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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. 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.
EMFs
Balloon loan
Special or limited agency
Tenancy by the Entirety
2. Loan novation?
Deed Restrictions
straight assumption
Vendee's Lien
In a straight assumption - the new buyer is approved - and takes over payments and liability
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. It is called?
Alienation clause
a grante
The trustee
Blanket
4. Advantages of FHA loans
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5. For what group of buyers would the ARM be the least desirable?
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Package Loan
the cash price or the APR
Those on a fixed income
6. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Mitigation
Radon
Special or limited agency
General
7. What is easment?
Blanket Loan
It is a right in land and should be created in writing and recorded.
Radon
straight assumption
8. Common law does not always takes precedence over...
Tenancy by the Entirety
Statutory law
The secondary
Subordination clause
9. Property Manager ( which type of Agency)
General Agency
Deed Restrictions
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Radon
10. ___ gives the agent the power to perform only specific acts and no others.
In a straight assumption - the new buyer is approved - and takes over payments and liability
Zoning
Blanket
Special or limited agency
11. Real estate investors can defer taxation of capital gains by making ___
trustor
a property exchange.
Zoning
a grante
12. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
10%
grow - stabilize - decline - revitalize
General
Trustee's Deed
13. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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14. The insurance on the FHA loan is referred to as___
EMFs
An encumbrance
The secondary
MIP - mortgage insurance premium
15. Partially amortized loan - benefit
1. Release the lien when the note is paid. 2. Foreclose in the event of default
lower interest rate
3
estoppel
16. This lease survives death and/or the sale of the property. No notice is required to terminate.
25%
rescission
conomic obsolescence
estate for years
17. A person who has real property willed to her by a relative is said to acquire title by...
devise
Mitigation
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
An encumbrance
18. An ___ is a limitation on your rights
encumbrance
Subordination clause
Total amount - Certificate amount x 4 = approved maximum loan amount
estoppel
19. Ownership by two or more without rights of survivorship is called
tenancy in common
lower interest rate
EMFs
Special or limited agency
20. IN Reg Z Advertising which states only __is permitted
Special or limited agency
the cash price or the APR
stigmatized
10%
21. The minimum withdrawal from a home equity LOC is
a property exchange.
conforming loans.
The secondary
$4000.
22. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
trustor
Total amount - Certificate amount x 4 = approved maximum loan amount
Redlining
The trustee
23. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
encumbrance
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
by ratification.
24. Loans qualified to be purchased in the secondary market are called
grow - stabilize - decline - revitalize
conforming loans
Statutory law
income tax purposes
25. The trustee has two functions in accordance with the Deed of Trust.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Trustee's Deed
husband and wife
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
26. Covers more than one piece of property. (several lots on one note)
tenancy in common
Statutory law
Blanket Loan
It is a right in land and should be created in writing and recorded.
27. An agent's duties to his principal are...
a grante
Zoning
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
conomic obsolescence
28. ___ 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.)
Trustee's Deed
conomic obsolescence
Vendee's Lien
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.
29. An attorney-in-fact is the holder of...
estoppel
grow - stabilize - decline - revitalize
a power of attorney
encumbrance
30. Broker- Salesperson - owner-property manager-> which agency?
Trustee's Deed
General Agency
In a straight assumption - the new buyer is approved - and takes over payments and liability
3
31. ___market is where lenders go for money
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
The secondary
ostensible agency
rescission
32. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
rescission
Subordination clause
3
writ of execution
33. ___ is created when a licensee acts like an agent and others respond to those actions.
25%
Defeasance
ostensible agency
The secondary
34. 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
grow - stabilize - decline - revitalize
Tenancy by the Entirety
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
35. ___ is a limitation on your rights. It may also be a cloud on the title
a property exchange.
devise
An encumbrance
Defeasance
36. This will not impact of the seller's credit rating.
devise
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Total amount - Certificate amount x 4 = approved maximum loan amount
straight assumption
37. ___loan - Covers more than one piece of property
conomic obsolescence
The trustee
Blanket
lower interest rate
38. __ "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.
Tenancy by the Entirety
Special or limited agency
Alienation clause
encumbrance
39. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
25%
a power of attorney
tenancy in common
General Agency
40. There are four basic characteristics of value
Those on a fixed income
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
Tenancy by the Entirety
25%
41. Loans qualified to be purchased in the secondary market are called __
rescission
income tax purposes
conforming loans.
Radon
42. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
Redlining
Vendee's Lien
Subordination clause
estate for years
43. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
EMFs
Redlining
writ of execution
rescission
44. Includes real property plus personal property
Radon
An encumbrance
encumbrance
Package Loan
45. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
trustor
3
10%
Defeasance
46. __ is a specific type of joint tenancy where the co-owners are husband and wife.
3
Tenancy by the Entirety
Blanket Loan
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
47. High tension wire should be disclosed
husband and wife
conforming loans
EMFs
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
48. A principal's duties to an agent ar...
It is a right in land and should be created in writing and recorded.
25%
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
tenancy in common
49. __ clause - states that the lien is defeated when the debt is repaid.
Mitigation
Defeasance
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.
Alienation clause
50. ____ - the refusal to lend in a particular geographic area - is prohibited.
Alienation clause
Redlining
conomic obsolescence
income tax purposes