian right.
P1. discounted cash flow
___ 9. 1/4 of 1/4 of 1/4 always analysis
___ 10. An ownership estate of indeterminable duration; contrasts with a Q1. dominant tenement
leasehold estate.
R1. judicial foreclosure
___ 11. An organization of brokers who agree to cooperate in marketing the
pooled listings of all members. S1. Statutory deeds
___ 12. The original cost or market value of an acquired asset T1. brokerage
___ 13. TREC - Means conditions or occurrences generally recognized by U1. tenancy by the entireties
competent licenses that have negative impact of the value of the V1. buydown
real estate. W1. tenancy in severalty
___ 14. A trust in which a truster conveys a fee estate to a trustee and X1. liquidity
names himself or herself as beneficiary. The beneficiary in turn
controls the property and the actions of the trustee. Y1. net listing
___ 15. The total cost of credit to a borrower inclusive of finance charges Z1. Uniform Residential
and the state interest rate, expressed as an annual rate of interest. Landlord and Tenant Act
(URLTA)
___ 16. Services that differ in nature or quality from those normally
rendered, with the alternation based on race, color, sex, national A2. contingency
origin, or religion. B2. void contract
___ 17. Immobile, Industructible, Heterogeneous (unique) C2. power of attorney
___ 18. An intangible business asset valued at the difference between the D2. homestead laws
sale price and the value of all other assets of the business. E2. riparian rights
___ 19. A method of appraising property that relies on the principle that a F2. multiple listing service
property is generally worth what other, similar properties are worth. (MLS)
,___ 20. An averaging of assessed valuations in an area to compensate for G2. buyer's market
ad valorem tax inequities. H2. life estate
___ 21. A title recording system that registers title to property as well as I2. Single agency
liens and encumbrances, on a title certificate. The certificate is the
title and reflects everything there is to be known about the J2. estate in land
condition of the title. K2. survey
___ 22. An instrument used by a borrower to convey title to mortgaged L2. court appointed guardian
property to a trustee to be held as security for the lender, who is the M2. debit
beneficiary of the trust. 3 parties involved, makes it easier to
foreclose. N2. Chapter 1260
___ 23. The remaining positive or negative amount of income an O2. testate
investment produces after subtracting all operating expenses and P2. assessed value
debt service from gross income. Q2. strict foreclosure
___ 24. A sale of a business involving the transfer of assets as opposed to R2. mortgage financing
the liabilities or stock.
S2. predatory price cutting and
___ 25. Personal right that one party grants to another to use the grantor's certain labor strikes,
real property. Th right does not attach to the grantor's estate; Verbal picketing and boycotts
can be revoked. Can be personal or commercial.
T2. validity
___ 26. Patent deed
U2. Torrens System
___ 27. An agency relationship which restricts the agent's authorizations to
a specific set of duties. The relationship usually terminates on V2. specific lien
performance of these duties, as in a real estate broker's listing W2. servient tenement
agreement. X2. real estate
___ 28. An agency of the department of housing and urban development Y2. conventional loan
which insures permanent long-term loans that meet certain
qualifications. Z2. title insurance
___ 29. a duly trained and licensed professional authorized to perform A3. party wall easement
appraisals for other parties. B3. property management /
___ 30. A unilateral contract in which an owner, or optionor, grants a buyer managers
or tenant, the optionee, a future right to be exercised before a C3. easement
deadline, in exchange for valuable consideration. D3. interest
___ 31. Obtaining a new loan to replace an existing loan, usually to take E3. present value
advantage of lower interest rates, to obtain a longer-term loan, or to
liquidate equity. F3. void
___ 32. A financial contract where a seller retains legal title to a property G3. debt coverage ratio
and gives the buyer equitable title and possession over a period of H3. counteroffer
time. Seller finances all or part of the purchase price. I3. replacement cost
___ 33. Separable subsurface rights to mineral deposits; transferrable by J3. net lease
sale or lease to other parties.
