​A mix of stability and regional variation characterizes Tennessee's real estate market in 2025. Statewide, home prices have shown steady growth, with a 5.8% annual increase as of the third quarter of 2024, outpacing national averages. However, this growth is not uniform across all areas. Cities like Kingsport-Bristol and Jackson have experienced notable price increases, while others, such as Memphis and Nashville, have seen more moderate growth. The Greater Nashville area, for instance, reported a 1% increase in total home sales for 2024, indicating a resilient market despite national trends. In contrast, Memphis is anticipated to experience a 4.1% decrease in home prices in 2024, reflecting a cooling trend. While the Tennessee housing market remains stable, prospective buyers and sellers should consider regional dynamics and current mortgage rates when making decisions.

1. Which type of property is specifically designed to serve the general public?  

     Answer: Public Library 

2. With which court is the Real Estate Commissioner primarily concerned under the Subdivided Lands Law?

     Answer: Small Claims Court. 

3. What is the legality of dual agency in most states?

     Answer: Illegal 

4. Which of the following property laws has been abolished in most states?

     Answer: Dower and Curtesy Law

5. What term is used to describe a contract where all terms have been fully met by both parties?

     Answer: Executed Contract

6. What happens to the assets of a deceased individual with no will and no heirs?

     Answer: They revert to the state through escheat.

7. What is the typical relationship between interest rates and housing prices during periods of inflation?

     Answer: Interest rates and housing prices both rise.

8. Which statement about a real estate sale contract is incorrect?

     All of those are correct: It can incorporate references to public records for complex property descriptions.

                                                  All parties involved must sign it.  

                                                  Standard preprinted forms are typically used. 

     Answer: It must be notarized to be valid. 

9. How many square feet are there in three acres of land?

         3 acres x 43,560=  130,680

     Answer: 130,680

10. What term is used to describe an amendment or addition to an existing will, particularly concerning real estate inheritance?

      Answer: Codicil

11. A parcel of land is 73,000 square yards. How many acres is this?

      1 acre = 43,560 square feet

      1 square yard = 9 square feet

      So, 43,560 ÷ 9 =  4,840 square yards, so that means 73,000 / 4840 = 15.08

      Answer: 15.1

12. What type of listing agreement entitles an agent to a commission regardless of who finds the buyer?

      Answer: Exclusive right-to-sell listing

13. Under what conditions might a contract become unenforceable?

      If it lacks the necessary signatures, if it was not documented in writing when required by law, if it contains terms that are illegal 

      Answer: All of these reasons. 

14. In the event of a dispute regarding a real estate licensee's conduct, who initially decides on potential disciplinary actions, such as revocation or suspension of the license? 

      Answer: Administrative Law Judge