Tennessee Real Estate Exam
1,501+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Tennessee real estate salesperson exam.
Tennessee License Law
159 questions- Which agency regulates real estate licenses in Tennessee?
- In Tennessee, the entry-level real estate license is called:
- How many hours of pre-license education are required to obtain a Tennessee affiliate broker license?
- The Tennessee real estate affiliate broker licensing exam consists of how many questions?
- What is the minimum passing score required on the Tennessee real estate licensing exam?
- In Tennessee, an affiliate broker must work under:
- How long does a Tennessee real estate affiliate broker license remain valid before renewal?
- How many hours of continuing education are required for Tennessee affiliate broker license renewal?
- Under Tennessee license law, a licensee who receives an earnest money deposit must:
- Tennessee license law requires that a real estate brokerage agreement (listing or buyer representation) must:
- Which of the following is NOT a ground for disciplinary action by the Tennessee Real Estate Commission?
- A Tennessee affiliate broker who wants to upgrade to a principal broker license must have at least how many years of experience as an affiliate broker?
- Which Tennessee statute governs the licensing of real estate brokers and affiliate brokers?
- TREC is administratively attached to which Tennessee department?
- How many members serve on the Tennessee Real Estate Commission?
- A Tennessee real estate license applicant must be at least how old?
- If a Tennessee affiliate broker's license is placed on inactive status, the licensee may:
- Under Tennessee law, which activity does NOT require a real estate license?
- A Tennessee licensee who changes principal brokers must:
- The Tennessee Real Estate Education and Recovery Account is funded primarily by:
- The maximum amount a consumer can recover from the Tennessee Real Estate Education and Recovery Account per transaction is:
- When a Tennessee principal broker retires or dies, affiliate brokers in the firm:
- Tennessee requires that all real estate advertising by licensees must include:
- A Tennessee real estate licensee who wishes to practice real estate in another state without obtaining a new license may use a:
- Commingling, as defined under Tennessee license law, means:
- Under Tennessee license law, a licensee who knowingly makes a substantial misrepresentation may face:
- The Tennessee Real Estate Broker License Act of 1973 established:
- If a Tennessee licensee is found guilty of a crime involving fraud or dishonesty, TREC may:
- A Tennessee principal broker is responsible for:
- Which of the following activities is permitted without a real estate license in Tennessee?
- A Tennessee licensee who practices real estate under a team name must ensure that:
- How long must a Tennessee principal broker retain transaction records?
- A Tennessee licensee who fails to complete continuing education before the license renewal deadline will have their license:
- Which of the following requires a Tennessee real estate license?
- A Tennessee licensee who accepts a referral fee from a title company without disclosing it to the parties in the transaction is:
- A Tennessee licensee who receives an earnest money check must deliver it to the principal broker's trust account:
- Under Tennessee license law, a licensee must disclose their licensed status when:
- A licensee who engages in 'net listing' in Tennessee should be aware that:
- Under Tennessee law, the practice of a licensee purchasing property from a client for resale at a profit without disclosing their intent is:
- An affiliate broker who receives a complaint from a client should first:
- TREC has the authority to impose a civil penalty per violation up to:
- A Tennessee affiliate broker who wants to become a principal broker must complete how many additional hours of education?
- Tennessee real estate continuing education must include which mandatory topic?
- A Tennessee real estate licensee who operates a property management company under a trade name must:
- The Tennessee Real Estate Commission meets on a regular basis primarily to:
- A licensee in Tennessee who wishes to operate as an independent contractor under a principal broker:
- A Tennessee licensee may receive compensation from more than one party in a transaction only if:
- In Tennessee, can an unlicensed personal assistant to a licensee show property to prospective buyers?
- Which of the following would be grounds for TREC to deny a license application?
- A Tennessee real estate firm operating under a fictitious business name must:
- A Tennessee licensee who wants to sell real estate through their own LLC must:
- Under Tennessee law, the phrase 'for another' in the definition of real estate activities means:
- TREC's authority to regulate real estate in Tennessee is derived from which type of government power?
- If a Tennessee licensee is the subject of a TREC complaint, the licensee has the right to:
- Under Tennessee license law, 'earnest money' must be deposited in a trust account that is:
- Tennessee's 90-hour pre-license course for affiliate brokers must include which of the following components?
- The Tennessee Real Estate Commission has the authority to censure a licensee. A censure is:
- Which of the following is a prohibited act under Tennessee real estate license law?
- A Tennessee affiliate broker may receive their real estate commission directly from:
- Tennessee requires a real estate license for 'negotiating' real estate transactions. Which of the following constitutes negotiating?
- TREC's authority extends to all of the following EXCEPT:
- A Tennessee affiliate broker who willfully violates the license law may face criminal charges for a:
- Under Tennessee license law, a principal broker must supervise all licensees affiliated with their firm. This supervisory responsibility includes:
- A Tennessee real estate licensee who is also a licensed attorney is subject to:
- A Tennessee licensee may act as a property manager for residential rental properties without a specific property management license, but must:
- A Tennessee principal broker who allows an unlicensed person to perform licensed activities in their firm is subject to:
- If a Tennessee licensee's principal broker is found guilty of license law violations, the affiliate brokers associated with the firm:
- The Tennessee REALTORS® (formerly the Tennessee Association of REALTORS®) differs from TREC in that:
- When a Tennessee licensee receives a written offer on a listed property, they must present it to the seller:
- TREC may impose which of the following penalties on a licensee for a first-time violation of Tennessee license law?
- The Tennessee Real Estate Broker License Act of 1973 specifically protects the public by:
- A Tennessee real estate license applicant who has been convicted of a felony must disclose this on the application. TREC will:
- Under TREC rules, a Tennessee real estate brokerage must maintain its trust account records for at least:
- A licensee who moves to a new address must notify TREC:
- Under Tennessee license law, which of the following individuals does NOT need a real estate license?
- Under Tennessee license law, a licensee who refers a client to another service provider (attorney, mortgage broker, inspector) and receives a fee must:
- Under Tennessee law, a brokerage may advertise its listings online without the seller's written permission ONLY if:
- A Tennessee affiliate broker who has been licensed for 2.5 years and meets all other requirements may apply for a principal broker license after completing:
- Tennessee requires real estate licensees to disclose their license status when placing an advertisement. This prevents:
- An affiliate broker operating as an independent contractor under a principal broker:
- A Tennessee principal broker who opens a new branch office must:
- A Tennessee principal broker is audited by TREC and a shortage is found in the trust account. This most likely indicates:
- A Tennessee affiliate broker whose license is in 'active' status may:
- A Tennessee real estate license can be issued in which of the following forms?
- Under Tennessee license law, a real estate auction firm must have:
- A Tennessee licensee who commits an act of fraud in a real estate transaction may face all of the following EXCEPT:
- In Tennessee, which of the following is required on ALL real estate advertising?
- A Tennessee real estate licensee's obligation to 'deal honestly' applies to:
- TREC rules require that for a 'team' of Tennessee agents to use a team name, the name must:
- When TREC's investigation of a complaint results in finding probable cause, the next step is typically:
- Under Tennessee license law, a licensee who engages in property management must keep management funds:
- A Tennessee real estate licensee who misappropriates client funds may face, in addition to TREC disciplinary action:
- A Tennessee affiliate broker who has never activated their license and allows it to expire must, upon reapplication:
- Which of the following is a required element for a Tennessee real estate listing agreement?
- A Tennessee real estate licensee convicted of a drug-related felony may have their license revoked because:
- The Tennessee Real Estate Commission meets a minimum of how many times per year?
- A Tennessee licensee who receives earnest money must place it in the trust account by the end of the:
- Tennessee's real estate licensing examination is administered by:
- A Tennessee affiliate broker who wants to represent a family member in purchasing a home must:
- In Tennessee, a real estate licensee is presumed to know the laws and regulations governing the practice of real estate because:
- When Tennessee licensees are involved in real estate transactions affecting property owned by a trust, they should ensure that:
- Under Tennessee license law, a real estate licensee who pays an unlicensed person a fee for referring a client is:
- In Tennessee, a brokerage that operates from a home office must ensure that:
- Under Tennessee license law, how long does a licensee have to notify TREC of a change in principal broker?
- A Tennessee affiliate broker's license is initially issued for what period?
- Which Tennessee license category is authorized to independently manage a real estate brokerage?
- Under Tennessee license law, a broker who operates without a required license is subject to:
- Under Tennessee license law, an affiliate broker who wants to change their status to principal broker must:
- When must a Tennessee licensee present the agency disclosure form if a potential buyer calls about a listed property?
- A Tennessee principal broker who fails to supervise affiliate brokers properly may be subject to:
- In Tennessee, a real estate licensee convicted of a felony involving fraud or dishonesty may have their license:
- Under the Tennessee Real Estate Broker License Act of 1973, TREC has the authority to issue all of the following EXCEPT:
- TREC's Education, Research and Recovery Fund is used to:
- In Tennessee, a provisional (restricted) affiliate broker license may be issued to:
- A Tennessee real estate licensee must keep records of all real estate transactions for a minimum of:
- In Tennessee, which of the following actions would require a real estate license?
- Tennessee law requires that a listing agreement contain all of the following EXCEPT:
- Under Tennessee license law, 'commingling' means:
- The Tennessee Real Estate Commission (TREC) has how many members?
- In Tennessee, a real estate licensee may NOT pay a referral fee to:
- Under Tennessee license law, the term 'real estate' includes:
- Which of the following best describes a Tennessee 'net listing'?
- In Tennessee, a licensee who performs property management services must work under a licensed:
- In Tennessee, a licensee who is found to have practiced fraud may have their license:
- In Tennessee, a real estate licensee's 'pocket card' (license card) must be:
- In Tennessee, a real estate company operating as a corporation must have its real estate license issued in the name of:
- In Tennessee, TREC may place a licensee's license on 'inactive status' when:
- In Tennessee, which of the following is exempt from real estate licensing requirements?
- Under Tennessee license law, a licensee must notify TREC within how many days of a criminal conviction?
- Which Tennessee statute established the licensing requirements for real estate brokers and affiliate brokers?
- In Tennessee, a licensee who operates on an 'inactive' license may:
- In Tennessee, a 'designated agent' is appointed by the principal broker to:
- In Tennessee, the TREC Education and Recovery Account maximum payment to any one claimant is:
- In Tennessee, an affiliate broker who works for multiple principal brokers simultaneously is:
- In Tennessee, TREC's authority to discipline licensees is triggered when a complaint is filed by:
- In Tennessee, a real estate licensee who fails to complete continuing education by the renewal deadline will have their license:
- In Tennessee, a real estate license applicant with a prior criminal record may still be eligible for a license if:
- In Tennessee, which of the following activities requires a real estate license?
- In Tennessee, the principal broker is personally responsible for the real estate activities of:
- In Tennessee, a licensee who advertises a property must include:
- In Tennessee, which TREC rule requires that all advertising by a licensee be truthful and not misleading?
- In Tennessee, TREC requires licensees to complete how many hours of continuing education per renewal period?
- In Tennessee, a real estate license can be obtained by a person who has met all of the following EXCEPT:
- In Tennessee, a licensee who wants to operate as an independent contractor (not an employee) of their principal broker must:
- Under Tennessee license law, a broker may NOT pay a commission to an unlicensed person. This rule exists to:
- In Tennessee, a real estate licensee must carry errors and omissions (E&O) insurance because it:
- In Tennessee, a licensee who knowingly makes a false statement in a real estate transaction may face:
- In Tennessee, a real estate auction company that assists buyers and sellers of real estate must:
- In Tennessee, a licensee who pays another person to refer clients must ensure the referral recipient is:
- In Tennessee, a real estate brokerage that fails to properly maintain trust accounts may face:
- In Tennessee, a licensee is required to give a copy of any contract or document to all parties who have signed it:
- In Tennessee, a 'cease and desist' order from TREC requires a licensee to:
- In Tennessee, which of the following requires TREC approval before it can begin operating?
- Under Tennessee's Real Estate Broker License Act, who regulates the real estate licensing examinations?
- In Tennessee, a principal broker who discovers that an affiliated licensee has been engaging in dishonest practices should:
- In Tennessee, a real estate license that has been lapsed for more than one year requires the applicant to:
- In Tennessee, the Tennessee Real Estate Commission (TREC) is attached to which state department?
- Which of the following best summarizes the purpose of the Tennessee Real Estate Broker License Act of 1973?
- The Tennessee Real Estate Commission (TREC) requires affiliate broker (salesperson) applicants to complete how many hours of pre-license education?
Contracts
136 questions- In a Tennessee real estate purchase contract, earnest money serves as:
- A contingency clause in a purchase contract allows a buyer to:
- Which of the following best describes the legal concept of 'time is of the essence' in a real estate contract?
- A buyer defaults on a purchase contract that includes a liquidated damages clause. The seller's remedy is typically:
- An addendum to a real estate contract:
- Under what doctrine can a court order a seller to actually complete a real estate sale (rather than pay damages) when the seller refuses to close?
- Under Tennessee law, a contract for the sale of real estate must be in writing to be enforceable under the:
- In a Tennessee real estate contract, 'mutual assent' refers to:
- A counteroffer in a real estate transaction legally:
- The Tennessee Residential Property Condition Disclosure requires sellers to disclose:
- Under the Tennessee Residential Property Condition Disclosure Act, the seller disclosure must be provided to the buyer:
- A Tennessee real estate sales contract is considered 'executed' when:
- A lease with an option to purchase gives the tenant the right to:
- Novation in a contract context means:
- An option contract in real estate gives the optionee:
- If a buyer's financing contingency is not met by the specified deadline and the buyer does not notify the seller, what is the likely result?
- The parol evidence rule in contract law means that:
- Rescission of a contract means:
- A void contract is one that is:
- An 'as-is' clause in a purchase contract generally means:
- Consideration in a real estate contract can be:
- Under the Tennessee Residential Property Condition Disclosure Act, the disclosure form is not required for:
- A real estate contract in which both parties still have obligations to perform is called:
- The doctrine of equitable conversion holds that once a real estate purchase contract is signed:
- A real estate purchase contract that is unenforceable due to the buyer's minority (age) is best described as:
- In Tennessee real estate practice, when a buyer makes an offer and the seller changes any term and signs back, this creates:
- Which of the following is a valid legal description that could be used in a Tennessee deed?
- A 'right of first refusal' clause in a lease gives the tenant the right to:
- The doctrine of part performance can make an otherwise unenforceable oral real estate contract enforceable in equity when:
- Under Tennessee law, a real estate listing agreement that does not specify an expiration date is:
- In Tennessee, which party typically pays for the owner's title insurance policy?
- Under the Tennessee Residential Property Condition Disclosure Act, a buyer who receives the disclosure after signing a contract has how long to rescind?
- A real estate contract requires the buyer to provide 'earnest money' of $5,000 within 3 days of acceptance. The $5,000 is an example of:
- A seller accepts a buyer's offer but the acceptance is lost in the mail and never received by the buyer. A contract exists:
- An earnest money deposit held in the broker's escrow account is:
- A Tennessee seller who receives two offers simultaneously should:
- In Tennessee, who is typically responsible for prorating homeowner association (HOA) dues at closing?
