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Test your basic knowledge |
Brokers License
Start Test
Study First
Subject
:
certifications
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A property where there has been a murder or alleged haunting is called...
Tenancy by the Entirety
General
stigmatized
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
2. Loans qualified to be purchased in the secondary market are called __
conforming loans.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
the cash price or the APR
tenancy in common
3. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Mitigation
The secondary
conforming loans.
4. An agent's duties to his principal are...
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
a grante
Defeasance
Blanket
5. A person who has real property willed to her by a relative is said to acquire title by...
a grante
An encumbrance
devise
conomic obsolescence
6. A principal's duties to an agent ar...
Fannie Mae - Freddie Mac and Ginnie Mae.
tenancy in common
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Radon
7. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
rescission
conomic obsolescence
Reverse annuity
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
8. 'Due on sale' clause states that the balance of the secured debt becomes due if the property is sold by the mortgagor without the mortgagee's approval. It is called?
Reverse annuity
Qualifying ratios are slightly more lenient and LTV's (Loan to value ratios) are very high - allowing buyers with little money for a down payment to purchase a property.
Zoning
Alienation clause
9. Broker- Salesperson - owner-property manager-> which agency?
General Agency
Tenancy by the Entirety
Special or limited agency
Redlining
10. There are four basic characteristics of value
T: (DUST) Demand - there must be a demand for the item and purchasing power to acquire it - Utility - the item must be needed or wanted - Scarcity - there must be a limited supply - Transferability - the item must be able to be sold - ownership right
income tax purposes
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
EMFs
11. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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12. Loans qualified to be purchased in the secondary market are called
The trustee
Vendee's Lien
conforming loans
husband and wife
13. __ is a specific type of joint tenancy where the co-owners are husband and wife.
EMFs
devise
Tenancy by the Entirety
conforming loans.
14. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
tenancy in common
grow - stabilize - decline - revitalize
Blanket
Subordination clause
15. Ownership by two or more without rights of survivorship is called
stigmatized
writ of execution
tenancy in common
lower interest rate
16. The minimum withdrawal from a home equity LOC is
$4000.
An encumbrance
Tenancy by the Entirety
estate for years
17. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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18. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
a property exchange.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Qualifying ratios are slightly more lenient and LTV's (Loan to value ratios) are very high - allowing buyers with little money for a down payment to purchase a property.
10%
19. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
Alienation clause
10%
The trustee
encumbrance
20. Common law does not always takes precedence over...
stigmatized
Blanket Loan
Special or limited agency
Statutory law
21. An ___ is a limitation on your rights
lower interest rate
encumbrance
Radon
1. Release the lien when the note is paid. 2. Foreclose in the event of default
22. ____ - the refusal to lend in a particular geographic area - is prohibited.
Statutory law
Zoning
$4000.
Redlining
23. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
Package Loan
writ of execution
Vendee's Lien
$4000.
24. Includes real property plus personal property
Package Loan
General Agency
straight assumption
1. Release the lien when the note is paid. 2. Foreclose in the event of default
25. Lenders can deny credit if your sole source of income is__
tenancy in common
alimony - child support or a pension plan.
straight assumption
Deed Restrictions
26. ___market is where lenders go for money
estoppel
EMFs
The secondary
Defeasance
27. When a principal fails to maintain due diligence over his agent and as a result the court prevents the principal from denying that agency - agency by __ is created.
General Agency
lower interest rate
Errors & Omissions insurance
estoppel
28. ___loan - Covers more than one piece of property
Blanket
In a straight assumption - the new buyer is approved - and takes over payments and liability
Reverse annuity
conomic obsolescence
29. High tension wire should be disclosed
EMFs
conomic obsolescence
Subordination clause
The secondary
30. What is easment?
Subordination clause
The secondary
It is a right in land and should be created in writing and recorded.
trustor
31. This will not impact of the seller's credit rating.
3
10%
straight assumption
encumbrance
32. One who acquires property under a deed is....
trustor
a property exchange.
Balloon loan
a grante
33. Which of the following instruments is the promise to repay a debt?
1. Release the lien when the note is paid. 2. Foreclose in the event of default
$4000.
tenancy in common
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
34. On income producing property land can never be depreciated for...
rescission
Total amount - Certificate amount x 4 = approved maximum loan amount
income tax purposes
devise
35. ___ is created when a licensee acts like an agent and others respond to those actions.
Tenancy by the Entirety
ostensible agency
the cash price or the APR
Total amount - Certificate amount x 4 = approved maximum loan amount
36. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Radon
Tenancy by the Entirety
Defeasance
conomic obsolescence
37. The deed of trust involves three parties...
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
a property exchange.
Those on a fixed income
General Agency
38. For what group of buyers would the ARM be the least desirable?
estate for years
writ of execution
Those on a fixed income
Vendee's Lien
39. Partially amortized loan - benefit
Trustee's Deed
It is a right in land and should be created in writing and recorded.
grow - stabilize - decline - revitalize
lower interest rate
40. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
25%
3
Special or limited agency
MIP - mortgage insurance premium
41. IN Reg Z Advertising which states only __is permitted
by ratification.
the cash price or the APR
25%
Zoning
42. The veteran must obtain a Certificate of Eligibility from the VA
a power of attorney
It is a right in land and should be created in writing and recorded.
Mitigation
Total amount - Certificate amount x 4 = approved maximum loan amount
43. IRS Lein - Specific lein or general lein
Radon
the cash price or the APR
In a straight assumption - the new buyer is approved - and takes over payments and liability
General
44. This is a partially amortized loan with a final payment substantially larger than the others. The benefit of this type of loan is a lower interest rate.
Subordination clause
Balloon loan
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
rescission
45. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
encumbrance
writ of execution
An encumbrance
by ratification.
46. An attorney-in-fact is the holder of...
$4000.
Special or limited agency
a power of attorney
Fannie Mae - Freddie Mac and Ginnie Mae.
47. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
rescission
Total amount - Certificate amount x 4 = approved maximum loan amount
Vendee's Lien
1. Release the lien when the note is paid. 2. Foreclose in the event of default
48. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
The trustee
husband and wife
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
It is a right in land and should be created in writing and recorded.
49. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
3
The secondary
$4000.
Reverse annuity
50. Property Manager ( which type of Agency)
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Mitigation
EMFs
General Agency