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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. ___ are imposed to control land use - development and methods and materials for construction.
Blanket Loan
Deed Restrictions
General Agency
Tenancy by the Entirety
2. The veteran must obtain a Certificate of Eligibility from the VA
tenancy in common
The trustee
the cash price or the APR
Total amount - Certificate amount x 4 = approved maximum loan amount
3. Ownership by two or more without rights of survivorship is called
tenancy in common
alimony - child support or a pension plan.
ostensible agency
conforming loans
4. ___loan - Covers more than one piece of property
Subordination clause
Reverse annuity
Deed Restrictions
Blanket
5. The trustee has two functions in accordance with the Deed of Trust.
General Agency
General
1. Release the lien when the note is paid. 2. Foreclose in the event of default
It is a right in land and should be created in writing and recorded.
6. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
An encumbrance
devise
rescission
stigmatized
7. Broker- Salesperson - owner-property manager-> which agency?
Those on a fixed income
General Agency
Mitigation
a grante
8. High tension wire should be disclosed
Alienation clause
Reverse annuity
Tenancy by the Entirety
EMFs
9. This lease survives death and/or the sale of the property. No notice is required to terminate.
conforming loans.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Alienation clause
estate for years
10. The secondary market warehousing agencies are...
alimony - child support or a pension plan.
Tenancy by the Entirety
Vendee's Lien
Fannie Mae - Freddie Mac and Ginnie Mae.
11. Common law does not always takes precedence over...
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.
tenancy in common
Special or limited agency
Statutory law
12. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
Redlining
Subordination clause
grow - stabilize - decline - revitalize
Radon
13. '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?
Reverse annuity
Balloon loan
Defeasance
Alienation clause
14. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Radon
10%
Total amount - Certificate amount x 4 = approved maximum loan amount
3
15. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
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.
income tax purposes
The trustee
16. Loans qualified to be purchased in the secondary market are called
General Agency
Total amount - Certificate amount x 4 = approved maximum loan amount
conforming loans
devise
17. A property where there has been a murder or alleged haunting is called...
25%
An encumbrance
trustor
stigmatized
18. The minimum withdrawal from a home equity LOC is
General Agency
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
$4000.
The secondary
19. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
husband and wife
encumbrance
In a straight assumption - the new buyer is approved - and takes over payments and liability
Errors & Omissions insurance
20. Lenders can deny credit if your sole source of income is__
ostensible agency
General
alimony - child support or a pension plan.
trustor
21. Property Manager ( which type of Agency)
10%
General Agency
Trustee's Deed
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
22. IN Reg Z Advertising which states only __is permitted
Defeasance
It is a right in land and should be created in writing and recorded.
Mitigation
the cash price or the APR
23. The insurance on the FHA loan is referred to as___
Radon
Fannie Mae - Freddie Mac and Ginnie Mae.
MIP - mortgage insurance premium
General
24. ___ gives the agent the power to perform only specific acts and no others.
The secondary
Special or limited agency
the cash price or the APR
Those on a fixed income
25. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Tenancy by the Entirety
conforming loans
by ratification.
26. An agent's duties to his principal are...
Total amount - Certificate amount x 4 = approved maximum loan amount
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
It is a right in land and should be created in writing and recorded.
27. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Redlining
writ of execution
Tenancy by the Entirety
Reverse annuity
28. What is easment?
It is a right in land and should be created in writing and recorded.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
lower interest rate
Deed Restrictions
29. Includes real property plus personal property
Subordination clause
MIP - mortgage insurance premium
Package Loan
husband and wife
30. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
conforming loans.
grow - stabilize - decline - revitalize
31. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
10%
General
by ratification.
estate for years
32. 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
writ of execution
Balloon loan
Redlining
33. A principal's duties to an agent ar...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
rescission
Mitigation
a grante
34. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
3
Alienation clause
An encumbrance
Tenancy by the Entirety
35. Loan novation?
General
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
It is a right in land and should be created in writing and recorded.
36. IRS Lein - Specific lein or general lein
General
EMFs
alimony - child support or a pension plan.
Vendee's Lien
37. One who acquires property under a deed is....
Redlining
a grante
The secondary
stigmatized
38. 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.
grow - stabilize - decline - revitalize
10%
estoppel
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
39. 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.
Zoning
Mitigation
Statutory law
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
40. The deed of trust involves three parties...
General Agency
Trustee's Deed
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
devise
41. Must sign the Deed of Trust.
Package Loan
Blanket
trustor
General
42. An ___ is a limitation on your rights
encumbrance
alimony - child support or a pension plan.
Alienation clause
General Agency
43. Partially amortized loan - benefit
encumbrance
estoppel
In a straight assumption - the new buyer is approved - and takes over payments and liability
lower interest rate
44. ____ - the refusal to lend in a particular geographic area - is prohibited.
Reverse annuity
Redlining
Blanket
Zoning
45. __ clause - states that the lien is defeated when the debt is repaid.
Those on a fixed income
Defeasance
Reverse annuity
10%
46. An attorney-in-fact is the holder of...
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
a power of attorney
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.
a grante
47. 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.
Errors & Omissions insurance
Balloon loan
3
Reverse annuity
48. Covers more than one piece of property. (several lots on one note)
Tenancy by the Entirety
Blanket Loan
Total amount - Certificate amount x 4 = approved maximum loan amount
devise
49. There are four basic characteristics of value
Statutory law
by ratification.
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
a grante
50. Real estate investors can defer taxation of capital gains by making ___
a property exchange.
Tenancy by the Entirety
rescission
General