- Under the Tennessee Residential Property Condition Disclosure Act, 'material defects' include:
- If a seller accepts a buyer's offer and then receives a better offer before the buyer is notified of acceptance, the seller:
- A lease contract that requires the tenant to make improvements to the leased space is enforceable because it includes:
- In Tennessee, a listing broker who procures a ready, willing, and able buyer under the terms of the listing agreement has typically earned their commission:
- An 'assignment' clause in a purchase contract determines whether:
- An installment sale contract (land contract or contract for deed) differs from a standard purchase because:
- A buyer submits an offer with the financing contingency: 'This contract is contingent on the buyer obtaining a 30-year conventional mortgage at no more than 7% interest for 80% of the purchase price.' If the buyer qualifies for a 7.25% rate, the buyer may:
- A commercial lease that provides the tenant with a 'first right of refusal' to purchase the property means the tenant:
- A purchase contract's 'inspection contingency' typically gives the buyer the right to:
- Earnest money in Tennessee is typically held in the:
- A real estate contract becomes void if:
- In Tennessee, the seller's failure to deliver the property condition disclosure to the buyer before contract execution gives the buyer the right to:
- A buyer who makes an offer that is accepted signs a contract with an appraisal contingency. The property appraises below the purchase price. The buyer's options typically include:
- A buyer who wants to purchase a property quickly may include a 'time is of the essence' clause to ensure:
- In a Tennessee residential contract, the 'closing date' refers to the date:
- A real estate contract that is 'voidable' may be:
- A lease for a period longer than one year in Tennessee must be in writing to be enforceable under the:
- Under the TRID (TILA-RESPA Integrated Disclosure) rules, a revised Loan Estimate must be provided to the borrower if which of the following occurs?
- A 'subject to' transaction in Tennessee means the buyer:
- A Tennessee sales contract requires the buyer to obtain 'satisfactory' financing. This type of contingency is considered:
- A Tennessee listing contract is categorized as which type of contract?
- An escalation clause in a buyer's offer allows the offer price to:
- A seller who verbally accepts a buyer's written offer but does not sign the acceptance has created:
- In Tennessee, a purchase contract becomes 'ratified' (fully executed) when:
- A buyer and seller execute a purchase contract. Before closing, the seller discovers significant structural damage not previously known. The seller must:
- The Tennessee Residential Property Condition Disclosure form must be completed and signed by:
- A 'bump clause' in a purchase contract allows the seller to:
- In Tennessee, earnest money disputes between buyer and seller are most commonly resolved by:
- In Tennessee, a 'seller's concession' in a purchase contract is an amount the seller agrees to pay toward:
- Under Tennessee contract law, 'mutual mistake' allows a court to:
- A Tennessee real estate contract has a 'dispute resolution' clause requiring mediation before litigation. This clause is:
- A buyer who is still searching for a home may have their buyer's agent submit an 'offer subject to the buyer's current home selling.' This type of condition is called a:
- A 'leaseback' arrangement in a residential sale allows the seller to:
- A buyer who provides false financial information to obtain seller financing could be charged with:
- A Tennessee buyer who receives the Closing Disclosure three days before closing and wants to review it carefully before proceeding should know that:
- A Tennessee buyer makes an offer that includes a 'kick-out' (bump) clause for the seller. The seller should understand this means:
- In Tennessee real estate practice, a 'multiple counteroffer' situation occurs when:
- When a purchase contract requires the buyer to notify the seller in writing that an inspection contingency has been satisfied, and the buyer fails to do so, the contingency is typically:
- A buyer in Tennessee who is unsatisfied with an inspection report and wants to negotiate repairs should:
- In Tennessee, a purchase contract that specifies 'closing on or before [date]' means:
- The Tennessee Real Estate Commission's approved contract forms are:
- In Tennessee, a seller who backs out of a signed purchase contract without cause may be subject to:
- In Tennessee, a lease that contains an illegal provision is:
- A 'deed of correction' is used in Tennessee to:
- A Tennessee seller who grants the buyer a home warranty as part of the sale is typically providing coverage for:
- In Tennessee, what is the legal effect of a counteroffer on the original offer?
- Under Tennessee law, a real estate purchase contract that is 'voidable' means:
- In Tennessee, which clause in a purchase agreement allows the buyer to back out if they cannot secure financing?
- In Tennessee, a seller who accepts a buyer's offer and then refuses to close is most likely liable for:
- In Tennessee, an option contract gives the optionee the:
- In Tennessee, the Statute of Frauds requires that a real estate purchase contract must be:
- In Tennessee, if a buyer's earnest money check is dishonored by the bank, the:
- In Tennessee, a 'time is of the essence' clause in a purchase agreement means:
- In Tennessee real estate transactions, 'earnest money' serves primarily as:
- A Tennessee real estate contract is said to have 'mutual assent' when:
- In Tennessee, a listing agreement that automatically renews unless canceled is called a:
- In Tennessee, the remedy of 'specific performance' in a real estate contract dispute allows the court to:
- In Tennessee, which of the following elements is NOT required for a valid real estate contract?
- In Tennessee, a 'backup offer' allows the second buyer to:
- In Tennessee, when a seller accepts a buyer's offer, the moment the acceptance is communicated to the buyer is known as:
- In Tennessee, a 'novation' in a real estate contract occurs when:
- In Tennessee, a 'land contract' (contract for deed) is characterized by:
- In Tennessee, an 'assignment' of a real estate contract transfers:
- In Tennessee, a purchase agreement that includes an 'inspection contingency' allows the buyer to:
- In Tennessee, a real estate contract is 'executory' when:
- In Tennessee, a seller's property disclosure must be provided to the buyer before:
- In Tennessee, a 'simultaneous closing' or 'double closing' in a real estate transaction involves:
- In Tennessee, a purchase agreement that contains a 'due diligence' period allows the buyer to:
- In Tennessee, a 'kick-out clause' in a real estate contract allows the seller to:
- In Tennessee, a 'subject to' clause in a purchase contract means the buyer:
- In Tennessee, a 'bilateral contract' in real estate is one in which:
- In Tennessee, an 'as-is' clause in a purchase agreement means:
- In Tennessee, which of the following would make a real estate contract unenforceable under the Statute of Frauds?
- In Tennessee, 'anticipatory breach' occurs when:
- In Tennessee, a 'right of rescission' under the Truth in Lending Act (TILA) applies to:
- In Tennessee, a 'tender' in a real estate contract means:
- In Tennessee, a contract that is 'void' is:
- In Tennessee, a real estate agent who writes an offer without the buyer's explicit instructions or authorization may be:
- In Tennessee, a 'due-on-sale' clause in a mortgage means:
- In Tennessee, which of the following best describes an 'open listing' agreement?
- In Tennessee, a 'subordination, non-disturbance, and attornment agreement' (SNDA) in commercial real estate protects:
- In Tennessee, an 'addendum' to a real estate contract is used to:
- In Tennessee, a 'release of earnest money' form is signed when:
- In Tennessee, a 'release clause' in a mortgage allows:
- In Tennessee, a 'gross lease' in a commercial property means the tenant pays:
- In Tennessee, which of the following best describes a 'net listing'?
- In Tennessee, a contract that is 'executed' means:
- In Tennessee, a 'contract for deed' (installment land contract) may be risky for the buyer because:
- In Tennessee, a 'liquidated damages' clause in a purchase agreement typically specifies that:
- In Tennessee, which of the following clauses protects a seller who accepts a contingent offer while still marketing the property?
- In Tennessee, a 'purchase and sale agreement' is considered an 'executory contract' until:
- In Tennessee, a 'unilateral contract' is one in which:
- In Tennessee, an offer to purchase real estate is irrevocable after acceptance:
- In Tennessee, which of the following typically terminates an offer to purchase?
- In Tennessee, a seller's 'disclosure of known material defects' is required because:
- In Tennessee, a purchase agreement's 'closing date' represents:
- In Tennessee, if a seller receives multiple offers simultaneously, the seller:
- In Tennessee, a 'memorandum of contract' is recorded to:
- In Tennessee, a 'specific performance' action is most likely to succeed when:
Agency
134 questions- In Tennessee, when representing a buyer, an affiliate broker is required to:
- A Tennessee affiliate broker is working with a buyer but has no buyer representation agreement. The broker is most likely acting as:
- A principal broker in Tennessee owes which of the following duties to a customer (non-client)?
- In Tennessee, the duty of confidentiality to a client means the broker may NOT disclose:
- An agency relationship is generally terminated by all of the following EXCEPT:
- A Tennessee broker who represents neither party in a transaction but assists both in completing the transaction is known as a:
- In Tennessee, a 'designated agency' arrangement means:
- The Tennessee Agency Disclosure document must be provided to a prospective buyer or seller:
- A seller's agent in Tennessee MUST disclose to a buyer:
- Implied agency arises when:
- A Tennessee broker who represents both the buyer and seller in the same transaction without disclosure and written consent is guilty of:
- In Tennessee, a buyer's representation agreement creates a:
- The duty of 'obedience' in an agency relationship means the agent must:
- In Tennessee, material facts that a licensee must disclose include all of the following EXCEPT:
- In a Tennessee transaction where one licensee in a firm represents the buyer and another represents the seller, this is called:
- Which of the following is an example of 'puffing' rather than a material misrepresentation?
- Ratification in agency law means:
- In Tennessee, a limited dual agency is permitted when:
- In Tennessee, if a listing broker learns during showings that the seller has structural defects they did not disclose, the broker should:
- An agent's duty of 'accounting' requires the agent to:
- A Tennessee licensee's duty to 'disclose' requires disclosure of:
- Express agency is created by:
- A Tennessee licensee representing a seller discovers that the seller committed fraud in a previous real estate transaction. The licensee should:
- Which of the following best describes the concept of 'vicarious liability' in real estate agency?
- The difference between a general agent and a special agent is that a general agent:
- In Tennessee, a broker's duty to a seller under a listing agreement includes all of the following EXCEPT:
- A licensee who is a 'transaction broker' in Tennessee owes which duties to the parties?
- A Tennessee affiliate broker's authority to bind the principal broker in contracts is called:
- A buyer's agent who learns that the seller has received no other offers has a duty to:
- A seller's agent must present all offers to the seller UNLESS:
- Tennessee's agency disclosure law requires the use of a form that is:
- A licensee who represents a buyer while receiving compensation from the seller without disclosure is:
- The real estate doctrine of 'caveat emptor' (let the buyer beware) has been significantly limited in Tennessee by:
- In Tennessee, an affiliated licensee who acts as a dual agent without written consent from both parties faces:
- Under Tennessee law, when a buyer and seller in a transaction are both represented by different licensees from the same brokerage, and the principal broker does NOT intervene, this situation is most accurately described as:
- A listing agreement with an 'exclusive right to sell' provision means:
- The 'right to control' test in determining employment versus independent contractor status in real estate focuses on whether:
- An agent's duty of 'reasonable care and diligence' means the agent must:
- In Tennessee, a seller's listing agreement obligates the seller to pay the commission when the broker produces a ready, willing, and able buyer. 'Able' buyer means:
- When an agent learns information during an agency relationship that the principal did not want disclosed, the duty of confidentiality:
- In Tennessee, a seller's broker who shows a buyer properties listed by other firms (as a cooperating broker) represents:
- The Knoxville Association of REALTORS® Code of Ethics is:
- In Tennessee, a licensee who also has a personal financial interest in a transaction (for example, part-owner of the company buying the listing) must:
- A Tennessee licensee is showing a buyer a property and the buyer tells the agent they are willing to pay up to $350,000 but wants to offer $320,000. This information is:
- A Tennessee licensee who represents a buyer submitting an offer on a property listed by the same firm must disclose to the buyer that:
- In Tennessee, a buyer's agency agreement typically provides that the buyer's agent receives compensation:
- Under Tennessee license law, a licensee acting as a facilitator (transaction broker) for both parties owes:
- A Tennessee licensee's duty of 'loyalty' means they must place the client's interests:
- In Tennessee, the phrase 'substantive contact' that triggers the agency disclosure requirement means:
- When a listing broker enters into a cooperative commission arrangement with a buyer's broker through an MLS, the buyer's broker is acting as:
- The Tennessee affiliate broker exam tests knowledge of all of the following EXCEPT:
- When a seller's agent receives a low offer that the seller is unlikely to accept, the agent should:
- The Tennessee agency disclosure form must be signed by the consumer:
- In Tennessee, if a buyer's agent has actual knowledge that the seller is in financial distress and must sell quickly, the agent:
- When a Tennessee licensee represents a client in a short sale (where the sale price is less than the mortgage balance), the licensee has a duty to:
- A Tennessee listing agent who takes a listing and then makes an offer on the property personally must:
- A buyer's broker agreement that includes an 'exclusivity' provision means the buyer agrees to:
- A Tennessee licensee who represents a first-time homebuyer owes a heightened duty because:
- When a Tennessee listing agent accepts an offer on behalf of the seller without the seller's authorization, this act:
- In Tennessee, an 'open listing' allows the seller to:
- In Tennessee, a broker's 'exclusive right to sell' listing gives the broker the sole right to:
- A Tennessee licensee who is offered cash 'under the table' from the seller to steer a buyer away from other listings should:
- In Tennessee, a listing broker's duty to the seller regarding the property's list price is to:
- Tennessee's property disclosure laws create what type of duty for the listing agent?
- A buyer's agent in Tennessee who learns the buyer is being transferred and must purchase within 60 days should:
- A Tennessee principal broker who personally participates in a transaction as the seller or buyer must:
- A Tennessee seller who learns during a listing that the property has an underground oil tank (previously unknown) should be advised by their agent to:
- The Tennessee 'Preamble to License Law' states that the purpose of real estate licensing is to:
- In Tennessee, a 'safety protection clause' (broker protection clause) in a listing agreement protects the broker by:
- Under Tennessee license law, a real estate team's designated team leader must be:
- A Tennessee buyer's agent who helps a buyer write a very competitive offer, including escalation clauses and waived contingencies, is exercising the duty of:
- A Tennessee broker who fails to present an offer because they personally believe it is too low is:
- A Tennessee listing agreement that describes the property incorrectly could result in:
- The Tennessee Real Estate Commission's regulations on advertising require that a licensee who uses social media for real estate advertising must:
- Under Tennessee license law, which conduct would constitute 'commingling'?
- In Tennessee, a 'buyer's premium' charged in a real estate auction represents:
- A Tennessee buyer's agent who advises their client to make a full-price offer with no contingencies in a competitive multiple-offer situation is:
- A Tennessee listing agent who is also a licensed property manager may manage a property they helped the seller list only if:
- Tennessee's agency laws require all licensees to avoid 'self-dealing.' Self-dealing means:
- In Tennessee, a buyer's agent who also represents the seller without full disclosure is guilty of:
- In Tennessee, a seller's agent owes which of the following duties to a buyer customer (not client)?
- In Tennessee, 'designated agency' allows a brokerage to:
- In Tennessee, the agency disclosure form must be provided to a prospective buyer or seller:
- In Tennessee, a broker who acts as an agent for both the buyer and the seller in the same transaction without disclosure and consent is engaging in:
- In Tennessee, which of the following best describes a 'transaction broker'?
- In Tennessee, the duty of 'confidentiality' in an agency relationship means the agent must:
- In Tennessee, a listing agent who learns from the seller that the basement floods after heavy rain must:
- In Tennessee, a buyer's agency agreement is important because it:
- In Tennessee, an agent's duty of 'obedience' to the client means the agent must:
- In Tennessee, a seller's agent must disclose to the buyer all of the following EXCEPT:
- In Tennessee, the term 'principal' in an agency relationship refers to:
- In Tennessee, 'subagency' means that the cooperating broker:
- In Tennessee, a licensee who receives a gift from a vendor in connection with a real estate transaction must:
- In Tennessee, an agent who 'puffs' a property by saying 'This is the best neighborhood in Knoxville!' is making a statement that is:
- In Tennessee, a 'gratuitous agent' is one who performs agency services:
- In Tennessee, the listing broker's duty of loyalty to the seller means the broker must:
- In Tennessee, a broker who solicits a listing from a property owner whose property is already listed with another broker is engaging in:
- In Tennessee, a buyer's agent must disclose to the buyer all known material facts about the property, including:
- In Tennessee, a listing broker who accepts a buyer's offer on behalf of the seller and fails to present all other competing offers is:
- In Tennessee, which type of listing gives only one broker the exclusive right to represent the seller AND earn a commission regardless of who sells the property?
