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Unit 27 Tennessee Specialty Topics > Unit 27 Exam > Flashcards

Unit 27 Exam Flashcards

1
Q

To become an appraiser requires a certain amount of specific education. Identify which level of appraiser requires the specified: Licensed Appraiser,
Certified General Appraiser,
Certified Residential Appraiser

A)
300 education hours

B)
200 education hours

C)
60 hours income approach

D)
150 education hours

E)
30 hours electives

F)
20 hours electives

A

Licensed Appraiser = D

Certified General Appraiser = A, C, E

Certified Residential Appraiser = B, F

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2
Q

Certified Residential Appraisers must have a high school degree and complete 150 hours of appraisal education.

A

False

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3
Q

Home inspectors must have a high school degree or GED and complete 90 hours of study.

A

True

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4
Q

Match each term with the appropriate description. Dower right, Elective share right, Time-share, Condominium, Tenancy by the entirety

A)
Calls for a surviving spouse to dissent from a decreased spouse’s will and claim the right given by state law

B)
Abolished in Tennessee in 1977

C)
Example of multiple owners of a single property

D)
Marital tenancy that has an automatic survivorship right

E)
Form of ownership interest that includes the use of property for a fixed or variable time period

A

Dower right = B

Elective share right = A

Time-share = E

Condominium = C

Tenancy by the entirety = D

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5
Q

Tennessee is a state that recognizes dower and curtesy rights.

A

False

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6
Q

The law that allows for the purchase and sale of condominiums is the Horizontal Property Act.

A

True

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7
Q

Match the following: Property manager, Uniform Residential Landlord and Tenant Act, Resident manager, Escrow account, One year or less in length

A)
Location of security deposit given to broker

B)
Manager generally not requiring licensure

C)
Manager requiring licensure

D)
Governs residential rentals

E)
Enforceable verbal lease

A

Property manager = C

Uniform Residential Landlord and Tenant Act = D

Resident manager = B

Escrow account = A

One year or less in length = E

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8
Q

The law that governs residential rental activity in Tennessee is the Uniform Residential Landlord and Tenant Act.

A

True

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9
Q

Leases of one year or less do NOT have to be in writing to be enforceable.

A

True

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10
Q

What type of ownership allows the owner to use the property only during certain time periods during the year?

A)
Lease purchase
B)
Tenancy in common
C)
Rent with an option to buy
D)
Time-share
A

Explanation
The answer is time-share. Time-shares are a form of ownership interest that includes the use of a property for a fixed or variable period of time. In Tennessee, a time-share interval may not be offered or disposed of until the program is registered with the Commission.

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11
Q

To run a property management office in Tennessee, what license is required?

A)
Property manager license
B)
Affiliate broker license
C)
Broker license
D)
Time-share license
A

Explanation
The answer is broker license. There is no license just for property managers in Tennessee, unless they are engaged in rental/leasing management. If so, they come under the Tennessee Real Estate Broker License Act of 1973.

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12
Q

To begin the eviction process, the landlord notifies the tenant that the tenant is in breach and states that the lease will be terminated

A)
14 days from the tenant’s receipt of the notice.
B)
one year from the tenant’s receipt of the notice.
C)
immediately.
D)
30 days from the tenant’s receipt of the notice.

A

Explanation
The answer is 30 days from the tenant’s receipt of the notice. The landlord must send a written notice to the tenant specifying the breach of the agreement and stating that the rental agreement will terminate 30 days from the date of receipt of the notice.

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13
Q

Before becoming a Licensed Appraiser in Tennessee, one must first be a trainee registered with the state. The trainee must have

A)
an associate’s degree and 200 classroom hours.
B)
a high school degree and 150 classroom hours.
C)
a high school degree and 75 classroom hours.
D)
a bachelor’s degree and 300 classroom hours.

A

Explanation
The answer is a high school degree and 75 classroom hours. Tennessee requires that an applicant first become a trainee registered with the state before the experience requirements can begin. To become a trainee, the applicant must have a high school degree and have completed 75 hours of education.

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14
Q

To become a licensed home inspector in Tennessee, one must have

A)
a high school degree or GED and 90 classroom hours.
B)
a high school degree and 75 classroom hours.
C)
an associate’s degree and 200 classroom hours.
D)
a bachelor’s degree and 300 classroom hours.

A

Explanation
The answer is a high school degree or GED and 90 classroom hours. To become a home inspector, one must be at least 18 years of age and have a high school degree or have completed a GED. In addition, they must complete 90 hours of education approved by the Commissioner of Commerce and Insurance in the performance of home inspections and the preparation of home inspection reports and pass a national exam at PSI.

