1
Tennessee real estate exam Questions with
Answers (100% Correct Answers)
Conditional use permit or zoning variance Answer: A land owner wishes to
build a neighborhood grocery store on a busy street in the area zoned for
residential use which of the following would most likely be used to obtain
permission for the store
The federally subsidized flood insurance policy Answer: Referred to the
scenario in the figure book booklet see link below to answer this question
should flooding occur and cause damage to the property the Parker should seek
payment from
Provide the buyer with contract information for the local planning and zoning
office to confirm the zoning and determine whether it permits his use Answer:
A broker is showing a buyer one of his residential listings the buyer says he
wants to establish a day care center for seniors in the property the property has
been used for a daycare center for no more than five children how should the
broker advise his buyer
Escheat Answer: A property owner died having willed his real property to his
two daughters there is still a chance that they could lose the land for a variance
of reasons but it cannot be taken through
A court may order the return of the property to the original owner Answer: If
continues for property use are included in a deed and these conditions are
violated what is the most severe potential penalty
Lender wants to sell the mortgage to the secondary market Answer: A formal
appraisal will always be required when the
Business district zoned for a six story office building Answer: If all other factors
are equal in which location is a parking lot likely to bring the highest sale price
, 2
Setting a listing price Answer: A competitive market analysis is most often used
for
Were located near the property being listed Answer: When compiling a
competitive market analysis a broker would look for comparable properties that
The original cost of the building Answer: When preparing a market data
estimate of value which of the following categories of adjustment is not
essential
The first sold Answer: Three individual homes in the neighborhood were listed
at the same time in a market where demand was constant according to the law
of supply and demand which would have sold for the lowest price
An insurance company Answer: The FHA functions most like
Vary over the life of the loan depending on fluctuations in the interest-rate to
which the loan is referenced Answer: When a home is purchased using an arm
the monthly loan payment on the mortgage will
Confirm with the sellers broker the lender and the closing entity that the closing
must be delayed to allow for the seven day waiting period after the final GFE
and the TI L statements Are received Answer: A broker and the buyers he
represents are anxiously awaiting the closing on their new home the closing is
scheduled in four days the buyer inform the broker that they just received a
reverse good faith estimate and Truth in lending disclosure form from the
lender indicating the annual percentage rate on their loan has increased by
0.3% based on the mortgage disclosure improvement act of 2009 what action
should the broker take in this situation
Commission sales Answer: Even if a loan applicants current income seems
adequate to qualify for certain loan the equal credit opportunity act allows a
lender to refuse the loan as a high risk if the applicants main source of income
is
Tennessee real estate exam Questions with
Answers (100% Correct Answers)
Conditional use permit or zoning variance Answer: A land owner wishes to
build a neighborhood grocery store on a busy street in the area zoned for
residential use which of the following would most likely be used to obtain
permission for the store
The federally subsidized flood insurance policy Answer: Referred to the
scenario in the figure book booklet see link below to answer this question
should flooding occur and cause damage to the property the Parker should seek
payment from
Provide the buyer with contract information for the local planning and zoning
office to confirm the zoning and determine whether it permits his use Answer:
A broker is showing a buyer one of his residential listings the buyer says he
wants to establish a day care center for seniors in the property the property has
been used for a daycare center for no more than five children how should the
broker advise his buyer
Escheat Answer: A property owner died having willed his real property to his
two daughters there is still a chance that they could lose the land for a variance
of reasons but it cannot be taken through
A court may order the return of the property to the original owner Answer: If
continues for property use are included in a deed and these conditions are
violated what is the most severe potential penalty
Lender wants to sell the mortgage to the secondary market Answer: A formal
appraisal will always be required when the
Business district zoned for a six story office building Answer: If all other factors
are equal in which location is a parking lot likely to bring the highest sale price
, 2
Setting a listing price Answer: A competitive market analysis is most often used
for
Were located near the property being listed Answer: When compiling a
competitive market analysis a broker would look for comparable properties that
The original cost of the building Answer: When preparing a market data
estimate of value which of the following categories of adjustment is not
essential
The first sold Answer: Three individual homes in the neighborhood were listed
at the same time in a market where demand was constant according to the law
of supply and demand which would have sold for the lowest price
An insurance company Answer: The FHA functions most like
Vary over the life of the loan depending on fluctuations in the interest-rate to
which the loan is referenced Answer: When a home is purchased using an arm
the monthly loan payment on the mortgage will
Confirm with the sellers broker the lender and the closing entity that the closing
must be delayed to allow for the seven day waiting period after the final GFE
and the TI L statements Are received Answer: A broker and the buyers he
represents are anxiously awaiting the closing on their new home the closing is
scheduled in four days the buyer inform the broker that they just received a
reverse good faith estimate and Truth in lending disclosure form from the
lender indicating the annual percentage rate on their loan has increased by
0.3% based on the mortgage disclosure improvement act of 2009 what action
should the broker take in this situation
Commission sales Answer: Even if a loan applicants current income seems
adequate to qualify for certain loan the equal credit opportunity act allows a
lender to refuse the loan as a high risk if the applicants main source of income
is