- In Tennessee, a 'seller's agent' may ethically share which of the following information about the seller with the buyer?
- In Tennessee, when is a seller's agent permitted to disclose to a buyer that the seller will accept less than the listed price?
- In Tennessee, a buyer's agent who represents the buyer during a transaction owes ALL of the following duties EXCEPT:
- In Tennessee, a broker who represents a buyer is said to be working with the seller as a:
- In Tennessee, a listing broker who learns that a buyer is willing to pay much more than the asking price should:
- In Tennessee, an agent who acts beyond the scope of authority granted in the agency agreement is acting as a(n):
- In Tennessee, an agent who represents the seller should tell the buyer's agent that the seller's asking price is 'firm.' This statement is an example of:
- In Tennessee, the fiduciary duty of 'accounting' requires an agent to:
- In Tennessee, an agent who discovers a structural defect during a showing must:
- In Tennessee, an 'express agency' is created when:
- In Tennessee, a listing agent who misrepresents the square footage of a home to attract a higher offer may be liable for:
- In Tennessee, the 'ABC' (Acknowledgment of Brokerage Relationship) form is used to:
- In Tennessee, a principal broker who creates a policy of designated agency must ensure that:
- In Tennessee, which form of agency is created when a seller's agent allows the buyer to believe they are being represented, even though no agency agreement exists?
- In Tennessee, an agent who learns their seller-client is under financial distress and needs to sell quickly should:
- In Tennessee, the term 'procuring cause' is important in determining:
- In Tennessee, a licensee who provides property management services without a written management agreement may be:
- In Tennessee, a 'dual agency' arrangement requires the informed consent of:
- In Tennessee, an agent who is found to have violated their fiduciary duties may be liable for:
- In Tennessee, a buyer's agent who presents an offer has the duty to:
- In Tennessee, which of the following would terminate an agency relationship?
- In Tennessee, a listing agent who knows the seller is a 'motivated seller' willing to accept below asking price must:
- In Tennessee, a listing agent's duty of disclosure to the seller includes disclosing:
- In Tennessee, a broker who lists a property at an unrealistically high price at the seller's insistence should:
- In Tennessee, a licensee who fails to present an offer to a seller because they believe it is too low is:
- In Tennessee, the Tennessee Association of REALTORS® Code of Ethics is enforced by:
- In Tennessee, a broker who has been 'ratified' as an agent means the principal has:
- In Tennessee, an agent who makes a promise about a property that cannot be kept (such as guaranteeing a specific appreciation rate) is engaged in:
- In Tennessee, an agent's duty of 'reasonable care' requires the agent to:
- In Tennessee, a real estate agent who recommends a home inspector who pays them a referral fee without disclosing this arrangement is:
- In Tennessee, a buyer's agent who learns during a showing that the seller's agent misrepresented a material fact should:
- In Tennessee, when a buyer's agent represents a buyer in a property that the agent also lists, they are in:
- In Tennessee, a real estate agent may ethically receive compensation from both the buyer and the seller in the same transaction if:
- In Tennessee, a seller's real estate agent who also represents the buyer in the same transaction without proper disclosure and consent has committed:
Finance
134 questions- The Federal Reserve's primary tool for influencing mortgage interest rates is:
- Private Mortgage Insurance (PMI) is typically required when:
- A discount point paid at loan origination is equal to:
- A mortgage assumption allows a buyer to:
- The Real Estate Settlement Procedures Act (RESPA) prohibits:
- In Tennessee, the most common instrument used to secure a real estate loan is a:
- Under a Tennessee deed of trust, if the borrower defaults, the lender may foreclose through:
- Tennessee law provides homeowners with a right of redemption after a residential foreclosure for a period of:
- A VA loan guaranty benefit allows eligible veterans to:
- An adjustable-rate mortgage (ARM) includes a 'cap' provision that:
- A 'due-on-sale' clause in a mortgage or deed of trust requires that:
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- A balloon mortgage requires the borrower to:
- A home equity line of credit (HELOC) differs from a home equity loan in that a HELOC:
- The secondary mortgage market includes institutions such as Fannie Mae and Freddie Mac, which primarily:
- A borrower's debt-to-income ratio (DTI) is calculated as:
- An FHA loan requires a minimum down payment of:
- Equity in a property is calculated as:
- A wraparound mortgage is one in which:
- A mortgage in which the interest rate is fixed for the first 5 years and then adjusts annually is called a:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in lending based on:
- Amortization refers to the process of:
- A reverse mortgage allows a homeowner to:
- A bridge loan (swing loan) is typically used to:
- Under Tennessee law, a residential mortgage foreclosure by non-judicial trustee's sale requires the lender to provide notice of the sale to the borrower at least:
- A construction-to-permanent loan is a financing arrangement in which:
- The Community Reinvestment Act (CRA) requires federally insured banks to:
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- The Good Faith Estimate (GFE) has been replaced by which document under the TRID rules?
- A USDA Rural Development loan is designed to help:
- Predatory lending refers to:
- A purchase-money mortgage is one in which:
- The annual percentage rate (APR) on a mortgage is HIGHER than the stated interest rate because it:
- Negative amortization occurs when:
- In Tennessee, a deed of trust that is not paid off at closing must be:
- The Federal Housing Administration (FHA) does which of the following?
- Private placement (real estate syndication) allows investors to pool funds to purchase real estate. Such offerings must typically comply with:
- A 'points' buy-down in a mortgage means the borrower pays upfront to:
- In Tennessee, what document evidences the borrower's personal promise to repay a real estate loan?
- A borrower's loan-to-value (LTV) ratio on a purchase is 95%. This is significant because:
- The Home Equity Conversion Mortgage (HECM) is a government-backed reverse mortgage insured by:
- The Tennessee Housing Development Agency (THDA) provides:
- The debt coverage ratio (DCR) is used in commercial lending to measure:
- A Tennessee lender providing a mortgage must comply with the Homeowner Protection Act of 1998, which requires automatic cancellation of PMI when:
- A real estate investment trust (REIT) allows individuals to:
- Private mortgage insurance (PMI) is canceled automatically on a conventional loan when the loan-to-value ratio reaches:
- A USDA Section 502 Direct Loan is:
- A 'carryback loan' or 'seller financing' is most commonly used when:
- Loan flipping — repeatedly refinancing a loan — is considered predatory because it:
- A Tennessee borrower who is refinancing their primary residence has a federally mandated right of rescission period of:
- An interest-only mortgage requires the borrower to:
- An assumable FHA loan allows a creditworthy buyer to:
- A home equity loan differs from a HELOC in that a home equity loan:
- A Tennessee lender who provides a 'non-QM' (non-Qualified Mortgage) loan is offering a loan that:
- The primary benefit of a 15-year mortgage compared to a 30-year mortgage is:
- The concept of leverage in real estate investing means:
- A Tennessee buyer who cannot qualify for standard conventional financing due to recent foreclosure may be eligible for an FHA loan after a waiting period of at least:
- The Dodd-Frank Wall Street Reform and Consumer Protection Act created the CFPB, which regulates:
- A conforming loan in Tennessee is one that:
- A bi-weekly mortgage payment plan accelerates payoff because:
- An 'origination fee' paid to a mortgage lender is compensation for:
- A 'jumbo loan' in Tennessee is one that:
- The 'ability-to-repay' rule under Dodd-Frank requires lenders to:
- A Tennessee borrower's 'good faith' deposit with a lender at loan application:
- The Tennessee Department of Financial Institutions (TDFI) regulates:
- A mortgage servicer in Tennessee is the entity that:
- Under the Gramm-Leach-Bliley Act (GLBA), lenders and other financial institutions must:
- The term 'underwater mortgage' (or 'negative equity') refers to a situation where:
- An 'assumable' mortgage in today's rising rate environment would be most valuable when:
- A Tennessee borrower's 'net worth' is calculated as:
- The 'principal balance' of a mortgage loan is:
- In Tennessee, a lender must provide the borrower with a Loan Estimate within how many business days of receiving a complete loan application?
- A 'hard money loan' in Tennessee real estate investing is characterized by:
- A 'lock-in' or 'rate lock' agreement in Tennessee mortgage financing protects the borrower against:
- A Tennessee borrower who wants to lower their mortgage payment without refinancing might consider:
- A 'partial release' clause in a blanket mortgage allows a developer to:
- Tennessee's first-time homebuyer programs through THDA are designed to help:
- In a Tennessee seller-financed transaction, the seller acting as lender must be aware that certain federal lending laws such as Dodd-Frank may apply if:
- An FHA 203(k) rehabilitation loan allows a buyer to:
- A 'blanket mortgage' in Tennessee development financing covers:
- A Tennessee borrower takes out a $180,000 mortgage at 6.5% interest. What is the first month's interest payment?
- A Tennessee homeowner refinances a $200,000 mortgage. The lender charges 1.5 discount points. How much does the homeowner pay in discount points?
- In Tennessee, a 'purchase money mortgage' is one that:
- What is the main purpose of private mortgage insurance (PMI) in a Tennessee real estate transaction?
- A Tennessee borrower has a gross monthly income of $5,500. The lender uses a 28% front-end ratio. What is the maximum monthly housing payment allowed?
- A Tennessee buyer uses an FHA loan with a 3.5% down payment on a $220,000 home. What is the down payment amount?
- A Tennessee homeowner has a $250,000 home and a $175,000 mortgage. What is the owner's equity?
- Which type of loan is most common for Tennessee residential purchases and is not guaranteed or insured by the federal government?
- In Tennessee, a 'balloon mortgage' is characterized by:
- In Tennessee, the 'Truth in Lending Act' (TILA) requires lenders to disclose the:
- A Tennessee adjustable-rate mortgage (ARM) with a 2/1 buydown initially has a lower rate. After the buydown period, the rate:
- In Tennessee, a 'wraparound mortgage' is a financing arrangement where:
- In Tennessee, a VA loan benefit is available to:
- In Tennessee, the USDA Rural Development loan program is designed for buyers in:
- A Tennessee lender charges an origination fee of 1% on a $195,000 loan. What is the origination fee?
- In Tennessee, the 'debt-to-income' (DTI) ratio used by lenders compares:
- In Tennessee, a 'jumbo loan' is a mortgage that:
- In Tennessee, a 'home equity line of credit' (HELOC) is secured by:
- In Tennessee, a 'second mortgage' is:
- In Tennessee, 'amortization' of a mortgage loan refers to:
- In Tennessee, 'points' paid on a mortgage are typically tax deductible as:
- In Tennessee, which type of loan program is designed to help low-to-moderate income Tennessee homebuyers through the Tennessee Housing Development Agency?
- In Tennessee, the 'annual percentage rate' (APR) on a mortgage differs from the 'note rate' because the APR:
- In Tennessee, 'private mortgage insurance' (PMI) is typically required when the buyer's down payment is less than:
- In Tennessee, 'negative amortization' on a mortgage occurs when:
- A Tennessee lender offers a 30-year fixed mortgage at 6.75%. The monthly payment on a $200,000 loan is approximately $1,297. After 12 months, approximately how much principal has been paid?
- In Tennessee, a 'bridge loan' is typically used when:
- In Tennessee, a 'construction-to-permanent' loan is designed to:
- In Tennessee, an 'interest-only' mortgage requires the borrower to pay:
- In Tennessee, the 'loan origination process' typically begins with:
- In Tennessee, 'seller financing' can help in a transaction when:
- A Tennessee homeowner's mortgage payment is $1,450/month including taxes and insurance. If taxes are $2,400/year and insurance is $1,200/year, what is the monthly principal and interest payment?
- In Tennessee, a lender who requires a 'rate lock' from a borrower guarantees:
- In Tennessee, a 'conforming loan' is one that:
- In Tennessee, a lender's 'appraisal review' process involves:
- In Tennessee, 'recasting' a mortgage loan means the lender:
- In Tennessee, a 'hard money loan' is typically characterized by:
- In Tennessee, a 'co-borrower' on a mortgage is:
- In Tennessee, 'amortization negative' means that a loan's principal balance:
- In Tennessee, the secondary mortgage market involves:
- In Tennessee, a 'home equity loan' differs from a HELOC in that a home equity loan:
- In Tennessee, a 'no-cost refinance' typically means:
- In Tennessee, a 'qualifying ratio' for FHA loans typically limits the front-end ratio to:
- In Tennessee, the 'loan-to-cost' (LTC) ratio used in construction lending compares the:
- In Tennessee, a lender's 'underwriting' process involves:
- In Tennessee, mortgage lenders are required to provide a Loan Estimate to a borrower within 3 business days of receiving a completed loan application under:
- In Tennessee, a 'prepayment penalty' in a mortgage is:
- In Tennessee, a 'biweekly mortgage payment' plan results in:
- In Tennessee, a 'rate and term refinance' changes the:
- In Tennessee, a 'fixed-rate mortgage' provides the borrower with the benefit of:
- In Tennessee, a lender who 'calls' a loan is exercising the right to:
- In Tennessee, a mortgage that allows the borrower to convert from an adjustable rate to a fixed rate at specified intervals is called a:
- In Tennessee, a 'deed in lieu of foreclosure' allows a borrower to:
- In Tennessee, a USDA Rural Development Guaranteed Loan allows eligible buyers to purchase a home with:
Property Ownership
129 questions- Tennessee is NOT a community property state. Instead, it follows the principle of:
- A condominium owner holds:
- A deed restriction that prohibits commercial use of a residential property is an example of a:
- Eminent domain is the government's power to:
- Which of the following is an example of an encumbrance on a property?
- The Tennessee homestead exemption protects a homeowner's principal residence from forced sale by creditors up to:
- In Tennessee, a joint tenancy with right of survivorship requires which of the four unities?
- Tennessee's Horizontal Property Act governs:
- The Tennessee Condominium Act of 2008 applies to condominiums created:
- A life estate conveys property ownership that:
- Tenancy in common differs from joint tenancy in that tenants in common:
- A leasehold estate gives the tenant:
- An easement appurtenant benefits:
- A mechanic's lien is filed by:
- In Tennessee, a deed conveying real property to a married couple with no other designation typically creates:
- An easement in gross benefits:
- Adverse possession in Tennessee requires possession that is open, notorious, exclusive, hostile, and continuous for at least:
- An easement is extinguished (terminated) by all of the following EXCEPT:
- Fee simple absolute is best described as:
- In Tennessee, a tax lien for unpaid property taxes is superior (has priority) to:
- A fixture differs from personal property in that a fixture:
- Accretion refers to the addition of land caused by:
- In Tennessee, riparian rights give a landowner whose property borders a natural stream or river the right to:
- A property owner's bundle of rights does NOT typically include the right to:
- In Tennessee, a property owner who wants to leave their home to a specific person while allowing another person to live there until death would use a:
- In Tennessee, a property owner who fails to pay property taxes for an extended period may lose the property through a process called:
- Escheat is the process by which property passes to the state when:
- Which of the following is a characteristic of a cooperative (co-op) as opposed to a condominium?
- A license (in real estate property law) is best described as:
- A color of title claim in Tennessee adverse possession means:
- In Tennessee, when property is conveyed to a grantee using the phrase 'so long as it is used for residential purposes only,' this creates a:
- The concept of 'police power' in real estate refers to the government's authority to:
- An owner who wants to protect their property from forced sale by a creditor by claiming the Tennessee homestead exemption must:
- In Tennessee, when a person dies intestate (without a will), their property is distributed according to:
- A property owner in Nashville grants an easement to Nashville Electric Service (NES) for overhead power lines. This is most likely a(n):
- A 'cloud on title' refers to:
- A property deed that states the property is conveyed 'to John Smith for life, then to Mary Jones' creates:
- A prescriptive easement is acquired through:
- Riparian rights in Tennessee are most relevant to properties located:
- In Tennessee, property held in a trust is owned by:
- In Tennessee, what happens to a joint tenant's interest when they die?