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15
Q

What two requirements must be met to become a Certified General Appraiser?

A)
A high school degree and 150 classroom hours
B)
A bachelor’s degree and 300 classroom hours
C)
A high school degree and 75 classroom hours
D)
An associate’s degree and 200 classroom hours

A

Explanation
The answer is a bachelor’s degree and 300 classroom hours. The highest level of appraiser certification is the Certified General Appraiser. This requires a bachelor’s degree or higher and completion of 300 classroom hours.

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16
Q

The license that one must have to run a property management office is

A)
a time-share license.
B)
a broker license.
C)
a property manager license.
D)
an affiliate broker license.
A

Explanation
The answer is a broker license. There is no license just for property managers in Tennessee, unless they are engaged in rental/leasing management. If so, they come under the Tennessee Real Estate Broker License Act of 1973.

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17
Q

What is TRUE of a lease that may be enforceable even though it is not in writing?

A)
It is for one year or less.
B)
It is to do something illegal.
C)
It is for more than three years.
D)
It is for more than one year.
A

Explanation
The answer is for one year or less. To receive legal recognition in the judicial system, the Tennessee Code requires that all lease agreements over one year be in writing. Thus, an oral lease for one year or less is enforceable.

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18
Q

Who serves the actual eviction notice?

A)
County sheriff
B)
County trustee
C)
Tenant
D)
Landlord
A

Explanation
The answer is county sheriff. The actual eviction notice is served not by the landlord, but by the sheriff of the county.

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19
Q

How many hours must a licensed appraiser spend under supervision to become a Certified Residential Appraiser?

A)
25 hours
B)
250 hours
C)
2,500 hours
D)
5,000 hours
A

Explanation
The answer is 2,500 hours. They must satisfy an experience requirement of two years and 2,500 hours under the supervision of a certified appraiser.

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20
Q

The courts that normally hear landlord-tenant disputes are

A)
the general sessions court or circuit court.
B)
the small claims court.
C)
she supreme court or small claims court.
D)
the state supreme court.
A

Explanation
The answer is the general sessions court or circuit court. General sessions court normally handles interpleader requests, and circuit court interprets statutory and common law issues, both real estate relevant.

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21
Q

What is the default tenancy stated in a sales contract?

A)
Tenancy at sufferance
B)
Community property rights
C)
Tenancy by the entirety
D)
Tenancy in common
A

Explanation
The answer is tenancy in common. This tenancy has an inheritance right and is the default tenancy when no tenancy is stated in the sales contract. Ownership percentages may be equal or unequal.

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22
Q

An example of someone usually exempt from licensure is

A)
a resident manager.
B)
a property manager.
C)
a principal broker.
D)
an affiliate broker.
A

Explanation
The answer is a resident manager. A resident manager hired by the owner, the broker, or an employee of the broker is exempt only if the duties they perform do not include negotiation of leases or security deposits.

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23
Q

To become a Licensed Appraiser in Tennessee, how many classroom hours are required?

A)
250
B)
150
C)
200
D)
75
A

Explanation
The answer is 150. A Licensed Appraiser must have a high school degree and satisfactorily complete a total of 150 hours of classroom instruction.

24
Q

In what tenancy is there an inheritance right and possible unequal percentages of ownership?

A)
Tenancy by the entirety
B)
Community property rights
C)
Tenancy in common
D)
Tenancy at sufferance
A

Explanation
The answer is tenancy in common. Ownership percentages may be equal or unequal. This tenancy has an inheritance right and is the default tenancy when no tenancy is stated in the sales contract.

25
Q

How many hours must a Certified Residential Appraiser be supervised before becoming a Certified General Appraiser?

A)
300 hours
B)
10,000 hours
C)
3,000 hours
D)
30 hours
A

Explanation
The answer is 3,000 hours. The person desiring the Certified General Appraiser classification must have 30 months of experience and 3,000 hours of experience under a certified appraiser, of which 1,500 or more hours must be in nonresidential appraising.

26
Q

Licensees may sell time-shares for compensation if they hold

A)
a time-share license only.
B)
any real estate license.
C)
an affiliate broker license only.
D)
a broker license only.
A

Explanation
The answer is any real estate license. The holder of a time-share license, a broker license, or an affiliate broker license can sell time-shares for compensation in Tennessee.

