real estate key point review unit 29- tennessee speciallty topics

appraisers in tennessee
Uniform Standards of Professional Appraisal Practice requires the 15-hour appraisal course be taken by all…
Tenancy in severalty
ownerhsip by one
Tenancy in common
is ownership by more than one, allowing for unequal percentages of ownership, with the right of inheritance.
Joint tenancy
is ownership by more than one; percentages of ownership must be equal, with the right of survivorship.
Tenancy by the entirety
is Tennessee’s marital tenancy with both spouses owning 100 percent of the property, thereby creating a survivorship right.
condominium
absolute ownership of a unit in a multiunit building based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium unit owners.
time-share
form of ownership interest that may include an estate interest in property and that allows use of the property for a fixed or variable time period.
Uniform Residential Landlord and Tenant Act
governs residential rentals in Tennessee.
any real estate license
Time-shares may be sold for compensation by licensees holding
a resident manager.
An example of someone usually exempt from licensure is
brokers licesne
The license that one must have to run a property management office is
deed
Ownership of a condominium is signified by a
a high school degree and 150 classroom hours.
A Licensed Appraiser in Tennessee must have
2,000
The experience requirement as a registered trainee before one can become a Licensed Appraiser is
an escrow account separate from earnest money.
Security deposits on managed properties must be placed into
tenancy in common
An ownership tenancy that is not recognized in Tennessee is
a bachelor’s degree and 300 classroom hours
A Certified General Appraiser must have
USAP
The Appraisal Foundation’s 15-hour course that must have been completed for any level of appraiser is
tenancy in severalty.
When one owns a property alone, the tenancy is
time-share
A type of ownership that allows one to use the property only during certain time periods during the year is
1 year or less
lease that may be enforceable even though it is NOT in writing is a lease
3,000
The experience requirement under supervision for a Certified Residential Appraiser to become a Certified General Appraiser is
verbal lease
A parol lease is a
14 days from the tenant’s receipt of the notice.
An eviction process begins with the landlord notifying the tenant they are in breach stating that the lease will be terminated
a high school degree and 75 classroom hours
To become a licensed home inspector in Tennessee, one must have
2500 hours
The experience requirement under supervision for a licensed appraiser to become a Certified Residential Appraiser is
joint tenancy
The tenancy that requires four unities and has a survivorship right is
condo conversion
Changing a rental unit into an ownership unit is a