- Tenancy by the entirety in Tennessee protects marital property from:
- Real property consists of:
- An appurtenance is a right, privilege, or property that:
- In Tennessee real estate, the term 'seisin' refers to:
- A developer creates a planned community in Williamson County, Tennessee with mandatory homeowner association membership. The HOA's authority comes from:
- In Tennessee, a mineral rights owner whose minerals are separated from the surface estate may enter the surface to:
- In Tennessee, the grant of mineral rights beneath a surface parcel creates what is known as a:
- A developer who purchases land for a new subdivision in Williamson County, Tennessee must comply with Tennessee's Subdivisions Act by:
- Tacking is a doctrine used in adverse possession that allows a claimant to:
- In Tennessee, air rights above a property can be separately owned and sold. This concept is most relevant to:
- In Tennessee, when an owner of a fee simple estate dies intestate with a surviving spouse and two adult children, the estate is distributed:
- The Tennessee Marketable Title Act limits how far back in the chain of title a searcher must go to:
- In Tennessee, the recording of a deed provides:
- In Tennessee, a property owner who grants a right-of-way for a shared driveway to a neighboring property owner is granting:
- A developer in Tennessee who creates a condominium project after January 1, 2009 must comply with the:
- In Tennessee, property acquired by a spouse before marriage:
- In Tennessee, the TVA Act allows TVA to acquire land by eminent domain for:
- A developer creates a planned community with shared tennis courts, pool, and greenways. Future owners are required to join the homeowner's association. This requirement is enforceable because:
- In Tennessee, a 'quiet title' action is a legal proceeding used to:
- In Tennessee, a 'quitclaim deed' used to clear a spousal interest after divorce conveys:
- A deed restriction that expires after 30 years unless renewed is an example of:
- In Tennessee, tenancy by the entirety can be severed and converted to tenancy in common by:
- In Tennessee, a homeowner's association that has recorded CC&Rs has a legal right to:
- In Tennessee, a 'deed of release' is the document used to:
- An owner in Tennessee who grants a right-of-way to the state for a new highway receives:
- In Tennessee, a property owner may prevent a prescriptive easement from forming by:
- A Tennessee couple who owns property as tenants by the entirety and then divorces will hold the property as:
- In Tennessee, an owner who wants to protect farmland from development in perpetuity while retaining ownership can:
- In Tennessee, a 'remainder' interest in real property is:
- In Tennessee, a 'subordination agreement' allows a later-recorded lien to take priority over an earlier recorded lien. This is most commonly used when:
- A Tennessee property owner's 'bundle of rights' includes the right to encumber the property. This means the owner may:
- In Tennessee, a 'reversionary interest' means the original grantor retains:
- In Tennessee, a 'naked title' (bare legal title) held by a trustee under a deed of trust means:
- In Tennessee, a 'fee simple subject to a condition subsequent' gives the grantor the right to:
- Under Tennessee law, when two people hold property as joint tenants and one dies, the property passes to:
- In Tennessee, which type of deed provides the grantee with the most comprehensive warranty protection?
- Under Tennessee law, a life estate grants the life tenant the right to use the property during their lifetime, but the life tenant may NOT:
- In Tennessee, the Tennessee Condominium Act requires that a condominium declaration include:
- Which type of easement is said to 'run with the land' and is transferred automatically with the property?
- In Tennessee, 'tenancy by the entirety' is available to:
- In Tennessee, a 'prescriptive easement' is acquired through:
- In Tennessee, the Tennessee Horizontal Property Act governs:
- In Tennessee, a condominium unit owner's ownership interest includes:
- In Tennessee, 'adverse possession' requires continuous, open, hostile, and notorious use for how many years?
- In Tennessee, a 'deed restriction' (restrictive covenant) is enforceable by:
- In Tennessee, a 'lis pendens' recorded against a property provides notice that:
- In Tennessee, a property owner who is behind on property taxes for how many years may have their property sold at a tax sale?
- In Tennessee, a mechanic's lien can be filed by a contractor who has not been paid for:
- In Tennessee, a 'right of first refusal' gives the holder the right to:
- In Tennessee, a 'lien' on real property is best described as:
- In Tennessee, a 'remainder interest' in a property is held by the person who will:
- In Tennessee, a deed does NOT transfer title to real property unless it is:
- In Tennessee, the Tennessee homestead exemption protects a homeowner's principal residence from forced sale to satisfy certain debts in the amount of:
- In Tennessee, which of the following best describes a 'tenancy in common'?
- In Tennessee, a 'constructive eviction' occurs when:
- In Tennessee, a 'time-share' interest allows the purchaser to:
- In Tennessee, which of the following statements about joint tenancy is TRUE?
- In Tennessee, a 'fixture' is personal property that has become real property because it was:
- In Tennessee, a 'boundary line agreement' between neighboring property owners is used to:
- In Tennessee, which type of deed warranty does NOT require the grantor to defend against claims arising before the grantor's ownership?
- In Tennessee, a 'mineral rights reservation' in a deed means the grantor:
- In Tennessee, the Tennessee Residential Property Condition Disclosure Act requires sellers to disclose:
- In Tennessee, a 'community property' regime does NOT exist because Tennessee is a:
- In Tennessee, a 'ground lease' is typically a long-term lease of:
- In Tennessee, a 'condominium association' is responsible for:
- In Tennessee, a 'covenant running with the land' is enforceable against:
- In Tennessee, an 'encumbrance' on a property includes all of the following EXCEPT:
- In Tennessee, a 'partition action' is a legal proceeding that allows:
- In Tennessee, a 'right of way' easement most commonly grants the right to:
- In Tennessee, a 'transfer on death' (TOD) deed allows a property owner to:
- In Tennessee, a 'power of attorney' executed in connection with a real estate transaction allows the attorney-in-fact to:
- In Tennessee, a 'legal description' of real property may use all of the following methods EXCEPT:
- In Tennessee, a 'right of redemption' after a mortgage foreclosure allows the borrower to:
- In Tennessee, a 'homeowners association' (HOA) has the authority to enforce:
- In Tennessee, which of the following best describes a 'co-op' (cooperative) housing arrangement?
- In Tennessee, a 'fee simple absolute' ownership interest is best described as:
- In Tennessee, 'riparian rights' give a property owner along a river or stream the right to:
- In Tennessee, which of the following is an example of personal property that becomes real property (a fixture)?
- In Tennessee, a 'use and occupancy' agreement allows a seller to:
- In Tennessee, a 'life tenant' who wants to sell the property needs:
- In Tennessee, a property subject to a 'deed of trust' is held with three parties: the trustor, the trustee, and the beneficiary. In a standard mortgage transaction, who typically serves as the trustee?
- In Tennessee, 'abandonment' of real property occurs when:
- In Tennessee, which of the following is an example of an 'appurtenant easement'?
- In Tennessee, 'air rights' above a property can be:
- In Tennessee, a 'nonprofit corporation' can own real estate and is:
- In Tennessee, an 'involuntary lien' is one that:
- In Tennessee, a property held in a 'living trust' is owned by:
- In Tennessee, a 'quiet title action' is a legal proceeding used to:
Real Estate Math
125 questions- A home sells for $265,000. The seller pays a 5.5% commission. What is the total commission dollar amount?
- Annual property taxes on a home are $3,600. The closing occurs on September 30. Using a 360-day banker's year with 30-day months, how much of the taxes is the seller responsible for (seller pays through day of closing)?
- A property's assessed value is $180,000 and the tax rate is $2.50 per $100 of assessed value. What are the annual property taxes?
- A seller wants to net $250,000 after paying a 6% commission. What must the property sell for?
- A rectangular parcel measures 330 feet by 660 feet. How many acres does it contain?
- A buyer obtains a $240,000 mortgage at 6% annual interest. What is the first month's interest payment?
- A building has a net operating income of $48,000 per year. If the market cap rate is 8%, what is the estimated value?
- A Tennessee property has an appraised value of $200,000. The residential assessment ratio is 25%. The tax rate is $3.20 per $100 of assessed value. What are the annual taxes?
- A property is listed at $320,000. After 60 days, the seller reduces the price by 5%. What is the new listing price?
- An investor purchases a rental property for $180,000 and spends $20,000 on improvements. After 5 years, it sells for $250,000. What is the profit (not accounting for depreciation or taxes)?
- A property is financed with a $150,000 loan at 7% annual interest for 30 years. The monthly P&I payment is $997.95. After the first payment, approximately how much of the payment goes to principal?
- A commercial building has gross potential income of $120,000 per year. Vacancy and collection loss is 5%. Operating expenses are $40,000. What is the net operating income?
- A home appreciates at 4% per year. If it is worth $280,000 today, approximately what will it be worth in 2 years?
- A 1/4 section of land contains how many acres?
- A buyer takes out a $200,000 mortgage. The loan origination fee is 1 point. How much is the origination fee?
- A broker receives a 6% commission on a $175,000 sale. The co-op split is 50/50 between the listing brokerage and the selling brokerage. The selling agent receives 60% of their brokerage's split. How much does the selling agent earn?
- A duplex has two units each renting for $800/month. Annual operating expenses are $7,200. What is the annual NOI?
- A property's gross income multiplier (GIM) is 8.5. The property has annual gross income of $60,000. What is the estimated value?
- A property sold for $350,000. The buyer paid a 20% down payment. What is the loan-to-value ratio (LTV)?
- Using a 360-day banker's year, how many days is the proration period if closing occurs on March 15? (Seller pays through day of closing.)
- What is the commission earned if a property sells for $425,000 at a 5.5% commission rate, and the listing brokerage and selling brokerage split it 50/50?
- A home's assessed value is $120,000 and the assessment ratio is 25% of market value. What is the estimated market value?
- A property sold for $295,000 and the recordation tax rate is $0.37 per $100 of consideration. How much is the recordation tax?
- A property rents for $1,200/month. The GRM for the area is 100. What is the estimated value?
- A home sells for $198,000. The buyer's loan is $158,400. What is the down payment percentage?
- A tenant's annual rent under a net lease is $24,000. Property taxes are $4,800, insurance is $1,200, and maintenance is $3,600 per year. In a triple-net lease, how much does the tenant pay annually?
- A broker lists a property for $450,000. After 30 days, the seller agrees to reduce the price by 3%. A buyer then offers 2% below the new price. What is the buyer's offer?
- A property has a market value of $375,000 and is assessed at 25% of market value. The mill rate is 35 mills (0.035). What are the annual property taxes?
- If a property depreciates at 2% per year using straight-line depreciation, how many years will it take to fully depreciate?
- A property generates monthly rent of $2,500. The broker manages it for 8% of collected rents. What is the annual management fee?
- An apartment building has 10 units all renting at $950/month. The vacancy rate is 8%. Annual operating expenses are $45,000. What is the NOI?
- A property is purchased for $225,000 with a 10% down payment. The buyer pays 2 discount points. What is the total amount paid for the points?
- A seller pays off their mortgage balance of $147,500 at closing. The closing costs paid by the seller total $8,200. The sale price is $235,000. What are the seller's net proceeds?
- A 30-year loan of $150,000 at 6% has a monthly P&I payment of $899.33. After 10 years, approximately what percentage of each payment is principal?
- A property has a list price of $389,900. The seller agrees to pay 3% toward the buyer's closing costs. What is the dollar amount of the seller's contribution?
- A buyer qualifies for a maximum monthly PITI payment of $1,800. Monthly property taxes are $250, insurance is $100. What is the maximum monthly P&I payment the buyer can afford?
- A seller's home sold for $315,000. The listing brokerage receives 3.2% and the selling brokerage receives 2.8%. How much does the selling brokerage receive?
- If a property's NOI is $52,000 and it is purchased at a 6.5% cap rate, what is the purchase price?
- A commercial building is 15,000 square feet. The lease rate is $18 per square foot per year. Annual operating expenses paid by the tenant under a modified gross lease are $3 per square foot. What does the tenant pay annually in total?
- A rental property generates $3,600 per month in gross rent. Operating expenses are 40% of gross income. What is the annual NOI?
- A property has an assessed value of $85,000. The assessment ratio is 25%. What is the estimated market value?
- A property sells for $410,000. The buyer's loan requires 20% down. The recording fee is $500 and the origination fee is 1%. What is the total cash needed at closing (down payment + origination fee + recording fee)?
- A licensee earned $42,000 in commission income last year. If their brokerage split is 70/30 (agent/broker), how much did the brokerage earn?
- An office building costs $4,200,000 and produces an NOI of $336,000 annually. What is the capitalization rate?
- A Tennessee recordation tax is $0.37 per $100 of consideration. How much tax is due on a property that sold for $180,000?
- A seller's net proceeds were $143,500 after paying a 5% commission and $4,000 in other closing costs. What was the sales price?
- What is the annual depreciation on a residential income property purchased for $280,000 (land value $30,000) using IRS straight-line depreciation over 27.5 years?
- A property is listed at $275,000 and sells for 97% of the asking price. The seller pays a 5% commission and $2,500 in other closing costs. What are the seller's net proceeds?
- An investor's property has gross potential income of $96,000 per year. Vacancy is 5%, and expenses are $28,000. If the investor purchases it at a 7% cap rate, what is the purchase price?
- A buyer puts 15% down on a $320,000 home and pays 1.5 discount points. What is the total amount paid in points?
- A property's gross income is $72,000 per year. If the buyer wants a 7% return on their total investment and can accept a $4,800/year expense load, what is the maximum investment (purchase price)?
- A 5,000 sq ft lot is being purchased for $12 per square foot. What is the total purchase price?
- A seller's closing costs include: 5.5% commission on a $345,000 sale, $1,200 attorney's fee, and $1,278.75 recordation tax. What are the total closing costs?
- A home appraised at $425,000. The county assessment ratio is 25%. If the tax rate is $2.80 per $100, what is the annual tax bill?
- A section of land in the rectangular survey system contains how many square miles?
- An investor owns a 20-unit apartment complex. Average rent per unit is $950/month. The vacancy rate is 6%. Annual operating expenses are $78,000. At a cap rate of 8.5%, what is the property value?
- A seller accepts an offer of $285,000 and pays 6% commission. The listing agent's firm keeps 60% of the total commission, and the listing agent earns 55% of their firm's share. How much does the listing agent earn?
- A seller needs to net $210,000 after paying a 6% commission and $3,500 in other closing costs. What must the property sell for?
- A rectangular property measures 150 feet by 200 feet. What is its area in acres? (1 acre = 43,560 sq ft)
- An FHA borrower purchases a home for $220,000 with a 3.5% down payment. What is the loan amount?
- A home is priced at $399,000. The seller reduces it by 4%. Then reduces again by 3% after 45 days. What is the final price?
- A commercial lease is for 3,200 sq ft at $22/sq ft/year plus a 2% annual increase. What is the monthly rent in Year 2?
- A property with an effective gross income of $145,000 and operating expenses of $52,200 is purchased at a 7.25% cap rate. What is the purchase price?
- An investor wants a 10% cash-on-cash return. They invest $85,000 in down payment and closing costs. The property's annual NOI is $22,000 and the annual mortgage payment is $13,600. What is the cash-on-cash return?
- A Tennessee property tax bill is $4,200. The assessment ratio is 25% and the market value is $560,000. What is the tax rate per $100 of assessed value?
- A rental property has 8 units, each renting at $875/month. The property has a 4% vacancy rate. Annual expenses are $32,400. What is the NOI?
- An investor buys a property for $500,000 with 25% down. Their annual NOI is $40,000. After paying the annual mortgage of $27,000, what is their annual cash flow?
- A property in Knoxville has an effective gross income of $85,000 and a vacancy rate built in at 5%. What was the gross potential income before vacancy?
- A 40-acre parcel is being sold for $3,500 per acre. What is the total purchase price?
- A Tennessee buyer uses the following closing cost formula: Down payment 20% + 3% in closing costs on the loan amount. If the purchase price is $375,000, what is the total cash needed at closing?