27
Q

Before one can become a Licensed Appraiser, one must be a trainee registered with the state. The trainee must have

A)
a high school degree and 150 classroom hours.
B)
a high school degree and 75 classroom hours.
C)
an associate’s degree and 200 classroom hours.
D)
a bachelor’s degree and 300 classroom hours.

A

Explanation
The answer is a high school degree and 75 classroom hours. Tennessee requires that an applicant first become a trainee registered with the state before the experience requirements can begin. To become a trainee, the applicant must have a high school degree and have completed 75 hours of education.

28
Q

Ownership of a condominium is noted by what document?

A)
Deed
B)
Letter of intent
C)
Stock certificate
D)
Lease
A

Explanation
The answer is deed. The deed signifies ownership of a condominium, granting ownership in interior airspace in the unit plus shared ownership of the common elements.

29
Q

Owning a property alone results in

A)
tenancy by the entirety.
B)
tenancy in common.
C)
tenancy in severalty.
D)
joint tenancy.
A

Explanation
The answer is tenancy in severalty. This is ownership by one person, entity, corporation, and so on, having an inheritance right.

30
Q

Time-shares may be sold for compensation by licensees holding

A)
a broker license only.
B)
an affiliate broker license only.
C)
a time-share license only.
D)
any real estate license.
A

Explanation
The answer is any real estate license. The holder of a time-share license, a broker license, or an affiliate broker license can sell time-shares for compensation in Tennessee.

31
Q

Match the following: Last day of February following the year the tax is due, Board of Equalization, 40 percent, Ad Valorem Tax, 25 percent, Church

A)
Percentage of appraised value for residential property

B)
End of grace period for payment of property taxes

C)
Exempt from property tax

D)
Percentage of appraised value for commercial property

E)
Determines what or who is exempt from property tax

F)
General property tax

A

Last day of February following the year the tax is due = B

Board of Equalization = E

40 percent = D

Ad Valorem Tax = F

25 percent = A

Church = C

32
Q

The tax rate for residential property in Tennessee is 25%.

A

False

33
Q

The state agency that decides what properties qualify for tax exempt status is the Tennessee Real Estate Commission.

A

False

34
Q

Match the following: Residential property, Twenty years, Mechanic’s lien, Easement by necessity, Easement that a trespasser may attempt to claim, Easement in gross

A)
Prescriptive easement

B)
A lien recorded by one who performed labor or provided materials for a property

C)
One to four dwelling units, owner-occupied

D)
Statutory period to claim adverse possession

E)
A utility easement

F)
Easement associated with landlocked property

A

Residential property = C

Twenty years = D

Mechanic’s lien = B

Easement by necessity = F

Easement that a trespasser may attempt to claim = A

Easement in gross = E

35
Q

A mechanic’s lien is recorded against the title to real estate by a mechanic who worked on the property owner’s car.

A

False

36
Q

Property owners who have littoral rights own to the center of the water.

A

False

37
Q

Match the following: PUD, Variance, License, Condemnation, Nonconforming use, Eminent domain

A)
Granted after a zoning ordinance prohibited it

B)
The right of the government to take private property for public use

C)
Planned unit development allowing for mixed uses within the same geographical area

D)
Allowed to continue because it was there before a zoning ordinance prohibited it

E)
The act of taking property

F)
Allows for a personal privilege for one to enter the land of another for a specific purpose

A

PUD = C

Variance = A

License = F

Condemnation =

Nonconforming use = D

Eminent domain = B

38
Q

Eminent domain is the right to use public property for personal use.

A

False

39
Q

In Tennessee, it is NOT necessary to follow construction codes.

A

False

40
Q

Which of the following is NOT a requirement for creating a prescriptive easement?

A)
Continuous use
B)
Notorious use
C)
Use with permission
D)
Visible use
A

Explanation
The answer is use with permission. A prescriptive easement may be created by using someone else’s property openly (visibly), notoriously, under claim of right, continuously, uninterrupted, and without permission for 20 years.

41
Q

Tennessee counties receive their zoning authority from

A)
the real estate commission.
B)
their own rules.
C)
the state.
D)
the federal government.
A

Explanation
The answer is the state. Through TCA 13-7-101, cities and/or counties in Tennessee receive their zoning authority from the state, and without such authority no zoning ordinances could exist.

42
Q

A property is sold at a tax sale. The delinquent taxpayer has up to one year to repurchase the property back from the purchaser. This period is called

A)
repossession.
B)
none of these.
C)
a tax-based sell-back.
D)
statutory redemption.
A

Explanation
The answer is statutory redemption. After a property is sold at a tax sale, the delinquent taxpayer has up to one year to repurchase the property back from the purchaser. This is known as the statutory right of redemption.

