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. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
a power of attorney
Balloon loan
Redlining
The trustee
2. 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
3. The deed of trust involves three parties...
stigmatized
Those on a fixed income
a power of attorney
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
4. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
Total amount - Certificate amount x 4 = approved maximum loan amount
income tax purposes
Subordination clause
tenancy in common
5. __ "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.
Vendee's Lien
Alienation clause
Mitigation
It is a right in land and should be created in writing and recorded.
6. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
Blanket
writ of execution
alimony - child support or a pension plan.
Fannie Mae - Freddie Mac and Ginnie Mae.
7. This will not impact of the seller's credit rating.
straight assumption
Radon
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
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
8. ___ 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.)
Reverse annuity
estoppel
conomic obsolescence
1. Release the lien when the note is paid. 2. Foreclose in the event of default
9. For what group of buyers would the ARM be the least desirable?
Those on a fixed income
estate for years
lower interest rate
conforming loans.
10. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
MIP - mortgage insurance premium
Reverse annuity
Fannie Mae - Freddie Mac and Ginnie Mae.
10%
11. A person who has real property willed to her by a relative is said to acquire title by...
conforming loans.
husband and wife
devise
Zoning
12. Property Manager ( which type of Agency)
General Agency
Vendee's Lien
Errors & Omissions insurance
$4000.
13. 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
14. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
Package Loan
Fannie Mae - Freddie Mac and Ginnie Mae.
a grante
grow - stabilize - decline - revitalize
15. High tension wire should be disclosed
EMFs
rescission
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
income tax purposes
16. ___market is where lenders go for money
Alienation clause
The secondary
conforming loans
25%
17. Common law does not always takes precedence over...
Statutory law
tenancy in common
a property exchange.
writ of execution
18. ___ gives the agent the power to perform only specific acts and no others.
Special or limited agency
stigmatized
MIP - mortgage insurance premium
tenancy in common
19. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
Trustee's Deed
husband and wife
25%
estate for years
20. Loans qualified to be purchased in the secondary market are called
In a straight assumption - the new buyer is approved - and takes over payments and liability
conforming loans
encumbrance
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.
21. IN Reg Z Advertising which states only __is permitted
the cash price or the APR
1. Release the lien when the note is paid. 2. Foreclose in the event of default
The secondary
Total amount - Certificate amount x 4 = approved maximum loan amount
22. The secondary market warehousing agencies are...
Package Loan
Blanket
Fannie Mae - Freddie Mac and Ginnie Mae.
stigmatized
23. Ownership by two or more without rights of survivorship is called
conforming loans.
tenancy in common
the cash price or the APR
Vendee's Lien
24. An agent's duties to his principal are...
Balloon loan
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Those on a fixed income
Defeasance
25. The insurance on the FHA loan is referred to as___
devise
grow - stabilize - decline - revitalize
by ratification.
MIP - mortgage insurance premium
26. One who acquires property under a deed is....
Trustee's Deed
a grante
stigmatized
Subordination clause
27. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Special or limited agency
The secondary
Mitigation
grow - stabilize - decline - revitalize
28. Broker- Salesperson - owner-property manager-> which agency?
Special or limited agency
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
estoppel
General Agency
29. Partially amortized loan - benefit
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Tenancy by the Entirety
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.
lower interest rate
30. Loan novation?
In a straight assumption - the new buyer is approved - and takes over payments and liability
a grante
lower interest rate
Those on a fixed income
31. Real estate investors can defer taxation of capital gains by making ___
a property exchange.
Alienation clause
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.
32. ____ - the refusal to lend in a particular geographic area - is prohibited.
rescission
Those on a fixed income
Total amount - Certificate amount x 4 = approved maximum loan amount
Redlining
33. This lease survives death and/or the sale of the property. No notice is required to terminate.
It is a right in land and should be created in writing and recorded.
Statutory law
Zoning
estate for years
34. ___loan - Covers more than one piece of property
a property exchange.
Blanket Loan
3
Blanket
35. __ clause - states that the lien is defeated when the debt is repaid.
It is a right in land and should be created in writing and recorded.
Balloon loan
Defeasance
Statutory law
36. 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.
alimony - child support or a pension plan.
devise
The trustee
Balloon loan
37. 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.
alimony - child support or a pension plan.
Deed Restrictions
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
38. Which of the following instruments is the promise to repay a debt?
Blanket
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
MIP - mortgage insurance premium
General Agency
39. Advantages of FHA loans
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
40. The veteran must obtain a Certificate of Eligibility from the VA
Alienation clause
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Total amount - Certificate amount x 4 = approved maximum loan amount
Zoning
41. ___ is a limitation on your rights. It may also be a cloud on the title
Package Loan
tenancy in common
An encumbrance
encumbrance
42. An attorney-in-fact is the holder of...
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Tenancy by the Entirety
Fannie Mae - Freddie Mac and Ginnie Mae.
a power of attorney
43. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
3
Trustee's Deed
The secondary
Deed Restrictions
44. ___ 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.
ostensible agency
Total amount - Certificate amount x 4 = approved maximum loan amount
Errors & Omissions insurance
45. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Radon
The trustee
writ of execution
trustor
46. Lenders can deny credit if your sole source of income is__
Blanket Loan
Defeasance
10%
alimony - child support or a pension plan.
47. ___ are imposed to control land use - development and methods and materials for construction.
Deed Restrictions
Defeasance
The secondary
tenancy in common
48. Must sign the Deed of Trust.
MIP - mortgage insurance premium
trustor
alimony - child support or a pension plan.
Those on a fixed income
49. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
husband and wife
tenancy in common
estate for years
Reverse annuity
50. __ is a specific type of joint tenancy where the co-owners are husband and wife.
25%
Tenancy by the Entirety
$4000.
Alienation clause