Affiliate Broker Study guides, Study notes & Summaries

Deed a written and signed document that transfers legal title to real property from the seller to the buyer. Not required to be recorded. only to be delivered. Parties to a deed grantor (seller) grantee (buyer) Executed deed passing of the deed Who signs the deed? the grantor/ the seller Elements of a Deed Parties, consideration, granting clause & legal description * must have total and complete legal description Types of Deeds General Warranty Deed Spe...

The land description T3N, R4W Principal Meridian refers to what method of property description? Rectangular Survey Two lots the same size are sold on a street the lot on the corner sells for $20,000 more than the lot in the middle of the street. Which of the following characteristics most likely explains the price difference? a) Uniqueness b)Situs c)indestructibility d)permanence of investment B)Situs A major difference between freehold and nonfreehold estate is that all fr...

real estate Includes land plus improvements and appurtenances, which include rights, privileges, and fixtures 1. Surface rights 2. Air rights 3. Subsurface rights, including mineral Personal Property Everything that is not real estate 1. To transfer, must be in the Purchase and Sale 2. If not in writing, the seller may take the personal property even if it was listed in the MLS 3. Example: freestanding refrigerator Metes and Bounds Description using directions and ...

A licensee negotiates the sale of a home intended for his fiancée and himself. He properly identifies himself as a licensee to the seller but neglects to disclose that he is getting married to the buyer. Do the actions of the licensee violate the license law? Yes, because a licensee cannot purchase or negotiate the sale of property in which the licensee will have a future interest. Yes, because the licensee did not disclose his possible future interest to the seller. No, because a licensee...

In order for there to be an agency in Tennessee, law requires there be a A) verbal agreement between the client and the affiliate broker. B) written and signed bilateral agreement. C) signed confirmation of agency form. D) written and signed unilateral agreement. B) written and signed bilateral agreement. Tennessee law requires that agency disclosure be made to the A) unrepresented party. B) commission. C) represented party. D) broker. A) unrepresented party. For a li...

TN RE laws and regulations are primarily contained in: 1. The TN RE Broker Act of 1973 2. Rules of the TN RE CommissionUni Other laws relevant to RE licensees include: Uniform Landland and Tenant Act Horizontal Propert Act Notice of Completion Statute TN Lead-based Paint Certification Act of 1997 Hazardous Waste Mgt Act of 1983 TN Consumer Protection Act of 1977 TN Anti-trust Law Conveyances of Property Time-share Programs and Vacation Clubs Human Rights What is the pur...

The 4 unities of possession, interest, time & title are associated with? Joint tenancy Two friends purchased property with a deed that transferred the property without further explanation. They took title as which of the following? Tenants in common 3 people are joint tenants with rights of survivorship in a tract of land. One owner conveys his interest to a friend. The other two owners remain joint tenants. 3 women were concurrent owners of real estate. One woman died. H...

Seller's Agent Works only on behalf of the seller to promote their interests Buyer's Agent Works only on behalf of the buyer to promote their interests Exclusive Listing A listing agreement that entitles the broker to a commission if any including the seller finds a buyer for the property during the listing term. Principal A person, partnership, association or corporation who authorizes and employs another to do certain acts within a real estate transaction on their be...

Tennessee Affiliate Broker License Exam Flashcards exam with 100% correct answersCapitalization The process of calculating the present worth of a property on the basis of its capacity to continue to produce an income stream Economic age Age of a building determined by its condition and usefulness. Gross income multiplier (GIM) A figure which, when multiplied by the annual gross income from all sources, not just annual rent, equals the property’s market value. ...

Affiliate broker Oscar discriminates, in violation of the Tennessee Human Rights Act, and also uses an earnest money check for personal use. Oscar's managing broker, Aidan, is unaware of these illegal activities. When the Commission finds out about Oscar's actions, what will be the impact on Aidan? Aidan may be disciplined for failure to exercise adequate supervision of Oscar. An affiliate broker associated with Rainbow Realty decides to purchase one of the company's listed properties...