TENNESSEE REAL ESTATE EXAM 2025
QUESTIONS AND ANSWERS
Conditional use permit or zoning variance - ANS 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 - ANS 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 - ANS 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 - ANS 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 - ANS 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 - ANS A formal appraisal will
always be required when the
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, Business district zoned for a six story office building - ANS If all other factors are equal in
which location is a parking lot likely to bring the highest sale price
Setting a listing price - ANS A competitive market analysis is most often used for
Were located near the property being listed - ANS When compiling a competitive market
analysis a broker would look for comparable properties that
The original cost of the building - ANS When preparing a market data estimate of value
which of the following categories of adjustment is not essential
The first sold - ANS 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 - ANS 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 - ANS 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 - ANS 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
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QUESTIONS AND ANSWERS
Conditional use permit or zoning variance - ANS 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 - ANS 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 - ANS 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 - ANS 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 - ANS 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 - ANS A formal appraisal will
always be required when the
COPYRIGHT © 2025 THESTAR ALL RIGHTS RESERVED 1
, Business district zoned for a six story office building - ANS If all other factors are equal in
which location is a parking lot likely to bring the highest sale price
Setting a listing price - ANS A competitive market analysis is most often used for
Were located near the property being listed - ANS When compiling a competitive market
analysis a broker would look for comparable properties that
The original cost of the building - ANS When preparing a market data estimate of value
which of the following categories of adjustment is not essential
The first sold - ANS 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 - ANS 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 - ANS 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 - ANS 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
COPYRIGHT © 2025 THESTAR ALL RIGHTS RESERVED 2
