Affiliate broker exam - Study guides, Class notes & Summaries

TN Real Estate Affiliate Broker Exam

Personal Property Also called Chattels Has mobitily! Life Estate that is willed and then sold, the buyer can live there... Until the seller, that sold the willed property, dies. Tenants in Common -unequal interest -no right of survivorship Joint Tenancy Everyone has an equal part/ownership Right to survivorship Devise gift of real property by will Alienation The transferring of property to another Encroachment A building or some portion of it -...

Tennessee Affiliate Broker Exam Questions and answers latest update 2024

Tennessee Affiliate Broker Exam Questions and answers latest update 2024

The Tennessee Human Rights Commission (THRC) - correct answer enforces fair housing laws in the state. Exemptions to Tennesse's Human Rights Act are: - correct answer 1. Rental of one housing unit when the building contains no more than two independent units, if the owner or a family member lives in one of the units. 2. Rental of a room or rooming unit in a housing accommodation that shares a common...

The Tennessee Human Rights Commission (THRC) correct answer: enforces fair housing laws in the state. Exemptions to Tennesse's Human Rights Act are: correct answer: 1. Rental of one housing unit when the building contains no more than two independent units, if the owner or a family member lives in one of the units. 2. Rental of a room or rooming unit in a housing accommodation that shares a common bath (and only in regards to sex as a protected class). 3. Sale, rental, or preference of a d...

PSI TN (State) Exam Questions & Answers 2023/2024 What is the purpose of an escrow account? - ANSWER-Keep money that doesn't belong to you SEPARATE from personal account/money Who is responsible for looking after Escrow Accounts for property? - ANSWER-Broker Another name for Escrow Money (earnest money, security deposits) is_________? - ANSWER-Trust Money When a Broker gets Escrow/Trust money and deposit into the Escrow Account they MUST do what as well? - ANSWER-The Broker must w...

How many hours are required for AF Broker exam correct answer: 90 Another name for escrow account correct answer: Trust account What responsibility does a broker have when a licensee wants to change brokerages? correct answer: Immediately sign TREC's Transfer, Release and Change of Status Form to release the licensee. Why do residential and commercial real estate purchases in Tennessee require different contracts? correct answer: To provide the proper legal protections to the parti...

real estate Includes land plus improvements and appurtenances, which include rights, privileges, and fixtures 1. Surface rights 2. Air rights 3. Subsurface rights, including mineral Personal Property Everything that is not real estate 1. To transfer, must be in the Purchase and Sale 2. If not in writing, the seller may take the personal property even if it was listed in the MLS 3. Example: freestanding refrigerator Metes and Bounds Description using directions and ...

The 4 unities of possession, interest, time & title are associated with? Joint tenancy Two friends purchased property with a deed that transferred the property without further explanation. They took title as which of the following? Tenants in common 3 people are joint tenants with rights of survivorship in a tract of land. One owner conveys his interest to a friend. The other two owners remain joint tenants. 3 women were concurrent owners of real estate. One woman died. H...