Final Exam TN Real Estate Course Questions and Answers with Verified Solutions

Final Exam TN Real Estate Course Questions and Answers with Verified Solutions A Tennessee licensee must use the "Exclusive Right to Sell" form - required by the licensee's broker. According to the level of authority delegated to the agent, the usual real estate agency is a - limited agency. When must the contract be in writing? - John is agreeing to sell his shed to Shawn for $1,000. One disadvantage in using active listings for comparables is - they provide somewhat dubious comparisons because listing prices are not selling prices. Why is it sometimes necessary to include a bill of sale with a purchase contract? - A bill of sale confirms that all promised inclusions are in fact part of the conveyance. Prior to the acceptance of a purchase contract, the seller must provide the buyer with a written property condition disclosure if - the property is a residential property of less than 5 units. Which HUD document provides information to builders regarding fair housing compliance? - Fair Housing Act Accessibility Guidelines The two restraints of trade of most concern to real estate brokers are conspiracies to fix prices and - group boycotts. The payment amount a borrower makes periodically to a lender consists of - a portion of principal and a portion of interest. If a loan is subject to RESPA, the lender must give the borrower an estimate of closing costs - within three days of receiving the loan application. "Farming" is the practice of - prospecting for business in a selected area. ___________ is normally the single most important element in a home's value. - Location ______________ property is land or improved property with buildings designed for humans to live in, such as single-family homes, apartments, or condominiums. - Residential When does a purchase and sale agreement become enforceable? - At time of offer delivery and acceptance by seller Which of the following is subject to the requirements of RESPA? - A single-family home purchase financed by a federally-insured loan A licensee found guilty of engaging in the unauthorized practice of law could face - suspension of license.