- A property manager charges 8% of monthly rent for management. If rent is $1,450/month and the property is occupied all 12 months, how much does the manager earn annually?
- A Tennessee investor buys a property for $320,000. If the property appreciates 4.5% annually, what is its value after 2 years?
- A Nashville commercial building has an NOI of $90,000 and is purchased at a 7.5% cap rate. What is the purchase price?
- A Tennessee property sells for $275,000. The buyer makes a 20% down payment. What is the loan-to-value (LTV) ratio?
- A Tennessee listing agreement specifies a 6% commission. The property sells for $385,000. If the listing broker splits the commission 50/50 with the buyer's broker, how much does each broker receive?
- A Memphis rental home has monthly gross income of $1,800 and monthly expenses of $750. Using a 10% cap rate, what is the property's estimated value?
- A Tennessee property has a tax-assessed value of $180,000 and the local tax rate is $3.20 per $100 of assessed value. What is the annual property tax?
- A Knoxville property was purchased for $195,000 and sold 3 years later for $228,150. What is the percentage gain?
- A Tennessee property sells for $340,000. The Tennessee recordation tax is $0.37 per $100 of consideration. What is the total recordation tax?
- A Tennessee broker earns a 5.5% commission on a $410,000 sale. The broker pays their affiliate broker 55% of the commission. How much does the affiliate broker earn?
- A Tennessee landlord raises rent by 8% annually. If current rent is $950/month, what will the rent be after 2 years?
- A Tennessee property has a list price of $289,000. After negotiation, it sells for 96% of list price. What is the sale price?
- A Tennessee property is assessed at 25% of market value. If the market value is $320,000 and the tax rate is $4.50 per $100 of assessed value, what is the annual property tax?
- A Tennessee investor finances $180,000 at 7% annual interest with monthly payments of $1,198. After the first payment, what is the remaining loan balance (approximately)?
- A Tennessee property manager collects $18,500 in monthly rent over 12 months. The management fee is 9%. How much does the owner NET from rent after the management fee?
- A Nashville office building has a potential gross income of $480,000. Vacancy and credit loss is estimated at 7%. What is the effective gross income?
- A Tennessee commercial lease has a base rent of $2,500/month plus 3% of annual gross sales over $500,000. If annual gross sales are $800,000, what is the total annual rent?
- A Tennessee home is listed at $375,000. The seller agrees to pay 3% toward the buyer's closing costs. How much does the seller contribute?
- A Tennessee property has annual gross rent of $24,000 and sells for $300,000. What is the gross rent multiplier (annual)?
- A Tennessee buyer purchases a home for $315,000 with a 10% down payment. The lender charges 0.5% origination fee. What is the origination fee amount?
- A Tennessee broker has 12 agents. Each agent averages $3,800 in commission per month. The broker retains 30% of each agent's commission. What is the broker's monthly retained income?
- A Tennessee property manager charges 8.5% of collected rents. If the property collects $156,000 in annual rent, what is the annual management fee?
- A Tennessee investment property has annual NOI of $52,000 and the investor requires a 9% return. What is the maximum purchase price the investor should pay?
- A Tennessee seller nets $248,000 after paying a 6% commission. What was the sale price?
- A Tennessee property sells for $428,000. The seller pays the broker a 5.5% commission. What is the broker's total commission?
- A Tennessee investor buys a 4-unit apartment building for $480,000. Each unit rents for $900/month. What is the monthly gross rent multiplier?
- A Tennessee buyer's gross monthly income is $7,200. Using a 43% back-end DTI limit, what is the maximum total monthly debt payment allowed?
- A Tennessee seller owes $212,000 on a mortgage. After paying a 6% commission and $4,800 in other closing costs, the seller nets $38,000. What was the sale price?
- A Tennessee property has a potential gross income of $60,000, a 5% vacancy rate, and operating expenses of $22,000. What is the net operating income?
- A Nashville condominium has monthly HOA dues of $325. The buyer wants to know the annual cost. What is the total annual HOA expense?
- A Tennessee apartment building has 20 units renting at $850/month with a 5% vacancy rate and $78,000 annual operating expenses. What is the annual NOI?
- A Tennessee home seller paid $245,000 for a property 5 years ago and is selling it today for $312,000. What is the percentage gain over the 5-year period?
- A Tennessee property appraises for $295,000. The buyer can borrow up to 80% LTV. How much must the buyer pay as a down payment?
- A Chattanooga home sells for $347,500. The seller's agent is paid 3% and the buyer's agent is paid 3%. How much does each agent receive?
- A Tennessee property has annual taxes of $4,200 and the closing is on April 15. If taxes are paid in arrears at year end, how much does the seller owe the buyer in prorated taxes at closing?
- A Tennessee investor is looking at a 6-unit apartment building. Each unit rents at $725/month. Using a GRM of 110, what is the estimated market value?
- A Tennessee rental property generates $22,800 annual gross income. Operating expenses are 42% of gross income. What is the annual NOI?
- A Tennessee property has a cap rate of 8% and an NOI of $44,000. The investor financed $350,000. What is the cash-on-cash return if the annual debt service is $28,000 and the down payment was $100,000?
- A Tennessee property is valued at $425,000. The bank will lend 75% LTV. The buyer has $60,000 available. Can the buyer purchase the property, and if so, what is the down payment shortfall or surplus?
- A Tennessee homeowner has a monthly PITI payment of $1,850. Their gross monthly income is $5,800. What is their front-end DTI ratio?
- A Tennessee investor uses a 9.5% cap rate to value a property with annual NOI of $64,600. What is the estimated value?
- A Tennessee commercial property has a gross income of $95,000, vacancy loss of $9,500, and operating expenses of $32,000. What is the NOI?
- A Tennessee buyer places a $5,000 earnest money deposit on a $250,000 home. What percentage of the purchase price is the earnest money?
- A Tennessee lender requires a maximum 28% housing ratio. A borrower's gross monthly income is $6,500. What is the maximum monthly PITI payment?
- A Tennessee commercial property has effective gross income of $120,000 and operating expenses of $48,000. If a buyer requires a 9% cap rate, what should the buyer pay?
- A Tennessee investor purchased a property for $185,000 and sold it 3 years later for $230,000 after paying $12,000 in improvements. What is the total gain?
- A Memphis rental property has monthly rent of $1,200. The appraiser uses a monthly GRM of 130. What is the estimated property value?
- A Tennessee property has an annual NOI of $38,500 and is offered for sale at $495,000. What is the implied cap rate?
- A Tennessee property manager receives a monthly management fee of 9% of collected rent. If the monthly rent is $2,200 and the unit is occupied for 11 months of the year, what is the annual management fee?
- A Tennessee homeowner refinances to lower their monthly payment from $1,450 to $1,280. How much do they save annually?
- A Tennessee seller receives $412,000 from a sale. They pay a 5.5% broker commission, $3,500 in closing costs, and the balance of their $280,000 mortgage. How much does the seller net?
- A Tennessee investment property costs $520,000. The investor expects 5% annual appreciation. What will the property be worth in 4 years?
- A Tennessee property manager charges a leasing fee equal to one month's rent for finding a new tenant. If the monthly rent is $1,650, what is the leasing fee?
- A Tennessee property sells for $298,000. Closing costs include: 5.5% commission, $1,200 title insurance, $850 attorney fee, and $1,500 transfer/recordation taxes. What are the total closing costs?
- A Tennessee property is purchased for $440,000 with a 25% down payment. What is the mortgage amount?
Property Valuation
122 questions- The income approach to value is most appropriate for:
- Comparative Market Analysis (CMA) is typically prepared by a:
- Economic obsolescence (external obsolescence) is a loss in value caused by:
- When using the gross rent multiplier (GRM), if a property rents for $1,500/month and comparable properties sell at a GRM of 120, what is the estimated value?
- The principle of substitution states that:
- In the sales comparison approach, an appraiser makes a negative adjustment to a comparable sale when:
- Capitalization rate (cap rate) is calculated as:
- Functional obsolescence in a property refers to:
- Assessed value for property tax purposes in Tennessee is typically a percentage of:
- The cost approach to value is most reliable for:
- The market value of a property assumes:
- Regression in real estate valuation means that:
- An appraiser adjusts comparable sales for time to account for:
- In the income capitalization approach, a lower capitalization rate results in a:
- The gross rent multiplier (GRM) approach is best suited for:
- Plottage (assemblage) refers to:
- Paired sales analysis is a method used in the sales comparison approach to:
- The effective age of a building refers to:
- The highest and best use of a property is defined as the use that is:
- An appraisal is defined as:
- An appraisal performed for a federally regulated mortgage transaction in Tennessee must be completed by:
- The reconciliation process in an appraisal involves:
- Depreciation in appraisal refers to:
- Market rent is defined as:
- When appraising new construction, the cost approach is often most appropriate because:
- The income approach uses a direct capitalization formula: V = I / R. In this formula, 'R' represents:
- Reproduction cost in the cost approach means:
- In Tennessee, USPAP (Uniform Standards of Professional Appraisal Practice) requires appraisers to:
- An appraiser using the sales comparison approach finds a comparable sale with a garage that the subject property lacks. The appraiser would make a:
- Economic life of a building is defined as:
- The principle of conformity states that value is maximized when:
- If a property has both an older home and a vacant lot and the appraiser concludes the highest and best use is to demolish the home and build condominiums, this analysis supports a:
- An appraiser determines that the subject property has 2,000 square feet and a comparable sold for $90 per square foot with 1,800 square feet. Using gross living area analysis, what does the comparable suggest the subject is worth?
- The principle of anticipation in real estate valuation means that a property's value reflects:
- An appraisal is performed 'as of' a specific date. This date is called the:
- An appraisal that values a property under the assumption that it will continue its current use rather than be converted to its highest and best use is known as a:
- A Tennessee appraiser who accepts an appraisal assignment contingent on the result exceeding a certain value is:
- The principle of progression states that a lower-value property benefits from proximity to higher-value properties by:
- A building has an economic life of 50 years and an effective age of 10 years. Its remaining economic life is:
- When a comparable sale was distressed (sold in foreclosure at below-market price), an appraiser should:
- The Tennessee Certified Residential Appraiser classification allows appraisers to appraise:
- An appraiser's 'scope of work' document must describe:
- In Tennessee's real estate market, the Nashville metropolitan area is known as one of the fastest-growing in the Southeast. This growth affects appraisals by:
- The cost approach formula is: Value = Land Value + (Cost New − Depreciation). If land value is $80,000, cost new is $250,000, and total depreciation is $40,000, what is the estimated value?
- In the sales comparison approach, 'gross adjustments' should generally not exceed what percentage of the comparable's sale price per FNMA guidelines?
- A site that is physically and legally unsuitable for the proposed highest and best use is said to lack:
- Deferred maintenance affects appraisal value as a form of:
- Contributory value is the concept that:
- The 'before and after' method of appraisal is used in cases of:
- The Tennessee Appraiser Certification and Licensure Board (TACLB) is the state agency that:
- When an appraiser makes a time adjustment to a comparable sale, they are adjusting for:
- Liquidation value is typically:
- A neighborhood in Nashville is transitioning from residential to mixed-use commercial. An appraiser valuing a residential property in this area should:
- Absorption rate in real estate market analysis measures:
- When an appraiser uses the direct comparison approach, the final value indication is most influenced by:
- A 'drive-by' or 'exterior inspection' appraisal (Form 2055) in Tennessee is typically used for:
- In Tennessee's rapidly growing markets like the Nashville suburb of Franklin (Williamson County), appraisers face the challenge of:
- In Tennessee, a certified general appraiser is qualified to appraise:
- The appraised value established in a residential appraisal is most accurately described as:
- In Tennessee, an appraiser who knowingly makes a fraudulent appraisal may face:
- When the Nashville real estate market has a 2-month supply of homes, this indicates a:
- In the income approach, effective gross income (EGI) is calculated as:
- Tennessee's rapidly growing Chattanooga real estate market has seen significant investment due to:
- An appraiser who receives pressure from a lender to 'hit' a specific value should:
- When an appraiser in Memphis must value a warehouse property, they would most likely emphasize which approach?
- When a commercial property is sold for investment, the buyer is most interested in the:
- In Tennessee, the Memphis metropolitan area's real estate market has historically been characterized as compared to Nashville by:
- When a Tennessee appraiser adjusts a comparable sale for condition, they are accounting for differences in:
- When appraising a Tennessee property using the income approach, 'effective gross income' is calculated as:
- The principle that value is influenced by the expectation of future benefits is known as:
- In the cost approach to value, 'depreciation' is best defined as:
- An appraiser uses the gross rent multiplier (GRM) method. If similar homes in Memphis sell for $150,000 and rent for $1,250/month, what is the GRM?
- In Tennessee, an appraiser who adjusts the sale price of a comparable property upward is indicating that the comparable is:
- When comparing two comparable sales in a Tennessee appraisal, which adjustment would increase the indicated value of the subject property?
- The 'principle of substitution' in real estate appraisal states that:
- In the income approach, a low capitalization rate indicates that a property:
- The 'sales comparison approach' to value is most reliable when:
- In Tennessee, an appraisal's 'reconciliation' step involves:
- Which type of depreciation in the cost approach is considered 'incurable'?
- In Tennessee, the 'reproduction cost' in the cost approach means the cost to:
- A Chattanooga home's market value is $275,000. The replacement cost of improvements is $230,000, the lot value is $55,000, and total depreciation is $30,000. What is the cost approach value?
- The 'highest and best use' of a property is defined as the use that is:
- In Tennessee, the 'effective age' of a building for appraisal purposes refers to:
- In Tennessee, which of the following would be considered 'external obsolescence' in the cost approach?
- A Tennessee appraiser determines that a comparable sale requires a net adjustment of +$8,000 and the adjusted sale price is $265,000. What was the original sale price?
- In Tennessee, the 'gross rent multiplier' (GRM) is most useful for valuing:
- In Tennessee, when appraising a property for tax purposes, the assessor uses which basis of value?
- In Tennessee, which type of value is most relevant for estate and gift tax purposes?
- In Tennessee, which approach to value is most commonly used for single-family residential properties?
- In Tennessee, 'plottage value' refers to:
- In Tennessee, the appraisal method of 'paired sales analysis' is used to:
- In Tennessee, an appraiser who assigns a value higher than market value to please the lender or buyer is:
- In Tennessee, an appraiser's 'limiting conditions' and 'assumptions' in a report are important because they:
- In Tennessee, which appraisal approach would be most appropriate for a new public school building?
- In Tennessee, which of the following factors would increase property value according to the principle of conformity?
- In Tennessee, when an appraiser says 'as improved' value, they mean the value of:
- In Tennessee, the Uniform Standards of Professional Appraisal Practice (USPAP) are important because they:
- In Tennessee, an appraiser who determines that a property's highest and best use is different from its current use will likely:
- In Tennessee, an appraiser estimates a property's value is $285,000 via the sales comparison approach and $292,000 via the cost approach. The final reconciled value will be:
- In Tennessee, the 'economic life' of a building is the period during which:
- In Tennessee, which of the following best describes 'market value'?
- In Tennessee, the 'cost-to-cure' method of calculating depreciation assumes that:
- In Tennessee, an 'as-stabilized' appraisal value reflects the property's value after:
- In Tennessee, an appraiser who refuses to produce a predetermined value requested by a lender is:
- In Tennessee, an appraiser who uses three comparable sales to value a property notes that the comps sold for $285,000, $291,000, and $288,000 after adjustments. What is the indicated value range?
- In Tennessee, which organization sets minimum appraisal standards for federally related transactions?
- In Tennessee, an appraiser who values land separately from improvements is most likely using the:
- In Tennessee, when appraising a historic home in Nashville's Germantown neighborhood, the appraiser would likely give the most weight to which approach?
