Tennessee Real Estate Exam | 45 Questions And Answers 100% Correct | New Update 2024

Estate for years {Ans: lease ends on a specific date and must be renewed by mutual agreement}Fee Simple Determinable. {Ans: current owner conveys ownership as long as some event does or doesn't occur. Possibility of reverter to an heir. Estate automatically reverts.}Every township is... {Ans: 6 miles square or 36 square miles}By when must TN licensees respond to a request by the commission when a complaint has been made against them? {Ans: 10 days}Police Power {Ans: licensing, public services, zoning, building codes}Mechanic's liens rights defined in ... {Ans: TN code Title 66 Property, Chapter 11}Annexation {Ans: process of converting personal property to real property}Housing Ratio {Ans: Front end ratio Borrower's expense divided by income Conv 25-28% FHA 31-40% VA not used}Quitclaim {Ans: clears up a simple cloud on title}Fed Fair Housing Act 7 protected classes {Ans: Race, Color, Religion, National Origin, Familial Status and Disability}Attachment Liens {Ans: When courts place an encumbrance on the property of a defendant in a lawsuit for monetary damages/judgement}3 Approaches to Valuation {Ans: Sales Comparison Cost Income Approach}Sub Agency {Ans: refers to a licensee from one firm who brings an unrepresented buyer