K3. datum
___ 34. The ad valorem tax rate of a taxing district, derived by dividing
revenues required from taxpayers by the districts tax base. If the L3. beginning basis
millage rate is 30, the tax rate is 3%, or $3.00 per $100 of assessed M3. business brokerage
valuation (net of exemptions). N3. Women's Council of
___ 35. A legal instrument that can be sold, traded, assigned, or otherwise Realtors
transferred to another party, such as a promissory note. O3. National Association of
___ 36. A legal contract that establishes and controls the dynamics of the Realtors
agency relationship between principal and agent. The principal to P3. limited partnership
the listing may be buyer, seller, landlord, or tenant.
Q3. tax certificate
, ___ 37. TREC - Any person who, for a fee, commission, finder's fee or any R3. State vs. Federal Laws
other valuable consideration or with the intent or expectation of S3. granting clause, or
receiving a fee, commission on the sale of real estate. premises clause for deed
___ 38. An estate distinguished by fee simple ownership of the airspace of T3. price fixing
a unit plus an undivided interest with the other unit owners in the
overall property's common elements. U3. specific performance
___ 39. In agency law, a party outside of the fiduciary relationship of client V3. encumbrance
and agent. If an agent treats a customer as a client, an implied W3. performance
agency may result. X3. economic life
___ 40. Periodic payments of interest and/or principal on a mortgage loan. Y3. adverse possession
___ 41. A retail property lease which requires a tenant to pay a minimum Z3. land trust
amount of rent plus an additional increment that reflects the sales
achieved by the tenant. A4. deposit
___ 42. TREC - A person who by means of personal inducement, B4. evidence of title
solicitation, or otherwise attempts to directly encourage any person C4. inferior lien / junior lien
to attend a sales presentation for a time-share program. D4. Secondary mortgage
___ 43. Representing both buyer and seller in same transaction if broker markets
allows - MUST DISCLOSE E4. right of survivorship
___ 44. A mortgage loan having an interest rate that can be periodically F4. Warrant of encumbrances
raised or lowered in accordance with the movement of a financial
index. G4. customer
___ 45. Deed in trust H4. public grant
___ 46. In a contract, a clause that expressly provides for compensation a I4. Real Estate License
defaulting party owes the damaged party. In the absence of such a Renewal
clause, a damaged party may sue for unliquidated damages. J4. water rights
___ 47. All earnest money must be deliered to the broker immediately upon K4. adjustable rate mortgage
receipt; Each contact shall state the amount of earnest money, who L4. Government National
will hold thefundsa end under what conditions it may be disbursed. Mortgage Association
Earnest money funds must be held in a separate Escrow (Ginnie Mae)
___ 48. "Established in 1992 for Tennessee to establish how the licensee is M4. estoppel
working with the parties (buyers & sellers) in the transaction
N4. yield
___ 49. An imaginary latitude line within the rectangular survey system
that is designated in relation to a principal meridian for purposes of O4. base line
identifying townships. P4. recording
___ 50. Any financing arrangement where a seller takes a note and Q4. affiliate broker
mortgage from the buyer for all or part of the purchase price of the R4. benchmark
property.
S4. involuntary alienation
___ 51. The cost of constructing a functional equivalent of a property at
current labor and materials costs using current construction T4. ethics
methods. U4. principal
___ 52. A for-profit business where two or more co-owners agree to share V4. exclusive right to sell
management responsibilities and profits. Does not involve silent W4. lot and block system
partners, as in a limited partnership.
X4. asset sale
___ 53. Removal of a tenant from a property because of a lease default.
Y4. trade fixture
___ 54. A landlord's formal legal avenue for evicting a tenant.
Z4. universal agency
___ 55. A transfer by a tenant of portions of the rights and obligations of a
lease to another party, the sublessee. The original tenant remains A5. collateral
primarily liable to the landlord for fulfilling lease obligations. B5. deed in lieu of foreclosure.
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