- In Tennessee, when adjusting for a swimming pool in the sales comparison approach, the appraiser should use adjustments based on:
- In Tennessee, which of the following is a 'super-adequate' feature in a property?
- In Tennessee, a property appraiser conducting an 'exterior-only' appraisal (drive-by appraisal) is performing a:
- In Tennessee, when an appraiser makes a 'positive adjustment' to a comparable sale, the appraiser is indicating that the comparable is:
- In Tennessee, the 'income capitalization approach' is best suited for valuing:
- In Tennessee, which type of depreciation is caused by changes in the surrounding neighborhood, such as industrial development near a residential area?
- In Tennessee, the 'replacement cost new' in the cost approach is the cost to build:
- In Tennessee, which of the following is a reason an appraiser might limit the number of comparables used in the sales comparison approach?
- In Tennessee, an appraiser who finds no truly comparable sales in the area may use:
- In Tennessee, a 'broker price opinion' (BPO) is:
- In Tennessee, when an appraiser states a property's value 'as of' a specific date, this is called the:
- In Tennessee, the 'overall rate' (OAR) used in the income approach is also known as the:
- In Tennessee, an appraiser's 'scope of work' determination is important because it:
- In Tennessee, a property that has been appraised for $350,000 but is currently under a lease that is below market rent would likely be valued:
Fair Housing
117 questions- Redlining is a discriminatory practice in which lenders:
- A landlord refuses to allow a tenant with a disability to install grab bars in the bathroom. Under the Fair Housing Act, this is:
- Under the Americans with Disabilities Act (ADA), newly constructed commercial facilities must:
- Which statement is TRUE regarding the advertising of real property under Fair Housing laws?
- The Tennessee Human Rights Act prohibits housing discrimination based on all of the following EXCEPT:
- Steering is the illegal practice of:
- The Fair Housing Act exempts which of the following from its provisions?
- Blockbusting is the illegal practice of:
- An owner of a four-plex who occupies one unit may legally:
- The Civil Rights Act of 1866 prohibits discrimination based on:
- A property manager who charges a higher security deposit to a tenant because of their national origin is violating:
- The Fair Housing Act requires that multifamily housing built for first occupancy after March 13, 1991, with 4 or more units must have:
- A landlord who refuses to rent to a family with children (except in qualifying senior housing) is violating the Fair Housing Act's protection for:
- Which federal agency is primarily responsible for enforcing the Fair Housing Act?
- A real estate agent who tells a prospective buyer that a neighborhood is 'changing' or implies that property values will decline because of the racial composition of the area is committing:
- Disparate impact in Fair Housing law means:
- Under the Fair Housing Act, which of the following is an acceptable reason to deny a housing application?
- The Fair Housing Act provides for maximum civil penalties for a first violation of:
- Housing for older persons (55+ communities) is exempt from the Fair Housing Act's familial status protection if:
- A seller instructs their listing agent not to show the home to buyers of a particular race. The listing agent should:
- Source of income protections (protecting housing voucher holders) are NOT required by:
- The Tennessee Fair Housing Act is administered and enforced by the:
- A real estate agent who shows a buyer homes only in one part of a city based on the buyer's race or national origin (without the buyer requesting this) is engaged in:
- An 'affirmative fair housing marketing plan' is required for:
- A mortgage lender who offers favorable loan terms to customers referred by a predominantly white real estate firm while offering less favorable terms to customers from a predominantly minority firm is likely engaging in:
- The Americans with Disabilities Act (ADA) applies to residential properties:
- A condominium association that requires all buyers to be approved by the board and rejects a qualified buyer based on their national origin is violating:
- A real estate licensee who uses a neighborhood's racial composition as a selling point to attract buyers to that neighborhood is:
- A disabled tenant requests permission to have a service animal in a no-pets building. The landlord should:
- The Unruh Civil Rights Act (relevant in California) is mentioned here as a contrast. In Tennessee, housing discrimination complaints may be filed with:
- The Violence Against Women Act (VAWA) provisions in housing protect:
- A landlord who advertises a rental as 'perfect for empty nesters' or 'no children please' is violating the Fair Housing Act's protection for:
- Under the Fair Housing Act, a 'reasonable modification' that a disabled tenant may request differs from a 'reasonable accommodation' in that:
- The Memphis-Shelby County Fair Housing Center investigates housing discrimination complaints primarily under which laws?
- The phrase 'protected class' in fair housing refers to:
- The Fair Housing Act's sex protection covers:
- Disparate treatment occurs when a lender or real estate professional:
- The Fair Housing Act requires that real estate professionals not discriminate in which of the following activities?
- The Unruh Civil Rights Act mentioned previously is a California law. In Tennessee, what additional protected class does the Tennessee Human Rights Act add beyond federal law?
- Sexual harassment in housing (quid pro quo or hostile environment) violates the Fair Housing Act's protection for:
- In Tennessee, the statute of limitations for filing a Fair Housing Act complaint with HUD is:
- The Tennessee Human Rights Commission (THRC) has jurisdiction over housing discrimination complaints against:
- A landlord who allows a tenant with a disability to install a ramp at the tenant's expense may require the tenant to:
- A real estate company's policy of not advertising in Spanish-language media, despite serving a large Spanish-speaking population, may constitute:
- Which Tennessee city has been known for its active fair housing initiatives related to rapid development and gentrification?
- Redlining by lenders involves denying loans or offering inferior terms specifically because:
- In Tennessee, a landlord who refuses to accept Section 8 housing vouchers is:
- The 'testers' used by fair housing organizations in Tennessee are individuals who:
- Under the Fair Housing Act, a real estate professional who uses a zip code or neighborhood map for targeted direct mail to only white neighborhoods is:
- The National Association of REALTORS® Code of Ethics Article 10 requires REALTORS® to:
- A Tennessee mortgage lender who approves a White applicant with a 620 credit score but denies a Black applicant with the same 620 credit score and identical financial profile is guilty of:
- The Tennessee Fair Housing Act's provisions are generally:
- An agent who asks potential renters for more documentation than required (e.g., requesting more pay stubs or references from minority applicants than from white applicants) is engaging in:
- The Americans with Disabilities Act Title III applies to Tennessee commercial buildings that are:
- In a Tennessee real estate transaction, a buyer who suspects housing discrimination has occurred should know that they can file a complaint with HUD within:
- Which Tennessee city enacted a non-discrimination ordinance (NDO) that extends fair housing protections to sexual orientation and gender identity?
- Under the Fair Housing Act, 'reasonable accommodation' requires that:
- The phrase 'protected class' in fair housing most accurately refers to:
- A housing advertisement that states 'walking distance to Mosque — ideal for Muslim families' is:
- A real estate agent who tells a Black buyer that 'you'd probably be more comfortable' in a neighborhood with more Black residents is engaging in:
- A property owner who lists their home 'For Sale By Owner' (FSBO) without using a real estate broker in Tennessee is:
- The duty to 'affirmatively further fair housing' (AFFH) applies to:
- A real estate company's website that shows only photos of white families in its marketing materials, despite serving a racially diverse market, may be violating:
- Under the Tennessee Human Rights Act, which of the following is a protected class not covered by the federal Fair Housing Act?
- Which Tennessee city was an early adopter of fair housing ordinances predating the federal Fair Housing Act of 1968?
- Under the Fair Housing Act, a real estate agent who steers a minority buyer toward neighborhoods with higher minority populations is committing:
- A Tennessee landlord with 10 units refuses to make a reasonable accommodation for a wheelchair user. This may violate:
- Under the Fair Housing Act, 'familial status' protection covers:
- Which of the following is NOT a protected class under the federal Fair Housing Act?
- Under the Fair Housing Act, which of the following advertising practices is prohibited?
- Under the Fair Housing Act, 'blockbusting' is the practice of:
- A property manager in Nashville refuses to rent to a person because they use a wheelchair. This is a violation of the Fair Housing Act's protections for:
- Under the Fair Housing Act, a person who believes they were discriminated against has how long to file a complaint with HUD?
- Under the Fair Housing Act, a person with a disability may make reasonable modifications to their rental unit if they:
- Under the Fair Housing Act, a housing complex that enforces a 'no children' policy violates which protected class?
- Under Tennessee law, a real estate agent who steers buyers away from certain neighborhoods based on racial composition could face:
- A Tennessee landlord who advertises 'ideal for young professionals' may be violating the Fair Housing Act because the ad:
- Under the Fair Housing Act, 'disability' includes all of the following EXCEPT:
- In a Tennessee apartment complex, a landlord who charges a higher security deposit to a tenant because of their national origin is:
- In Tennessee, which agency is primarily responsible for enforcing state fair housing laws?
- The Tennessee Human Rights Act prohibits discrimination in housing based on all of the following EXCEPT:
- Under the Fair Housing Act, a landlord MAY legitimately refuse to rent to an applicant who:
- Which of the following is NOT considered a 'reasonable accommodation' that a landlord must provide to a disabled tenant?
- In Tennessee, HUD's 'conciliation' process in a fair housing complaint means:
- In Tennessee, a landlord who refuses to accept a Housing Choice Voucher (Section 8) is not violating federal Fair Housing Act provisions UNLESS:
- In Tennessee, which of the following is an example of 'redlining'?
- In Tennessee, a 'qualified housing for older persons' exemption to the Fair Housing Act's familial status prohibition requires that:
- Under the Fair Housing Act, advertising for a 'walk-up apartment' (no elevator) is:
- In Tennessee, which of the following is an example of a 'disparate treatment' fair housing violation?
- In Tennessee, a real estate agent who shows minority buyers only properties in predominantly minority neighborhoods is practicing:
- In Tennessee, which of the following is NOT a protected class under the Tennessee Human Rights Act in employment (and partially in housing)?
- Under the Fair Housing Act, 'panic selling' or 'panic peddling' is the practice of:
- In Tennessee, which of the following is a permissible practice under the Fair Housing Act?
- In Tennessee, a landlord who requires only minority applicants to provide additional documentation not required of other applicants is violating:
- Under the Fair Housing Act, a tenant who is denied a reasonable modification to their unit (at their own expense) may file a complaint with:
- In Tennessee, 'affirmative marketing' in housing programs is designed to:
- In Tennessee, a mortgage lender who charges higher interest rates to qualified minority borrowers compared to equally qualified non-minority borrowers is engaging in:
- In Tennessee, a seller who instructs their listing agent not to show their home to buyers with young children is requesting the agent to:
- In Tennessee, a property owner with a rental property may be exempt from some fair housing provisions if they:
- In Tennessee, which federal agency is responsible for administering the Fair Housing Act?
- In Tennessee, a real estate agent who refuses to show a property in a predominantly white neighborhood to a Black buyer is:
- In Tennessee, a landlord who refuses to make a structural modification to a common area to accommodate a tenant's disability is potentially violating:
- Under the Fair Housing Act, which of the following is an example of an 'advertising violation'?
- Under the Fair Housing Act, 'familial status' protection does NOT apply to:
- In Tennessee, a real estate agent who advises a seller to only consider offers from buyers of a specific national origin is:
- Under the Fair Housing Act, which of the following is a protected class that was added by the Fair Housing Amendments Act of 1988?
- In Tennessee, a landlord who charges a higher security deposit to a tenant because the tenant has a guide dog (service animal) is:
- In Tennessee, 'source of income' discrimination would mean refusing to rent to someone because they:
- In Tennessee, a seller who refuses to accept an offer from a buyer because of the buyer's religion is violating which federal law?
- In Tennessee, a landlord who posts a 'No Section 8' sign in their rental office is potentially:
- In Tennessee, a landlord who offers different lease terms (shorter lease, higher rent) to applicants with disabilities compared to non-disabled applicants is committing:
- In Tennessee, which of the following statements about service animals under the Fair Housing Act is TRUE?
- In Tennessee, a landlord who adopts a 'no felony' tenant screening policy should be aware that:
- In Tennessee, a landlord who charges a Black applicant a higher application fee than a white applicant for the same unit is committing:
- In Tennessee, which of the following types of housing is generally exempt from the Fair Housing Act?
- In Tennessee, a lender's practice of requiring higher down payments in predominantly minority neighborhoods regardless of individual borrower creditworthiness is known as:
- In Tennessee, which of the following statements about the Tennessee Human Rights Act is correct?
Escrow & Title
117 questions- In Tennessee, real estate closings are most commonly handled by:
- A lis pendens recorded against a property indicates:
- A special warranty deed differs from a general warranty deed in that the grantor:
- RESPA requires that buyers receive the Closing Disclosure:
- Tennessee does not impose a state transfer tax on real estate sales. Instead, the state charges a:
- A title insurance owner's policy protects:
- A quitclaim deed:
- Chain of title refers to:
- A deed must be delivered and accepted to be effective. The primary purpose of recording a deed is to:
- Actual notice means:
- Title insurance is unique among insurance products because it protects against:
- In Tennessee, who is typically responsible for selecting the title company or closing attorney?
- Priority of liens in Tennessee is generally determined by:
- In Tennessee, an abstract of title is:
- Marketable title means title that is:
- A lender's title insurance policy (loan policy) protects:
- The purpose of a survey in a real estate transaction is to:
- A subordination agreement is used to:
- A deed that has been properly executed but never recorded is:
- A preliminary title report (title commitment) is issued by a title company to:
- A closing statement's proration of property taxes assumes that taxes are paid:
- In Tennessee, county register of deeds offices record documents to:
- A title search reveals a judgment lien against the seller from a prior lawsuit. At closing in Tennessee, this lien must typically be:
- Tenancy by the entirety in Tennessee is a form of joint ownership available only to:
- In Tennessee, a warranty deed conveys title with which of the following covenants?
- The title examination process in Tennessee involves reviewing the chain of title to identify any:
- An 'exception' in a title insurance policy is a matter that:
- A title insurance company that pays a claim for a covered title defect then steps into the insured's position to pursue recovery from the responsible party. This is called:
- At a Tennessee residential closing, the seller's proceeds are typically disbursed:
- In Tennessee, the county register of deeds records documents in which public record system?
- A trustee's deed is used in Tennessee when:
- In a Tennessee closing, the 'HUD-1 Settlement Statement' has been replaced by the:
- When a deed is recorded but contains an error in the legal description, the correction is made by recording a:
- An 'ALTA' title insurance policy provides broader coverage than a standard policy because it includes coverage for:
- The doctrine of 'merger' in real estate holds that:
- In Tennessee, when a property is sold and the deed is delivered and recorded, the seller's warranty in a general warranty deed protects the buyer against:
- An attorney's 'title opinion' in Tennessee is a professional opinion on the state of title that is:
- In Tennessee, a deed of trust is foreclosed by non-judicial trustee's sale. After the sale, what document does the trustee provide to the buyer at the sale?
- A 'gap' in the title occurs when:
- In a Tennessee purchase, 'pro-ration' of the current year's property taxes at closing means:
- In Tennessee, when multiple tax parcels are combined into one new sale, which document helps identify each included parcel?
- A lender requires a 'survey exception' to be removed from the title insurance policy. This means the title company will:
- An 'encroachment' discovered during a survey means:
- A 'deed in lieu of foreclosure' is when a borrower:
- In Tennessee, a purchaser who takes title with actual or constructive notice of an earlier, unrecorded interest:
- When a property in Tennessee is sold at a tax sale by the county for non-payment of property taxes, what right does the original owner typically have?
- In a Tennessee non-judicial foreclosure sale under a deed of trust, a valid defense to the foreclosure available to the borrower includes:
- In Tennessee, a title search typically covers the chain of title for how many years?
