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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. High tension wire should be disclosed
Tenancy by the Entirety
EMFs
ostensible agency
Alienation clause

2. Property Manager ( which type of Agency)
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
General Agency
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care

3. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
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
Mitigation
Redlining
3

4. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
conforming loans
EMFs
Reverse annuity
Subordination clause

5. ____ - the refusal to lend in a particular geographic area - is prohibited.
devise
Statutory law
income tax purposes
Redlining

6. Loans qualified to be purchased in the secondary market are called __
stigmatized
Fannie Mae - Freddie Mac and Ginnie Mae.
25%
conforming loans.

7. __ "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.
General Agency
Total amount - Certificate amount x 4 = approved maximum loan amount
Alienation clause
by ratification.

8. 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
Balloon loan
a grante
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.

9. Covers more than one piece of property. (several lots on one note)
Trustee's Deed
tenancy in common
Blanket Loan
In a straight assumption - the new buyer is approved - and takes over payments and liability

10. Advantages of FHA loans

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11. Loan novation?
In a straight assumption - the new buyer is approved - and takes over payments and liability
Alienation clause
10%
$4000.

12. An agent's duties to his principal are...
It is a right in land and should be created in writing and recorded.
Those on a fixed income
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Reverse annuity

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

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14. An attorney-in-fact is the holder of...
a power of attorney
trustor
Trustee's Deed
In a straight assumption - the new buyer is approved - and takes over payments and liability

15. Includes real property plus personal property
Package Loan
1. Release the lien when the note is paid. 2. Foreclose in the event of default
income tax purposes
Blanket Loan

16. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
estate for years
trustor
Trustee's Deed
10%

17. Must sign the Deed of Trust.
3
Defeasance
The secondary
trustor

18. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___

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19. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
Package Loan
Statutory law
EMFs
by ratification.

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.)
Blanket Loan
It is a right in land and should be created in writing and recorded.
conforming loans.
conomic obsolescence

21. 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.
ostensible agency
Balloon loan
estoppel
Zoning

22. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
trustor
The trustee
Errors & Omissions insurance
General

23. One who acquires property under a deed is....
The secondary
a grante
income tax purposes
General Agency

24. The veteran must obtain a Certificate of Eligibility from the VA
It is a right in land and should be created in writing and recorded.
Total amount - Certificate amount x 4 = approved maximum loan amount
stigmatized
straight assumption

25. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Package Loan
Radon
conomic obsolescence
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care

26. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
Reverse annuity
3
Radon
writ of execution

27. For what group of buyers would the ARM be the least desirable?
Total amount - Certificate amount x 4 = approved maximum loan amount
a property exchange.
Those on a fixed income
(CRIP) - Compensation - Reimbursement - Indemnification - Performance

28. IN Reg Z Advertising which states only __is permitted
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.
3
conomic obsolescence
the cash price or the APR

29. IRS Lein - Specific lein or general lein
General
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
encumbrance
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care

30. A property where there has been a murder or alleged haunting is called...
conforming loans.
$4000.
stigmatized
Defeasance

31. '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?
Deed Restrictions
a power of attorney
Alienation clause
General Agency

32. On income producing property land can never be depreciated for...
Deed Restrictions
straight assumption
In a straight assumption - the new buyer is approved - and takes over payments and liability
income tax purposes

33. Loans qualified to be purchased in the secondary market are called
conforming loans
devise
General Agency
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.

34. Broker- Salesperson - owner-property manager-> which agency?
General Agency
3
lower interest rate
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care

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.
Blanket
trustor
Tenancy by the Entirety
Zoning

36. Common law does not always takes precedence over...
Statutory law
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Special or limited agency
a property exchange.

37. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
a property exchange.
encumbrance
rescission
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4

38. ___ is a limitation on your rights. It may also be a cloud on the title
An encumbrance
Package Loan
rescission
Reverse annuity

39. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Package Loan
conforming loans.
25%
Tenancy by the Entirety

40. Partially amortized loan - benefit
Trustee's Deed
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
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
lower interest rate

41. The secondary market warehousing agencies are...
Fannie Mae - Freddie Mac and Ginnie Mae.
Balloon loan
An encumbrance
Radon

42. ___ is created when a licensee acts like an agent and others respond to those actions.
The trustee
1. Release the lien when the note is paid. 2. Foreclose in the event of default
estate for years
ostensible agency

43. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
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.
conforming loans.
3
Those on a fixed income

44. What is easment?
EMFs
It is a right in land and should be created in writing and recorded.
Blanket Loan
In a straight assumption - the new buyer is approved - and takes over payments and liability

45. A principal's duties to an agent ar...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
conforming loans
rescission
Errors & Omissions insurance

46. The minimum withdrawal from a home equity LOC is
tenancy in common
husband and wife
$4000.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary

47. There are four basic characteristics of value
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.
The trustee
husband and wife

48. ___market is where lenders go for money
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
The secondary
Vendee's Lien
It is a right in land and should be created in writing and recorded.

49. ___ are imposed to control land use - development and methods and materials for construction.
husband and wife
encumbrance
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.

50. The trustee has two functions in accordance with the Deed of Trust.
rescission
by ratification.
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.

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Brokers License

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