Test your basic knowledge |

Brokers License

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. Must sign the Deed of Trust.
Total amount - Certificate amount x 4 = approved maximum loan amount
Subordination clause
a grante
trustor

2. A principal's duties to an agent ar...
Statutory law
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
income tax purposes
Package Loan

3. __ "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
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
the cash price or the APR
Zoning

4. The minimum withdrawal from a home equity LOC is
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.
husband and wife
Deed Restrictions

5. Common law does not always takes precedence over...
a power of attorney
Deed Restrictions
General
Statutory law

6. The secondary market warehousing agencies are...
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.
Fannie Mae - Freddie Mac and Ginnie Mae.
25%
Total amount - Certificate amount x 4 = approved maximum loan amount

7. ___ 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.)
writ of execution
Package Loan
Blanket Loan
conomic obsolescence

8. On income producing property land can never be depreciated for...
encumbrance
Special or limited agency
income tax purposes
25%

9. ___ is created when a licensee acts like an agent and others respond to those actions.
Special or limited agency
Alienation clause
The secondary
ostensible agency

10. Includes real property plus personal property
An encumbrance
Package Loan
Zoning
$4000.

11. Loans qualified to be purchased in the secondary market are called __
writ of execution
conforming loans.
An encumbrance
1. Release the lien when the note is paid. 2. Foreclose in the event of default

12. Partially amortized loan - benefit
conforming loans.
lower interest rate
a grante
Errors & Omissions insurance

13. What is easment?
It is a right in land and should be created in writing and recorded.
Special or limited agency
Blanket
1. Release the lien when the note is paid. 2. Foreclose in the event of default

14. Loans qualified to be purchased in the secondary market are called
writ of execution
Tenancy by the Entirety
conforming loans
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary

15. Loan novation?
Balloon loan
In a straight assumption - the new buyer is approved - and takes over payments and liability
the cash price or the APR
conomic obsolescence

16. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
3
straight assumption
tenancy in common
a grante

17. 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

18. 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.
Balloon loan
Those on a fixed income
The secondary
Tenancy by the Entirety

19. The insurance on the FHA loan is referred to as___
Statutory law
General
It is a right in land and should be created in writing and recorded.
MIP - mortgage insurance premium

20. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
grow - stabilize - decline - revitalize
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Reverse annuity

21. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
10%
Trustee's Deed
Vendee's Lien
encumbrance

22. Lenders can deny credit if your sole source of income is__
An encumbrance
ostensible agency
alimony - child support or a pension plan.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4

23. For what group of buyers would the ARM be the least desirable?
husband and wife
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Those on a fixed income
encumbrance

24. The trustee has two functions in accordance with the Deed of Trust.
Balloon loan
straight assumption
The trustee
1. Release the lien when the note is paid. 2. Foreclose in the event of default

25. ___ 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.
estoppel
Errors & Omissions insurance
the cash price or the APR
income tax purposes

26. High tension wire should be disclosed
tenancy in common
writ of execution
Alienation clause
EMFs

27. A property where there has been a murder or alleged haunting is called...
conomic obsolescence
10%
encumbrance
stigmatized

28. The deed of trust involves three parties...
The secondary
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Package Loan
Special or limited agency

29. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
Blanket
25%
Tenancy by the Entirety
Radon

30. An ___ is a limitation on your rights
encumbrance
lower interest rate
grow - stabilize - decline - revitalize
stigmatized

31. One who acquires property under a deed is....
Redlining
a grante
Errors & Omissions insurance
Subordination clause

32. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Fannie Mae - Freddie Mac and Ginnie Mae.
conforming loans.
Tenancy by the Entirety
Mitigation

33. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
Reverse annuity
Blanket Loan
straight assumption
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.

34. __ clause - states that the lien is defeated when the debt is repaid.
An encumbrance
Blanket
Defeasance
General Agency

35. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
lower interest rate
Zoning
writ of execution

36. This lease survives death and/or the sale of the property. No notice is required to terminate.
estoppel
estate for years
a property exchange.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care

37. ___loan - Covers more than one piece of property
lower interest rate
Trustee's Deed
Blanket
The secondary

38. ___market is where lenders go for money
Blanket
Special or limited agency
straight assumption
The secondary

39. The veteran must obtain a Certificate of Eligibility from the VA
conomic obsolescence
the cash price or the APR
In a straight assumption - the new buyer is approved - and takes over payments and liability
Total amount - Certificate amount x 4 = approved maximum loan amount

40. An attorney-in-fact is the holder of...
Tenancy by the Entirety
a property exchange.
a power of attorney
Package Loan

41. Ownership by two or more without rights of survivorship is called
rescission
tenancy in common
husband and wife
the cash price or the APR

42. ___ gives the agent the power to perform only specific acts and no others.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Special or limited agency
$4000.
Blanket

43. A person who has real property willed to her by a relative is said to acquire title by...
Those on a fixed income
The secondary
devise
straight assumption

44. Property Manager ( which type of Agency)
tenancy in common
Defeasance
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
General Agency

45. Broker- Salesperson - owner-property manager-> which agency?
estoppel
alimony - child support or a pension plan.
General Agency
a property exchange.

46. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
a grante
Radon
rescission
conomic obsolescence

47. This will not impact of the seller's credit rating.
$4000.
Deed Restrictions
tenancy in common
straight assumption

48. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
stigmatized
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Radon

49. There are four basic characteristics of value
writ of execution
tenancy in common
Alienation clause
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

50. IN Reg Z Advertising which states only __is permitted
conforming loans
stigmatized
tenancy in common
the cash price or the APR

Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?

Major Subjects
Tests & Exams AP CLEP DSST GRE SAT GMAT	Certifications CISSP go to https://www.isc2.org/ PMP ITIL RHCE MCTS More...	IT Skills Android Programming Data Modeling Objective C Programming Basic Python Programming Adobe Illustrator More...	Business Skills Advertising Techniques Business Accounting Basics Business Strategy Human Resource Management Marketing Basics More...
Soft Skills Body Language People Skills Public Speaking Persuasion Job Hunting And Resumes More...	Vocabulary GRE Vocab SAT Vocab TOEFL Essential Vocab Basic English Words For All Global Words You Should Know Business English More...	Languages AP German Vocab AP Latin Vocab SAT Subject Test: French Italian Survival Norwegian Survival More...	Engineering Audio Engineering Computer Science Engineering Aerospace Engineering Chemical Engineering Structural Engineering More...
Health Sciences Basic Nursing Skills Health Science Language Fundamentals Veterinary Technology Medical Language Cardiology Clinical Surgery More...	English Grammar Fundamentals Literary And Rhetorical Vocab Elements Of Style Vocab Introduction To English Major Complete Advanced Sentences Literature Homonyms More...	Math Algebra Formulas Basic Arithmetic: Measurements Metric Conversions Geometric Properties Important Math Facts Number Sense Vocab Business Math More...	Other Major Subjects Science Economics History Law Performing-arts Cooking Logic & Reasoning Trivia

Test your basic knowledge |

Brokers License

Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?

Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests

Major Subjects

Tests & Exams

Certifications

IT Skills

Business Skills

Soft Skills

Vocabulary

Languages

Engineering

Health Sciences

English

Math

Other Major Subjects

Browse all subjects

Browse all tests

Most popular tests