- An 'earnest money escrow agreement' specifies how the earnest money will be dispersed in the event of:
- A 'release of lien' (satisfaction of mortgage) must be recorded in Tennessee to:
- An 'interpleader' action in the context of a disputed earnest money deposit means the broker:
- An 'affidavit of heirship' in Tennessee is used when:
- A 'title plant' maintained by a title company in Tennessee is:
- A 'notice of lis pendens' must be recorded in the county where:
- In Tennessee, 'constructive eviction' is relevant in title situations where:
- In Tennessee, the 'race-notice' recording statute means that a subsequent purchaser for value is protected if they:
- A 'deed in trust' in Tennessee is used when:
- In Tennessee, a 'property information sheet' or 'seller's disclosure notice' may also include information about:
- A Tennessee buyer who is purchasing a property using a VA loan should know that VA loans:
- A Tennessee seller who is unable to convey marketable title by the agreed closing date may be:
- A 'binder' or 'earnest money agreement' that is separate from the main purchase contract is most common in:
- A Tennessee attorney who performs a title examination and provides a title opinion faces:
- In Tennessee, which office is responsible for maintaining the public record of deeds and other real property documents?
- In Tennessee, a title search typically examines the public records back how many years to establish a marketable chain of title?
- In Tennessee, which document is used to release a deed of trust lien after the mortgage is paid in full?
- In Tennessee, what is the primary purpose of recording a deed in the county register's office?
- In Tennessee, RESPA requires that borrowers receive a Loan Estimate within how many business days of a completed loan application?
- In Tennessee, the 'closing disclosure' must be provided to the borrower at least how many business days before closing?
- In Tennessee, an 'abstract of title' is:
- In Tennessee, which of the following best describes 'title insurance'?
- In Tennessee, recordation tax on the transfer of real property is charged at what rate?
- In Tennessee, a 'deed of trust' involves how many parties?
- In Tennessee, who is typically responsible for ordering the title search in a residential transaction?
- In Tennessee, 'constructive notice' through recording means that:
- In Tennessee, a 'chain of title' refers to:
- In Tennessee, a 'subordination agreement' is used to:
- In Tennessee, a buyer who pays cash and takes title without a title search or title insurance assumes the risk of:
- In Tennessee, a 'satisfaction of mortgage' or 'deed of reconveyance' should be recorded within how many days of the loan payoff?
- In Tennessee, which type of notice arises when a buyer takes actual possession of the property?
- In Tennessee, the 'priority of liens' generally means that in a foreclosure, liens are paid:
- In Tennessee, 'prorations' at closing are used to:
- In Tennessee, a 'binder' or 'commitment for title insurance' issued by a title company represents:
- In Tennessee, a 'gap' in the chain of title means:
- In Tennessee, a 'title plant' maintained by a title company contains:
- In Tennessee, a 'survey' of a property is used to:
- In Tennessee, the duty to disclose the existence of a 'Notice of Commencement' affects buyers because it:
- In Tennessee, when does a buyer acquire 'equitable title' to a property?
- In Tennessee, an 'owner's title insurance policy' is typically issued in the amount of:
- In Tennessee, a 'lender's inspection' or 'draw inspection' during construction lending verifies:
- In Tennessee, a 'HUD-1 Settlement Statement' has been replaced by the 'Closing Disclosure' for most transactions. When is a HUD-1 still used?
- In Tennessee, who typically selects the title company in a residential real estate transaction?
- In Tennessee, a 'mechanics and materialmen's lien' must be filed within how many days of completion of work or last furnishing of materials?
- In Tennessee, a 'quitclaim deed' is most appropriate for:
- In Tennessee, a 'blanket mortgage' covers:
- In Tennessee, the 'insuring clauses' of a title insurance policy specify:
- In Tennessee, which party typically pays the owner's title insurance premium in a residential transaction?
- In Tennessee, a 'special assessment' that appears on a title search is:
- In Tennessee, a 'certificate of occupancy' (CO) is issued by the local government and certifies that:
- In Tennessee, a 'title exception' in a title commitment means:
- In Tennessee, a 'purchase money deed of trust' is one that is used to:
- In Tennessee, a 'subordinate financing disclosure' is required when:
- In Tennessee, 'adverse possession' can affect title because a claimant who has occupied property for the statutory period may have:
- In Tennessee, a 'title plant' search may supplement but not replace which official government records?
- In Tennessee, a title company's 'escrow instructions' in a real estate closing specify:
- In Tennessee, an 'ALTA survey' is more comprehensive than a standard survey because it:
- In Tennessee, which of the following would be covered by a standard owner's title insurance policy?
- In Tennessee, a 'mutual mistake' in a deed (such as an incorrect legal description) may be corrected by:
- In Tennessee, a 'short sale' occurs when:
- In Tennessee, a 'certificate of title' is a legal opinion provided by an attorney regarding:
- In Tennessee, a 'preliminary title report' (title commitment) is issued BEFORE closing primarily to:
- In Tennessee, 'abstracting' a title means:
- In Tennessee, 'proration of rents' at closing means that the:
- In Tennessee, which of the following is typically NOT prorated at closing?
- In Tennessee, a 'deed restriction violation' discovered after closing may be enforced by:
- In Tennessee, a 'deed of release' or 'release deed' is used after a foreclosure sale to:
- In Tennessee, the 'note' in a mortgage transaction is the borrower's written promise to:
- In Tennessee, a 'good faith estimate' was replaced by the 'Loan Estimate' under TRID. The Loan Estimate must be delivered to the borrower within how many business days of a complete application?
Environmental
110 questions- Radon is a naturally occurring radioactive gas that enters homes primarily through:
- The Tennessee Department of Environment and Conservation (TDEC) is responsible for:
- Lead-based paint disclosure is required for residential properties built before:
- The Tennessee Valley Authority (TVA) controls large amounts of land along Tennessee's waterways. Property near TVA-controlled shoreline may be subject to:
- Underground storage tanks (USTs) containing petroleum or hazardous substances are regulated under which federal law?
- Asbestos-containing materials in buildings are most hazardous when they are:
- Mold growth in a property is primarily caused by:
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA/Superfund) is significant to real estate because it:
- A Phase I Environmental Site Assessment (ESA) involves:
- Which of the following is a seller's obligation regarding known environmental hazards under the Tennessee Residential Property Condition Disclosure?
- The primary concern with lead paint in homes built before 1978 is that it poses a health risk primarily to:
- The presence of wetlands on a property is significant to a real estate practitioner because:
- A property located in a FEMA-designated Special Flood Hazard Area (SFHA) requires:
- Carbon monoxide is a hazard associated with:
- Polychlorinated biphenyls (PCBs) are hazardous chemicals commonly found in:
- Urea-formaldehyde foam insulation (UFFI) was banned for residential use in the U.S. in 1982 because it:
- A brownfield site is best described as:
- A Phase II Environmental Site Assessment typically involves:
- The presence of electromagnetic fields (EMFs) from high-voltage power lines near a property is considered a(n):
- Sick building syndrome (SBS) refers to:
- The EPA's 'Protect Your Family From Lead in Your Home' pamphlet must be given to buyers of pre-1978 homes:
- Chlorofluorocarbons (CFCs) are found in older HVAC systems and refrigerants. Their significance in real estate is that they:
- Tennessee's voluntary cleanup program (VCP) administered by TDEC is designed to:
- The Clean Water Act regulates which of the following in Tennessee?
- The Resource Conservation and Recovery Act (RCRA) governs:
- Polycyclic aromatic hydrocarbons (PAHs) are hazardous chemicals often found at:
- Thermal pollution in Tennessee waterways most commonly results from:
- Tennessee has several Superfund (CERCLA) National Priority List sites. A real estate professional should advise buyers near such sites to:
- The Clean Air Act regulates air pollution in Tennessee through which mechanism?
- In Tennessee, properties near former mining operations may contain:
- The presence of naturally occurring asbestos in rock formations is most relevant in Tennessee to construction in areas with:
- The Residential Lead-Based Paint Hazard Reduction Act requires sellers and their agents to:
- Vapor intrusion refers to the movement of:
- In Tennessee, the Safe Drinking Water Act (SDWA) regulates:
- Nitrogen oxide emissions from vehicles in Tennessee's major urban areas contribute to:
- Electromagnetic interference from power transmission lines is sometimes cited as a potential property stigma because:
- A property in Chattanooga near a former industrial site has brown water in the basement after rain. This is most likely indicative of:
- The underground injection of waste materials is regulated under the Safe Drinking Water Act through:
- The Emergency Planning and Community Right-to-Know Act (EPCRA) requires businesses to:
- Karst topography in Tennessee (common in Middle and East Tennessee) creates real estate concerns because:
- A professional 'environmental lien' can be placed on a property by TDEC when:
- Perfluoroalkyl and polyfluoroalkyl substances (PFAS) in drinking water are an emerging environmental concern for real estate because:
- Properties located near former textile mills in Tennessee's smaller cities may contain:
- Perchlorate contamination in Tennessee groundwater is most often associated with:
- In Tennessee, properties with abandoned oil or gas wells on them may face:
- In Tennessee, properties near former dry cleaners may have soil and groundwater contaminated with:
- In Tennessee, agricultural use of land may create environmental liability concerns for real estate investors if:
- In East Tennessee, the legacy of the Tennessee Valley Authority's Kingston Fossil Plant ash spill (2008) demonstrates the real estate impact of:
- An Environmental Site Assessment (ESA) is typically required before purchasing a commercial property because:
- In Tennessee, properties near hydraulic fracturing (fracking) operations may face concerns about:
- The Tennessee Department of Agriculture regulates:
- In Tennessee, the storage of home heating oil in a residential underground tank is subject to:
- Tennessee's Hazardous Waste Management Act (HWMA) is Tennessee's authorized program under which federal law?
- Mercury contamination in Tennessee's waterways is a significant environmental issue because:
- Chlorinated solvents (PCE, TCE) are common environmental contaminants in Tennessee because they were used extensively in:
- Trichloroethylene (TCE) was extensively used in Tennessee's manufacturing sectors. It is significant in real estate due diligence because it:
- Which Tennessee state agency is primarily responsible for regulating underground storage tanks (USTs)?
- Tennessee's 'brownfield' redevelopment program incentivizes the cleanup and reuse of:
- When a Tennessee property is located near a former dry-cleaning facility, the primary environmental concern is contamination from:
- In Tennessee, the Voluntary Cleanup Overview Program (VCOP) administered by TDEC is designed to:
- In Tennessee, which federal act primarily governs the cleanup of hazardous waste sites and can affect real estate transactions?
- In Tennessee, which organization manages the National Flood Insurance Program (NFIP) participation at the local level?
- In Tennessee, 'radon' is classified as a:
- In Tennessee, the Wetlands Permits Program is administered through:
- The Tennessee Clean Water Act of 1977 (state version) primarily regulates:
- In Tennessee, disclosure of known lead-based paint hazards is required for homes built before:
- Under CERCLA, which of the following parties can be held liable for cleanup of a contaminated site?
- In Tennessee, a Phase I Environmental Site Assessment (ESA) is designed to:
- In Tennessee, a real estate agent showing an older home should advise the buyer to test for lead-based paint if the home was built before:
- Tennessee's 'One Call' system (811) requires that before excavating, a person must notify the system so that:
- In Tennessee, the presence of mold in a home most directly relates to which housing issue?
- In Tennessee, the Tennessee Valley Authority (TVA) is relevant to real estate because TVA:
- In Tennessee, 'asbestos-containing materials' (ACM) in commercial buildings are regulated under:
- In Tennessee, which of the following is a common environmental issue in older Memphis neighborhoods due to industrial history?
- In Tennessee, a 'Superfund' site on or near a property requires disclosure because it:
- Tennessee's 'Right to Know' law requires employers to:
- In Tennessee, a real estate agent is NOT required to be a certified environmental specialist, but they should:
- In Tennessee, 'polychlorinated biphenyls' (PCBs) are a concern primarily in:
- In Tennessee, which of the following poses the greatest indoor air quality risk in homes built before 1978?
- In Tennessee, a 'wellhead protection area' is a zone surrounding a public water supply well where:
- In Tennessee, the Tennessee Department of Environment and Conservation (TDEC) Division of Remediation oversees:
- In Tennessee, which of the following describes a 'recognized environmental condition' (REC) in a Phase I ESA?
- In Tennessee, which environmental issue is associated with properties near agricultural operations?
- In Tennessee, a real estate agent who notices signs of possible mold or water intrusion in a listing should:
- In Tennessee, a 'natural attenuation' remediation approach for a contaminated site means:
- In Tennessee, a real estate seller of a property with a known underground storage tank (UST) should:
- In Tennessee, 'stormwater management' regulations are important for real estate because poor stormwater management can:
- In Tennessee, the use of 'deed restrictions' for environmental cleanup sites can:
- In Tennessee, a buyer concerned about environmental hazards on a commercial property should most likely obtain:
- In Tennessee, a 'deed restriction' that limits land use to protect a wetland is an example of a(n):
- In Tennessee, the 'innocent landowner' defense under CERCLA requires a purchaser to show they:
- In Tennessee, which of the following properties would most likely require a Phase II Environmental Site Assessment?
- In Tennessee, a 'toxic tort' claim in real estate occurs when:
- In Tennessee, properties adjacent to the Tennessee River or its tributaries may be subject to restrictions imposed by:
- In Tennessee, a 'voluntary environmental cleanup' completed under TDEC oversight typically results in the landowner receiving:
- In Tennessee, properties near former coal ash disposal ponds — such as those associated with the 2008 Kingston Fossil Plant spill — raise concerns about contamination from:
- In Tennessee, a seller who conceals known environmental contamination from a buyer may be liable for:
- In Tennessee, a 'site assessment' for a property that previously housed a dry-cleaning business would focus primarily on testing for:
- In Tennessee, a 'Notice to Remediate' issued by TDEC requires the property owner to:
- In Tennessee, which of the following best describes a 'monitored natural attenuation' (MNA) site?
- In Tennessee, a property owner who discovers contamination originating from a neighboring property may have a legal claim through:
- In Tennessee, a 'remedial action plan' (RAP) approved by TDEC for a contaminated site outlines:
- In Tennessee, a property located within a 100-year floodplain requires flood insurance for:
- In Tennessee, a 'No Further Action' (NFA) letter from TDEC for a contaminated site means:
- In Tennessee, a real estate transaction involving a property with known hazardous materials in place (such as properly maintained asbestos) should:
- In Tennessee, a 'brownfield' property is defined as real property where expansion, redevelopment, or reuse may be complicated by:
- In Tennessee, a property seller who becomes aware of a CERCLA listing for a nearby site should:
- In Tennessee, disclosure of a known environmental condition on a property is important because failure to disclose may expose the seller to:
- In Tennessee, which of the following is typically required to be disclosed to a buyer under the Tennessee Residential Property Condition Disclosure Act?
- In Tennessee, 'vapor intrusion' is an environmental concern when:
Property Management
110 questions- In Tennessee, a property manager who collects rent and manages properties for others must hold:
- The Tennessee Uniform Residential Landlord and Tenant Act (URLTA) applies to residential rental properties in Tennessee counties with a population of:
- Under the Tennessee URLTA, a landlord must return a tenant's security deposit within how many days of lease termination?
- A gross lease is one in which:
- A property manager's primary fiduciary duty is owed to:
- Which type of lease provides the most security for a tenant in terms of rent predictability?
- A net lease requires the tenant to pay base rent plus:
- Constructive eviction occurs when:
- In Tennessee, the security deposit for an unfurnished residential unit may not exceed:
- A Tennessee landlord who wrongfully withholds a tenant's security deposit may be liable for:
- A lease that automatically renews for successive periods unless either party gives notice is called a:
- A property manager who fails to properly maintain a rental property may expose the owner to liability for:
- Percentage leases are most commonly found in:
- Under the Tennessee URLTA, a landlord must give how much advance notice before entering a rental unit for non-emergency repairs?
