FREE REAL ESTATE AND STUDY GAMES ABOUT TN EXAM

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FREE REAL ESTATE AND STUDY GAMES ABOUT TN EXAM

PREP Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -468 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Periodic payments of interest and/or principal on a mortgage loan.

Answer:

debt service Question 2: An agent's design for procuring a customer for a client, including selling and promotional activities.

Answer:

marketing plan

Question 3: Operating without a license is a -------

Answer:

Class B misdemeanor

Question 4: Sheriff's deed

Answer:

foreclosure

Question 5: The difference between the net sales proceeds of an asset and its adjusted basis.

Answer:

capital gain (or loss) Question 6: A lien against property to secure a tax levy for a specific public improvement, such as a new road or sewer. Only properties benefitting from the improvement are taxed and liened.

Answer:

special assessment lien Question 7: 1. One of a class of liens that by law have a higher priority than an junior lien; all are tax liens.

• A junior lien whose priority is higher than that of another lien.

Answer:

superior lien

Question 8: A north-south area bounded by consecutive meridians.

Answer:

range Question 9: A legal instrument that can be sold, traded, assigned, or otherwise transferred to another party, such as a promissory note.

Answer:

negotiable instrument

Question 10: An unlawful agreement between competitors to monopolize a market,

disadvantage other competitors, or otherwise undertake activities in violation of fair trade laws.

Answer:

colllusion Question 11: A north-south line used in a rectangular survey system of legal descriptions.

Answer:

Meridian

Question 12: A loss of value to property because of decay or natural wear and tear.Exacerbated by deferred maintenance, or the failure to repair or maintain property on a regular basis.

Answer:

physical deterioration

Question 13: A municipal land us regulation.

Answer:

zoning ordinance Question 14: A permanent long-term loan that is not FHA-insured or VA-guaranteed. Ratios 28%; 36% - Hardest to get.

Answer:

conventional loan Question 15: Rules created by TREC are in ------- of the official TREC license Law Manual"

Answer:

Chapter 1260 Question 16: Annual income from an investment property that is subject to taxation, generally equal to net operating income plus reserves minus depreciation and interest expense.

Answer:

taxable income Question 17: A will prepared entirely in the testator's handwriting, complete with date and signature.

Answer:

holographic will Question 18: Establish standards for protecting interests of handicapped people."

Answer:

Federal laws

Question 19: A method of legally describing real property which uses longitude and latitude lines to identify ranges, tiers, and townships.

Answer:

rectangular survey system / government survey system Question 20: "A provision in a deed that limits or places rules on how the deeded property may be used or improved.

Answer:

Deed Restriction Question 21: A proposal to enter into binding contract under certain terms, submitted by an offeror to an offer. If accepted without amendment an offer becomes a contract.

Answer:

offer Question 22: A fixed, artificial or natural landmark used as a reference point in a metes and bounds legal description.

Answer:

monument Question 23: Representing both buyer and seller in same transaction if broker allows - MUST

DISCLOSE

Answer:

Dual Agency

Question 24: Excessive or illegal interest charged on a loan.

Answer:

usury Question 25: A conversion of real property to personal property through detachment of the iitem from the land.

Answer:

severance