43
Q

The rights of property owners whose property borders flowing water are

A)
land rights.
B)
riparian rights.
C)
mineral rights.
D)
flowing water rights.
A

Explanation
The answer is riparian rights. Under riparian rights, water does not generally belong either to the public or to the state, but to the landowners whose property abuts the waterway. However, they may not use or divert the water to the extent that it would deprive other riparian owners of their rights.

44
Q

A 50-year-old commercial building is located in the center of a 10-year-old residential subdivision. It is MOST likely there because it has

A)
an easement.
B)
a license.
C)
an encroachment.
D)
a nonconforming use.
A

Explanation
The answer is a nonconforming use. It is a use that is allowed to continue because it was there prior to the zoning ordinance prohibiting it.

45
Q

What type of easement is an electrical line easement?

A)
A license
B)
A prescriptive easement
C)
A necessary easement
D)
An easement in gross
A

Explanation
The answer is an easement in gross. Easements in gross are most often associated with utility easements. A railroad track crossing one’s property is another example of an easement in gross.

46
Q

What type of zoning is MOST likely used in a residential senior citizen community has medical facilities, recreational facilities, a grocery store, and a service station in the same geographical area?

A)
Nonconforming use
B)
Resort
C)
Variance
D)
Residential PUD
A

Explanation

The answer is residential PUD. A planned unit development allows for mixed used within the same geographical area.

47
Q

Real estate taxes are due by December 31 of each year. The grace period ends

A)
February 15.
B)
January 15.
C)
January 31.
D)
February 28, or 29 if it is a leap year.
A

Explanation
The answer is February 28, or 29 if it is a leap year. Tennessee’s property tax year is from January 1 through December 31. The grace period ends the end of February.

48
Q

The assessed value of residential properties is percentage of appraised value?

A)
40%
B)
50%
C)
25%
D)
10%
A

Explanation
The answer is 25%. Appraised value × 25% = assessed value. The assessed value is the ad valorem, the value on which real estate taxes are calculated.

49
Q

To redeem property lost at a delinquent tax sale, the delinquent owner must pay the buyer what the buyer paid for the property plus attorney’s fees, court costs, and how much interest?

A)
12%
B)
15%
C)
5%
D)
10%
A

Explanation
The answer is 10%. To redeem the property, the delinquent owner must pay the amount at which the property was sold plus 10% interest and attorney’s fees and court costs.

50
Q

The ad valorem tax refers to

A)
the sales tax.
B)
the personal property tax.
C)
the general real estate property tax.
D)
the tax on groceries and cigarettes.
A

Explanation
The answer is the general real estate property tax. Property tax is sometimes referred to as an ad valorem tax, meaning based on the value or according to the value of the property.

51
Q

The government can take private property for road improvements by exercising

A)
condemnation.
B)
easement.
C)
eminent domain.
D)
horizontal property act.
A

Explanation
The answer is eminent domain. It is the right of the government to take private property for public use with just compensation being paid to the property owner.

52
Q

A prescriptive easement may be created by using someone else’s property openly (visibly), notoriously, under claim of right, continuously, uninterrupted, and without permission for what period of time?

A)
20 years
B)
10 years
C)
99 years
D)
5 years
A

Explanation
The answer is 20. A prescriptive easement may be created by using someone else’s property openly (visibly), notoriously, under claim of right, continuously, uninterrupted, and without permission for a statutory period of 20 years.

53
Q

The government is going to exercise its right of eminent domain. When it takes the property, the process of doing so is

A)
acquiring.
B)
seizure.
C)
stealing.
D)
condemnation.
A

Explanation
The answer is condemnation. The process of taking private property through the government’s right of eminent domain is condemnation.

54
Q

A mechanic’s lien is filed by one who has

A)
worked on one's automobile.
B)
repaired appliances.
C)
a mechanical engineering degree.
D)
provided materials for or labor on real estate.
A

Explanation
The answer is provided material for or labor on real estate. A mechanic’s lien is created in favor of contractors, laborers, and materialmen who have performed work or furnished materials in the erection or repair of a building. The mechanic’s lien is an equitable lien.

55
Q

A house built in 1943 is located at the center of a new commercial district. It is MOST likely there because it has

A)
an easement.
B)
a nonconforming use.
C)
a license.
D)
an encroachment.
A

Explanation
The answer is a nonconforming use. It is a use that is allowed to continue because it was there prior to the zoning ordinance prohibiting it.

Unit 27 Tennessee Specialty Topics (1 decks)

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