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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 naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Radon
Trustee's Deed
tenancy in common
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
2. Advantages of FHA loans
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3. A principal's duties to an agent ar...
estate for years
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Redlining
Reverse annuity
4. Includes real property plus personal property
alimony - child support or a pension plan.
Alienation clause
Package Loan
trustor
5. Loans qualified to be purchased in the secondary market are called
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
conforming loans
Mitigation
conforming loans.
6. What is easment?
Radon
conforming loans
It is a right in land and should be created in writing and recorded.
Vendee's Lien
7. Must sign the Deed of Trust.
MIP - mortgage insurance premium
lower interest rate
trustor
Deed Restrictions
8. The minimum withdrawal from a home equity LOC is
Those on a fixed income
tenancy in common
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.
$4000.
9. __ is a specific type of joint tenancy where the co-owners are husband and wife.
3
rescission
Tenancy by the Entirety
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
10. For what group of buyers would the ARM be the least desirable?
Total amount - Certificate amount x 4 = approved maximum loan amount
by ratification.
Those on a fixed income
MIP - mortgage insurance premium
11. ___ is a limitation on your rights. It may also be a cloud on the title
The secondary
straight assumption
estate for years
An encumbrance
12. ____ - the refusal to lend in a particular geographic area - is prohibited.
Redlining
lower interest rate
the cash price or the APR
Zoning
13. Common law does not always takes precedence over...
Errors & Omissions insurance
Statutory law
Tenancy by the Entirety
husband and wife
14. A person who has real property willed to her by a relative is said to acquire title by...
devise
Radon
General Agency
straight assumption
15. One who acquires property under a deed is....
a grante
Zoning
trustor
writ of execution
16. An agent's duties to his principal are...
conforming loans.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
alimony - child support or a pension plan.
General
17. 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.
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.
Package Loan
income tax purposes
estoppel
18. IN Reg Z Advertising which states only __is permitted
the cash price or the APR
Fannie Mae - Freddie Mac and Ginnie Mae.
tenancy in common
a grante
19. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
$4000.
tenancy in common
writ of execution
Redlining
20. ___ can protect a broker if the seller misrepresents property condition - the broker is unaware of the misrepresentation - and could not have detected it by visual inspection.
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.
Errors & Omissions insurance
Trustee's Deed
Blanket Loan
21. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Tenancy by the Entirety
Mitigation
Zoning
Vendee's Lien
22. High tension wire should be disclosed
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
EMFs
husband and wife
Total amount - Certificate amount x 4 = approved maximum loan amount
23. Real estate investors can defer taxation of capital gains by making ___
1. Release the lien when the note is paid. 2. Foreclose in the event of default
a property exchange.
Deed Restrictions
Blanket Loan
24. An attorney-in-fact is the holder of...
1. Release the lien when the note is paid. 2. Foreclose in the event of default
trustor
a power of attorney
Radon
25. Broker- Salesperson - owner-property manager-> which agency?
Defeasance
conforming loans.
General Agency
alimony - child support or a pension plan.
26. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
10%
Package Loan
Radon
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
27. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
grow - stabilize - decline - revitalize
Those on a fixed income
EMFs
Trustee's Deed
28. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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29. The insurance on the FHA loan is referred to as___
lower interest rate
MIP - mortgage insurance premium
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
General Agency
30. __ "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.
Alienation clause
Zoning
husband and wife
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.
31. 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.
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
Zoning
Fannie Mae - Freddie Mac and Ginnie Mae.
a grante
32. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
tenancy in common
3
Fannie Mae - Freddie Mac and Ginnie Mae.
conforming loans
33. 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
trustor
EMFs
estoppel
34. ___market is where lenders go for money
Tenancy by the Entirety
10%
The secondary
tenancy in common
35. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
by ratification.
The trustee
income tax purposes
Zoning
36. This will not impact of the seller's credit rating.
alimony - child support or a pension plan.
stigmatized
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.
straight assumption
37. The deed of trust involves three parties...
Alienation clause
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Statutory law
a grante
38. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
ostensible agency
a power of attorney
Reverse annuity
3
39. The veteran must obtain a Certificate of Eligibility from the VA
Total amount - Certificate amount x 4 = approved maximum loan amount
Zoning
25%
alimony - child support or a pension plan.
40. 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.
General Agency
Balloon loan
Alienation clause
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
41. '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?
a property exchange.
Alienation clause
Subordination clause
a grante
42. An ___ is a limitation on your rights
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
alimony - child support or a pension plan.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
encumbrance
43. Partially amortized loan - benefit
lower interest rate
In a straight assumption - the new buyer is approved - and takes over payments and liability
Redlining
a power of attorney
44. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
husband and wife
Balloon loan
Errors & Omissions insurance
MIP - mortgage insurance premium
45. ___ is created when a licensee acts like an agent and others respond to those actions.
conforming loans
Zoning
lower interest rate
ostensible agency
46. On income producing property land can never be depreciated for...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
income tax purposes
Reverse annuity
Subordination clause
47. __ clause - states that the lien is defeated when the debt is repaid.
Blanket Loan
Defeasance
Deed Restrictions
MIP - mortgage insurance premium
48. ___ are imposed to control land use - development and methods and materials for construction.
lower interest rate
Deed Restrictions
Total amount - Certificate amount x 4 = approved maximum loan amount
estoppel
49. This lease survives death and/or the sale of the property. No notice is required to terminate.
estate for years
stigmatized
conforming loans
An encumbrance
50. A property where there has been a murder or alleged haunting is called...
stigmatized
It is a right in land and should be created in writing and recorded.
The secondary
General