Tennessee Real Estate Exam Questions and Answers Solved 100%

1 acre = ______ square feet - 43560 1 Section is - 1 square mile which is 640 acres 1 Square mile - 640 acres 3 Approaches to Valuation - Sales Comparison Cost Income Approach 5 basic tests to determine if an item is a fixture or personal property - M-Method of annexation A-Adaptability for use R-Relationship of the parties (courts favor tenants/buyers over landlord/sellers) I-Intention in placing A-Agreement of the parties 6 covenants promises of a General Warranty Deed - Seisin - possession Right to Convey Against Encumbrances against the title unless id'd Quiet Enjoyment Further Assurances - grantor promises to take actions to correct title defects Warranty forever A license is... - Temporary permission for one person, at the discretion of the prop owner to do something on another's land without possessing any interest or ownership. Not assignable or inheritable.Acceleration Clause - makes entire debt due if borrower's default Acres in a section - 640 Adverse fact - conditions or occurrences generally recognized by competent licensees that significantly reduce the structural integrity of improvements to real property, or present a significant health risk to occupants of the property. Affiliate broker pre-licensing educational requirements and post licensing education - Pre- HS diploma and 90 hrs pre-licensing coursework Post - 30 hr course within 6 months of obtaining license Continuing - 16 hrs every 2 yrs Amortization Chart how to use - 6.43509 per $1000 of mortgage Annexation - process of converting personal property to real property Appraiser Independence Requirements - Established in 2010 by Fannie, Freddie, Fed Housing Finance Agency FHFA Assignment - To transfer contractual rights to a new party. At least 1 member of the commission .... 3 members must be ... - - must be 60 or older - must be person of color - 3 members E. Grand Division, 3 in Middle Grand, 3 in West Grand Attachment Liens - When courts place an encumbrance on the property of a defendant in a lawsuit for monetary damages/judgementBargain and Sale deed - Used in tax and foreclosure sales Base Lines - Runs East and West Broker pre-licensing education requirements - Diploma or GED 120 hrs including 30 hrs brokerage mgmt Bulk zoning - regulates the density of a given area by requiring certain building height limitations, lot width, setback requirements By when must TN licensees respond to a request by the commission when a complaint has been made against them? - 10 days Capitalization Rate = - Net Operating Income / Value (sales price) Cap Rate Income producing Property Cap R = I / V Civil Rights Act of ... - 1866 prohibits discrimination based on race or color Clayton Act - Prohibits mergers that would result in a monopoly Clayton Act of 1914 - mergers that 'substantially' lessen competition were made illegal Commission members appointed by... - the governor Commission members serve.... - 5 yr terms