TN National State practice exam latest update with 100% correct answers

An easement created when a parcel of property has no access to a street is called? Easement by Necessity The method for legal description of property that refers to a subdivision map is the? Recorded Plat A seller has paid the property taxes of $832 before closing, which occurs on Dec 8. Using a 360-day year for prorating purposes, what is the amount of the sellers prorated tax refund at closing? 50.84 the city builds a new fire station to replace an older one, if the city decides to sell the old fire station, which approach is probably the most appropriate to use for pricing the station? Income Approach The sum of all facts on which real property ownership is founded is called? Title When availability (supply) of property to be purchased decreased relative to demand, which of the following is true? Prices tend to go up Which of the following mortgage liens have the highest priority? Property Tax (liens are based on first come first served, and normally land records are recorded first making them higher priority.) A buyer and seller hire a broker to help them with a transaction. The broker is neither the listing broker nor the buyers broker. In this situation, the broker is a? facilitator Karen obtains a loan to purchase a unit in a condo with all the furnishings and appliances in the unit. This type of loan is called? Package Loan A listing contract states the amount the seller will receive from the proceeds of the sale with the remainder going to the broker as his/her commission. This type of listing is a? Exclusive Right to Sell, which is legal in Tennessee A property managers compensation is usually based on? a percentage of the rents collected Which of the following practice is prohibited under FHA regulations? Lender charges a prepayment penalty constructive eviction results From actions of the lessor Which of the following is NOT a protected category under Tennessee fair housing law? Family Status Blue rents his home from Green without a written lease or specified period of occupancy, blue holds? Estate At Will