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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. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
Alienation clause
Zoning
MIP - mortgage insurance premium
rescission
2. Broker- Salesperson - owner-property manager-> which agency?
MIP - mortgage insurance premium
General Agency
grow - stabilize - decline - revitalize
straight assumption
3. A person who has real property willed to her by a relative is said to acquire title by...
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
Errors & Omissions insurance
alimony - child support or a pension plan.
devise
4. 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.
$4000.
Zoning
lower interest rate
Vendee's Lien
5. What is easment?
MIP - mortgage insurance premium
conomic obsolescence
General Agency
It is a right in land and should be created in writing and recorded.
6. Covers more than one piece of property. (several lots on one note)
Blanket Loan
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
a property exchange.
estate for years
7. Ownership by two or more without rights of survivorship is called
Blanket Loan
tenancy in common
Mitigation
General Agency
8. ___ 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.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Errors & Omissions insurance
3
Defeasance
9. Which of the following instruments is the promise to repay a debt?
Package Loan
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
conforming loans
The trustee
10. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
EMFs
Errors & Omissions insurance
encumbrance
writ of execution
11. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
Balloon loan
husband and wife
a property exchange.
rescission
12. ___market is where lenders go for money
MIP - mortgage insurance premium
a grante
Total amount - Certificate amount x 4 = approved maximum loan amount
The secondary
13. Must sign the Deed of Trust.
trustor
25%
estate for years
Reverse annuity
14. Property Manager ( which type of Agency)
General Agency
Redlining
tenancy in common
alimony - child support or a pension plan.
15. The trustee has two functions in accordance with the Deed of Trust.
25%
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Vendee's Lien
It is a right in land and should be created in writing and recorded.
16. An ___ is a limitation on your rights
Defeasance
MIP - mortgage insurance premium
encumbrance
Statutory law
17. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
18. '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?
conforming loans.
writ of execution
conforming loans
Alienation clause
19. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
20. ___ 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.)
lower interest rate
conomic obsolescence
Trustee's Deed
Blanket Loan
21. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
husband and wife
3
25%
a property exchange.
22. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
$4000.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Mitigation
10%
23. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
25%
a power of attorney
General Agency
tenancy in common
24. An agent's duties to his principal are...
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Deed Restrictions
a power of attorney
Mitigation
25. This lease survives death and/or the sale of the property. No notice is required to terminate.
Balloon loan
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
estate for years
Package Loan
26. Advantages of FHA loans
27. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Mitigation
Alienation clause
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.
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
28. One who acquires property under a deed is....
The secondary
alimony - child support or a pension plan.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
a grante
29. ___ is created when a licensee acts like an agent and others respond to those actions.
Tenancy by the Entirety
General Agency
ostensible agency
10%
30. An attorney-in-fact is the holder of...
MIP - mortgage insurance premium
a power of attorney
25%
Blanket
31. 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.
lower interest rate
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Balloon loan
Alienation clause
32. High tension wire should be disclosed
Defeasance
EMFs
In a straight assumption - the new buyer is approved - and takes over payments and liability
Subordination clause
33. The deed of trust involves three parties...
Deed Restrictions
Zoning
encumbrance
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
34. IN Reg Z Advertising which states only __is permitted
the cash price or the APR
Deed Restrictions
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
by ratification.
35. Loans qualified to be purchased in the secondary market are called __
conforming loans.
Fannie Mae - Freddie Mac and Ginnie Mae.
grow - stabilize - decline - revitalize
by ratification.
36. ___ are imposed to control land use - development and methods and materials for construction.
Trustee's Deed
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
stigmatized
Deed Restrictions
37. On income producing property land can never be depreciated for...
estoppel
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
In a straight assumption - the new buyer is approved - and takes over payments and liability
income tax purposes
38. Includes real property plus personal property
Total amount - Certificate amount x 4 = approved maximum loan amount
Package Loan
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Reverse annuity
39. The veteran must obtain a Certificate of Eligibility from the VA
conforming loans
Total amount - Certificate amount x 4 = approved maximum loan amount
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.
MIP - mortgage insurance premium
40. ___ gives the agent the power to perform only specific acts and no others.
Alienation clause
Alienation clause
Special or limited agency
trustor
41. The secondary market warehousing agencies are...
3
Fannie Mae - Freddie Mac and Ginnie Mae.
Alienation clause
Special or limited agency
42. A principal's duties to an agent ar...
Trustee's Deed
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Alienation clause
rescission
43. __ "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.
Reverse annuity
Alienation clause
trustor
encumbrance
44. Common law does not always takes precedence over...
An encumbrance
General
Statutory law
devise
45. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
encumbrance
by ratification.
It is a right in land and should be created in writing and recorded.
writ of execution
46. Loan novation?
The trustee
devise
The secondary
In a straight assumption - the new buyer is approved - and takes over payments and liability
47. Loans qualified to be purchased in the secondary market are called
Alienation clause
Mitigation
tenancy in common
conforming loans
48. This will not impact of the seller's credit rating.
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
devise
In a straight assumption - the new buyer is approved - and takes over payments and liability
49. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Reverse annuity
Special or limited agency
Deed Restrictions
50. Partially amortized loan - benefit
lower interest rate
conomic obsolescence
Redlining
a power of attorney