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Brokers License

Instructions:

Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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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. Real estate investors can defer taxation of capital gains by making ___
a property exchange.
the cash price or the APR
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

2. An ___ is a limitation on your rights
Balloon loan
The secondary
An encumbrance
encumbrance

3. ___loan - Covers more than one piece of property
conforming loans.
conomic obsolescence
Blanket
lower interest rate

4. __ is a specific type of joint tenancy where the co-owners are husband and wife.
straight assumption
Tenancy by the Entirety
General Agency
Subordination clause

5. For what group of buyers would the ARM be the least desirable?
Those on a fixed income
Vendee's Lien
The secondary
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care

6. The deed of trust involves three parties...
rescission
The secondary
Alienation clause
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary

7. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
lower interest rate
by ratification.
ostensible agency
Mitigation

8. Lenders can deny credit if your sole source of income is__
Reverse annuity
Blanket
1. Release the lien when the note is paid. 2. Foreclose in the event of default
alimony - child support or a pension plan.

9. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
the cash price or the APR
lower interest rate
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
rescission

10. ___ is created when a licensee acts like an agent and others respond to those actions.
Vendee's Lien
the cash price or the APR
ostensible agency
General Agency

11. IRS Lein - Specific lein or general lein
General
It is a right in land and should be created in writing and recorded.
Tenancy by the Entirety
estate for years

12. 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.
Defeasance
Balloon loan
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

13. Property Manager ( which type of Agency)
General Agency
a power of attorney
Special or limited agency
ostensible agency

14. Includes real property plus personal property
lower interest rate
Blanket
Package Loan
conomic obsolescence

15. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Blanket
Mitigation
Radon
Vendee's Lien

16. The veteran must obtain a Certificate of Eligibility from the VA
Total amount - Certificate amount x 4 = approved maximum loan amount
Tenancy by the Entirety
Package Loan
Alienation clause

17. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
grow - stabilize - decline - revitalize
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.
a property exchange.

18. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
$4000.
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
Subordination clause
Blanket

19. IN Reg Z Advertising which states only __is permitted
encumbrance
the cash price or the APR
Deed Restrictions
Subordination clause

20. Broker- Salesperson - owner-property manager-> which agency?
25%
a property exchange.
General Agency
Mitigation

21. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
Total amount - Certificate amount x 4 = approved maximum loan amount
The trustee
Defeasance
10%

22. Loan novation?
In a straight assumption - the new buyer is approved - and takes over payments and liability
Those on a fixed income
Alienation clause
Fannie Mae - Freddie Mac and Ginnie Mae.

23. Partially amortized loan - benefit
income tax purposes
by ratification.
estoppel
lower interest rate

24. __ clause - states that the lien is defeated when the debt is repaid.
Defeasance
10%
Blanket
estate for years

25. A principal's duties to an agent ar...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
In a straight assumption - the new buyer is approved - and takes over payments and liability
Trustee's Deed
Subordination clause

26. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
It is a right in land and should be created in writing and recorded.
Blanket
a power of attorney
3

27. Which of the following instruments is the promise to repay a debt?
conforming loans
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
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.

28. 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.
estoppel
ostensible agency
lower interest rate
trustor

29. ____ - the refusal to lend in a particular geographic area - is prohibited.
grow - stabilize - decline - revitalize
tenancy in common
Redlining
Special or limited agency

30. Advantages of FHA loans

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31. There are four basic characteristics of value
writ of execution
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
husband and wife
lower interest rate

32. A person who has real property willed to her by a relative is said to acquire title by...
Reverse annuity
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
devise

33. An attorney-in-fact is the holder of...
EMFs
a power of attorney
Those on a fixed income
a property exchange.

34. The minimum withdrawal from a home equity LOC is
Blanket Loan
the cash price or the APR
$4000.
Those on a fixed income

35. 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.
estate for years
Zoning
Alienation clause
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary

36. What is easment?
Alienation clause
Total amount - Certificate amount x 4 = approved maximum loan amount
It is a right in land and should be created in writing and recorded.
3

37. Loans qualified to be purchased in the secondary market are called
Deed Restrictions
conforming loans
It is a right in land and should be created in writing and recorded.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance

38. Ownership by two or more without rights of survivorship is called
tenancy in common
lower interest rate
Zoning
Tenancy by the Entirety

39. The secondary market warehousing agencies are...
Vendee's Lien
Mitigation
conforming loans
Fannie Mae - Freddie Mac and Ginnie Mae.

40. Common law does not always takes precedence over...
The trustee
trustor
Statutory law
The secondary

41. The trustee has two functions in accordance with the Deed of Trust.
General Agency
encumbrance
1. Release the lien when the note is paid. 2. Foreclose in the event of default
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.

42. ___ 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.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Special or limited agency
Errors & Omissions insurance
Mitigation

43. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
Special or limited agency
Alienation clause
conomic obsolescence
Reverse annuity

44. ___ is a limitation on your rights. It may also be a cloud on the title
In a straight assumption - the new buyer is approved - and takes over payments and liability
An encumbrance
husband and wife
3

45. A property where there has been a murder or alleged haunting is called...
grow - stabilize - decline - revitalize
Alienation clause
stigmatized
Vendee's Lien

46. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
tenancy in common
husband and wife
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
An encumbrance

47. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
Those on a fixed income
25%
Redlining
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.

48. ___ 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.)
a grante
conomic obsolescence
General Agency
Radon

49. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest

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50. One who acquires property under a deed is....
a grante
Those on a fixed income
Tenancy by the Entirety
Statutory law

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Brokers License

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