SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
MIP - mortgage insurance premium
General Agency
Reverse annuity
a property exchange.
2. ___ is a loss of value due to outside factors. This is also called external obsolescence. It is incurable. (zoning - air pollution - noise - traffic - jobs - etc.)
25%
General Agency
conomic obsolescence
10%
3. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
writ of execution
Radon
1. Release the lien when the note is paid. 2. Foreclose in the event of default
estoppel
4. 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.
trustor
Reverse annuity
estoppel
Balloon loan
5. This will not impact of the seller's credit rating.
straight assumption
Alienation clause
Package Loan
Fannie Mae - Freddie Mac and Ginnie Mae.
6. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
7. Ownership by two or more without rights of survivorship is called
rescission
Blanket
tenancy in common
Balloon loan
8. Power given to a municipality to regulate and control the character and use of property for the health - safety and general welfare of the public.
by ratification.
$4000.
Zoning
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.
9. __ clause - states that the lien is defeated when the debt is repaid.
Subordination clause
ostensible agency
$4000.
Defeasance
10. Includes real property plus personal property
Subordination clause
lower interest rate
$4000.
Package Loan
11. On income producing property land can never be depreciated for...
estoppel
Those on a fixed income
Vendee's Lien
income tax purposes
12. IN Reg Z Advertising which states only __is permitted
25%
Errors & Omissions insurance
the cash price or the APR
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
13. Partially amortized loan - benefit
husband and wife
lower interest rate
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
14. A person who has real property willed to her by a relative is said to acquire title by...
General Agency
devise
$4000.
Statutory law
15. High tension wire should be disclosed
$4000.
Special or limited agency
Alienation clause
EMFs
16. An attorney-in-fact is the holder of...
a power of attorney
Subordination clause
tenancy in common
$4000.
17. The minimum withdrawal from a home equity LOC is
$4000.
straight assumption
estoppel
ostensible agency
18. An ___ is a limitation on your rights
Special or limited agency
Defeasance
trustor
encumbrance
19. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
husband and wife
Those on a fixed income
encumbrance
straight assumption
20. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
the cash price or the APR
Radon
stigmatized
$4000.
21. Loans qualified to be purchased in the secondary market are called
husband and wife
General
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
conforming loans
22. The veteran must obtain a Certificate of Eligibility from the VA
Balloon loan
Total amount - Certificate amount x 4 = approved maximum loan amount
the cash price or the APR
Defeasance
23. Loan novation?
encumbrance
In a straight assumption - the new buyer is approved - and takes over payments and liability
Trustee's Deed
Blanket Loan
24. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
Mitigation
a power of attorney
Trustee's Deed
by ratification.
25. An agent's duties to his principal are...
stigmatized
The trustee
Subordination clause
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
26. '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?
Alienation clause
alimony - child support or a pension plan.
straight assumption
Blanket Loan
27. Which of the following instruments is the promise to repay a debt?
In a straight assumption - the new buyer is approved - and takes over payments and liability
estoppel
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
stigmatized
28. Loans qualified to be purchased in the secondary market are called __
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Subordination clause
conforming loans.
conforming loans
29. Property Manager ( which type of Agency)
General Agency
lower interest rate
Blanket
Mitigation
30. Broker- Salesperson - owner-property manager-> which agency?
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
General Agency
$4000.
Statutory law
31. Lenders can deny credit if your sole source of income is__
alimony - child support or a pension plan.
tenancy in common
lower interest rate
Zoning
32. Real estate investors can defer taxation of capital gains by making ___
General Agency
The secondary
conforming loans
a property exchange.
33. For what group of buyers would the ARM be the least desirable?
It is a right in land and should be created in writing and recorded.
Those on a fixed income
10%
Errors & Omissions insurance
34. Common law does not always takes precedence over...
Statutory law
husband and wife
tenancy in common
Redlining
35. Advantages of FHA loans
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
36. There are four basic characteristics of value
rescission
General Agency
It is a right in land and should be created in writing and recorded.
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
37. The trustee has two functions in accordance with the Deed of Trust.
estoppel
husband and wife
a property exchange.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
38. ___market is where lenders go for money
EMFs
General
alimony - child support or a pension plan.
The secondary
39. __ "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.
General
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Alienation clause
a property exchange.
40. Covers more than one piece of property. (several lots on one note)
Blanket Loan
alimony - child support or a pension plan.
EMFs
Defeasance
41. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
Special or limited agency
Subordination clause
$4000.
Defeasance
42. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Trustee's Deed
Tenancy by the Entirety
25%
3
43. Must sign the Deed of Trust.
trustor
Fannie Mae - Freddie Mac and Ginnie Mae.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
10%
44. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Mitigation
rescission
25%
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
45. 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.
conomic obsolescence
Balloon loan
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
Fannie Mae - Freddie Mac and Ginnie Mae.
46. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
47. One who acquires property under a deed is....
income tax purposes
25%
Mitigation
a grante
48. The secondary market warehousing agencies are...
Fannie Mae - Freddie Mac and Ginnie Mae.
Zoning
husband and wife
3
49. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
encumbrance
Reverse annuity
3
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
50. ___ gives the agent the power to perform only specific acts and no others.
Tenancy by the Entirety
Special or limited agency
Trustee's Deed
General Agency