- A property manager's management agreement should include all of the following EXCEPT:
- A commercial lease that requires the tenant to pay rent, utilities, and property taxes but the landlord pays for insurance and maintenance is a:
- Tenant estoppel certificates are typically required in commercial transactions to:
- A property manager who hires contractors for repairs is generally required to:
- The Americans with Disabilities Act requires commercial property owners to provide 'reasonable accommodations.' In commercial leasing, this most commonly means:
- Which of the following best describes a 'CAM' (common area maintenance) charge in commercial leasing?
- When should a property manager update the owner on the property's financial performance?
- In Tennessee, a landlord may deduct from a security deposit for all of the following EXCEPT:
- In commercial property management, a 'build-out allowance' or 'tenant improvement allowance (TIA)' represents:
- A commercial property manager negotiating a lease renewal should consider all of the following EXCEPT:
- Under the Tennessee URLTA, a tenant who provides proper notice to vacate but the landlord re-rents the unit before the move-out date would:
- A 'holdover tenant' is one who:
- A property manager who discovers a tenant has sublet the unit without the landlord's permission should:
- In Tennessee, which type of eviction proceeding is used to remove a tenant who fails to pay rent?
- The duty of 'habitability' means a landlord must provide:
- In Tennessee, a landlord must make a rental unit available for the tenant's possession by the beginning of the lease term. Failure to do so entitles the tenant to:
- In Tennessee, a residential landlord who fails to repair a serious habitability defect after proper notice from the tenant may allow the tenant to:
- A tenant in a Nashville commercial space wants to install custom interior improvements. The lease should address who owns the improvements when the lease terminates. This is called the:
- A landlord in Memphis (URLTA county) who wants to terminate a month-to-month tenancy must provide notice of at least:
- A Tennessee commercial property manager collecting CAM charges must maintain detailed records of:
- A property manager who handles security deposits must maintain them in:
- A property manager in Tennessee who receives a notice of code violation from the local health or building department must:
- A Tennessee residential property manager who fails to maintain a trust account separate from operating funds is violating:
- A property manager in Shelby County must comply with the URLTA because:
- In Tennessee, a landlord may evict a tenant for non-payment of rent by first:
- In Tennessee, a tenant who abandons a rental unit without notice leaves the landlord with the duty to:
- A property manager who takes over management of a previously self-managed property should begin by:
- A property manager who discovers the owner is not paying the mortgage while collecting the management fee may face liability if they:
- A commercial property manager who negotiates lease renewals should aim to:
- A property manager who fails to disclose a known defect in a rental property to prospective tenants may be liable for:
- A property manager in Nashville who manages a Section 8 Housing Choice Voucher rental must comply with:
- A rental property in Nashville is subject to Metro Nashville's property maintenance code. A property manager must ensure the property complies with these codes because:
- A property manager who receives a fair housing complaint about one of their managed properties should:
- A tenant in a URLTA county who has been without heat in winter due to the landlord's failure to repair may have the right to:
- Rent control or rent stabilization ordinances do NOT exist statewide in Tennessee because:
- A commercial property manager's role in budgeting includes:
- A property manager in Memphis who manages a historically significant building may need to comply with:
- A property manager who applies discriminatory screening criteria in Tennessee will be liable under:
- In Tennessee, a property manager who is authorized to sign leases on behalf of the owner has what type of authority?
- A Tennessee property manager who discovers a tenant has a methamphetamine lab in the rental unit should:
- A Tennessee commercial property manager who discovers a hazardous material in a tenant's space should:
- A property manager who receives a vendor invoice for emergency HVAC repairs at a managed property should:
- Under the Tennessee Uniform Residential Landlord and Tenant Act (URLTA), how much notice must a landlord give before entering a tenant's dwelling for non-emergency repairs?
- Under URLTA in Tennessee, if a landlord fails to maintain habitable premises after proper notice, the tenant may:
- A Tennessee property manager receives a security deposit. Under URLTA, the manager must:
- In Tennessee, a property management agreement is a contract between the property owner and the property manager that must include:
- In Tennessee, the URLTA applies in counties with what minimum population?
- In Tennessee, how many days after the termination of a tenancy must a landlord return the security deposit (or an itemized accounting of deductions) to the tenant under URLTA?
- In Tennessee, a lease for more than one year must be:
- In Tennessee, if a tenant abandons the rental property, the landlord must:
- A Tennessee property manager who embezzles funds from a managed property may face:
- In Tennessee, a property manager who hires independent contractors for maintenance must be aware that:
- In Tennessee, a month-to-month tenancy may be terminated by giving notice of at least:
- In Tennessee, an unlawful detainer (eviction) action is filed in which court?
- A Tennessee property manager receives a rent payment from a tenant that includes a $50 late fee. The manager should:
- In Tennessee, a landlord who changes the locks on a tenant's unit as a self-help eviction remedy is:
- In Tennessee, a property manager's principal obligation when managing rental property is to:
- In Tennessee, a residential lease that does not specify a term is presumed to be:
- A Tennessee landlord who fails to return a security deposit within the required period under URLTA may be liable for:
- In Tennessee, a property manager who fails to disclose a material defect to a prospective tenant may be liable for:
- In Tennessee, the URLTA requires that a landlord provide a tenant with written notice of:
- In Tennessee, a commercial lease that specifies 'triple net' (NNN) means the tenant pays:
- In Tennessee, the primary difference between 'property management' and 'leasing only' services is that property management:
- In Tennessee, a 'gross lease' in commercial real estate means:
- Under Tennessee's URLTA, a landlord may enter a tenant's dwelling unit without notice in the case of:
- In Tennessee, if a residential tenant's lease expires and both parties continue without a new lease, the tenancy becomes:
- In Tennessee, a 'percentage lease' in commercial real estate bases the rent on:
- In Tennessee, a property manager who accepts owner funds but fails to perform any management duties has most likely breached:
- In Tennessee, which of the following would be considered a 'material breach' of a lease by the tenant?
- In Tennessee, a 'management trust account' maintained by a property manager must:
- In Tennessee, a 'resident manager' who lives in an apartment complex and manages it as their primary job:
- In Tennessee, a landlord who charges a non-refundable 'pet fee' in addition to a refundable security deposit should:
- In Tennessee, a property manager who is also a licensed real estate broker may manage properties for multiple owners and:
- In Tennessee, when a tenant gives notice to vacate, the landlord should:
- In Tennessee, which of the following is a landlord's responsibility under the implied warranty of habitability?
- In Tennessee, a landlord who retaliates against a tenant for reporting a housing code violation by increasing rent or filing eviction is:
- In Tennessee, the term 'holdover tenant' refers to a tenant who:
- In Tennessee, a property manager's fiduciary duty to the property owner does NOT include:
- In Tennessee, a 'gross lease with stops' means the landlord pays operating expenses up to a specified amount (the stop), and the tenant pays:
- In Tennessee, a tenant who sublets their apartment to another person without the landlord's permission is:
- In Tennessee, a residential property manager who misappropriates tenant security deposits may face all of the following EXCEPT:
- In Tennessee, a residential property management company that manages properties in counties covered by URLTA must comply with which notice requirement when terminating a month-to-month tenancy?
- In Tennessee, a residential property manager should conduct a move-in inspection with the new tenant primarily to:
- In Tennessee, a tenant who is a victim of domestic violence may be able to terminate a lease early without penalty if they provide:
- In Tennessee, a landlord who must enter a tenant's unit for an emergency must still:
- In Tennessee, the 'economic vacancy' rate in property management refers to:
- In Tennessee, a 'net operating income' (NOI) calculation for a rental property does NOT deduct:
- In Tennessee, a 'capital expenditure' (CapEx) in property management refers to:
- In Tennessee, a property manager who negotiates leases on behalf of the owner is performing activities that:
- In Tennessee, a 'rental application' typically includes all of the following EXCEPT:
- In Tennessee, when a property manager receives a maintenance request from a tenant, best practice is to:
- In Tennessee, a property manager's annual report to the property owner should include:
- In Tennessee, which of the following is an advantage of a longer fixed-term lease over a month-to-month arrangement for a landlord?
- In Tennessee, a 'gross lease' in residential property management means the tenant typically pays:
- In Tennessee, 'effective rent' differs from 'asking rent' because effective rent:
- In Tennessee, a property management company that manages more than 100 units should maintain:
Land Use & Zoning
108 questions- A variance is a permission granted by local government to:
- A nonconforming use is a land use that:
- Tennessee cities and counties exercise zoning authority under the state's:
- A special use permit (conditional use permit) differs from a variance in that it:
- A buffer zone in zoning is used to:
- Spot zoning occurs when:
- A subdivision plat must typically be approved by:
- A deed of trust on commercial property includes a 'dragnet clause.' This clause:
- A master plan (comprehensive plan) serves as:
- An exaction is best described as:
- An agricultural conservation easement restricts a property owner from:
- Inclusionary zoning requires developers to:
- A Tennessee city adopts a Historic Preservation Overlay zone. This means property owners in the zone:
- Euclidean zoning (the most common form of zoning in the U.S.) is characterized by:
- Under Tennessee's state planning statutes, which entity has primary authority to adopt zoning ordinances for unincorporated county areas?
- Transferable development rights (TDRs) allow a property owner in a sending zone to:
- A planned unit development (PUD) differs from conventional zoning in that it:
- The Tennessee Greenbelt Law allows agricultural and forest land to be assessed for property taxes based on:
- Downzoning refers to:
- Form-based codes focus primarily on:
- A taking under the Fifth Amendment (through zoning or regulation) may require compensation when:
- An overlay zone is one that:
- An impact fee charged by a Tennessee municipality to a developer is intended to:
- Tennessee's Growth Policy Act (Smart Growth Legislation) requires counties with significant growth to adopt:
- The setback requirement in a zoning ordinance specifies the:
- A conservation subdivision in Tennessee allows developers to:
- Density bonuses in zoning are incentives offered to developers who:
- Tennessee's flood plain management regulations require local governments to:
- A mixed-use development in Nashville or Memphis typically combines:
- A 'use by right' in zoning means:
- Urban renewal (redevelopment) in Tennessee cities like Memphis and Knoxville has historically involved:
- In a Tennessee transit-oriented development (TOD) project, the primary goal is to:
- Infill development in Tennessee cities like Nashville or Chattanooga refers to:
- Agricultural zoning (A-1, A-2) in Tennessee counties is designed to:
- The Tennessee Environmental Policy Act (TEPA) requires:
- New Urbanist design principles, increasingly applied in Tennessee communities, emphasize:
- An 'as-of-right' development in Tennessee means the project:
- A 'conditional use permit' (CUP) in Tennessee allows:
- A 'moratorium' on new development permits in a Tennessee city is typically imposed to:
- The 'public trust doctrine' is relevant to Tennessee real estate in that:
- Tennessee's Agricultural Development District (ADD) program allows:
- An 'adequate public facilities' (APF) requirement in Tennessee zoning means:
- An 'inverse condemnation' claim in Tennessee occurs when:
- An 'urban service boundary' in Tennessee is designed to:
- Incentive zoning in Tennessee cities like Nashville offers developers the ability to:
- The Tennessee Flood Control Act gives which entity the primary responsibility for flood plain management?
- The Nashville MTA (Metropolitan Transit Authority) and plans for light rail in Tennessee reflect which trend in land use planning?
- The Tennessee Land Use Regulatory Commission addresses:
- A 'fiscal impact analysis' is sometimes required for large developments in Tennessee to assess:
- A 'use variance' in Tennessee allows a property owner to:
- A 'certificate of occupancy' (CO) is issued by local government after new construction to certify that:
- A 'right-of-way' dedication in Tennessee's subdivision process requires developers to:
- In Tennessee, a 'planned development' (PD) district requires:
- A Tennessee municipality that adopts a 'dark sky ordinance' is attempting to:
- A property in Tennessee is zoned residential but the owner wants to operate a day care center. The owner should apply for a:
- A Tennessee municipality's comprehensive plan serves primarily as:
- In Tennessee, a 'buffer zone' in zoning refers to:
- A property owner in Tennessee whose land is downzoned from commercial to residential may seek compensation through:
- In Tennessee, 'cluster zoning' or 'cluster development' allows:
- In Tennessee, a subdivision plat must be approved by the local planning commission and recorded before:
- In Tennessee, a 'planned unit development' (PUD) differs from standard zoning because it:
- In Tennessee, an 'agricultural district' designation under the Greenbelt Law primarily helps property owners by:
- In Tennessee, a developer who wants to build a residential subdivision must typically comply with:
- In Tennessee, a 'setback requirement' in a zoning ordinance specifies:
- In Tennessee, 'eminent domain' allows the government to:
- In Tennessee, which of the following best describes 'Euclidean zoning'?
- In Tennessee, a 'use variance' allows a property owner to:
- In Tennessee, an 'interim zoning ordinance' or 'moratorium' is used by municipalities to:
- In Tennessee, a 'transfer of development rights' (TDR) program allows owners of restricted property to:
- In Tennessee, a 'conditional use permit' (CUP) differs from a variance in that a CUP:
- In Tennessee, a municipality's 'zoning map' shows:
- In Tennessee, the Board of Zoning Appeals (BZA) has authority to:
- In Tennessee, a property that is 'downzoned' has its zoning changed to a:
- In Tennessee, a 'historic preservation overlay district' is intended to:
- In Tennessee, a 'development agreement' between a municipality and a developer typically provides:
- In Tennessee, a property owner who is denied a variance by the Board of Zoning Appeals may:
- In Tennessee, a 'mixed-use development' combining residential and commercial uses in one building or area is an example of:
- In Tennessee, an 'impact fee' charged to developers is used to:
- In Tennessee, a 'scenic easement' or 'conservation easement' is typically used to:
- In Tennessee, a 'form-based code' differs from traditional zoning in that it focuses primarily on:
- In Tennessee, an 'urban growth boundary' (UGB) is a planning tool used to:
- In Tennessee, a 'steep slope overlay district' is typically used to:
- In Tennessee, a 'special flood hazard area' (SFHA) as designated by FEMA is an area that:
- In Tennessee, 'density bonus' programs allow developers to build more units than normally permitted in exchange for:
- In Tennessee, a 'transit-oriented development' (TOD) is typically characterized by:
- In Tennessee, a 'dark sky ordinance' is an example of a local regulation designed to:
- In Tennessee, which zoning tool allows a property owner to increase development density in exchange for providing publicly beneficial amenities?
- In Tennessee, a municipality may NOT use its zoning powers to:
- In Tennessee, a 'floating zone' is a zoning classification that:
- In Tennessee, a property owner in an agricultural zone who wants to operate a small winery on site may need a:
- In Tennessee, an 'agricultural preservation district' is a zoning tool used to:
- In Tennessee, a 'conservation subdivision' differs from a standard subdivision by:
- In Tennessee, an 'accessory dwelling unit' (ADU) is typically defined as:
- In Tennessee, a 'nonconforming structure' (legal nonconforming improvement) may be:
- In Tennessee, an 'overlay district' adds additional regulations to properties within its boundaries in addition to the:
- In Tennessee, a 'corridor overlay zone' is commonly applied to:
- In Tennessee, a 'floodway' designation within a Special Flood Hazard Area identifies the:
- In Tennessee, a 'right-of-way dedication' to the municipality when a property is subdivided means the owner:
- In Tennessee, which of the following best describes 'inclusionary zoning'?
- In Tennessee, which body typically has the final authority to approve a rezoning request?
- In Tennessee, a 'density' standard in a residential zone refers to:
- In Tennessee, a local government's zoning ordinance takes precedence over a private CC&R when:
- In Tennessee, 'urban sprawl' is characterized by:
- In Tennessee, a property owner who converts their home to a short-term rental (Airbnb) must check whether:
- In Tennessee, a 'master plan' or 'comprehensive plan' is legally significant because it:
- In Tennessee, a 'spot zone' — where a single parcel is given a different designation from surrounding properties — is controversial because it may be:
- In Tennessee, a 'mixed-income housing development' is designed to:
- In Tennessee, the Tennessee Private Act Cities that have charter governments may adopt zoning regulations:
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