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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. For what group of buyers would the ARM be the least desirable?
rescission
General Agency
Those on a fixed income
Reverse annuity
2. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
writ of execution
Subordination clause
3
The trustee
3. Ownership by two or more without rights of survivorship is called
tenancy in common
Blanket Loan
conforming loans.
trustor
4. An attorney-in-fact is the holder of...
a power of attorney
Balloon loan
Mitigation
It is a right in land and should be created in writing and recorded.
5. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Tenancy by the Entirety
Total amount - Certificate amount x 4 = approved maximum loan amount
husband and wife
25%
6. This will not impact of the seller's credit rating.
tenancy in common
Blanket
straight assumption
ostensible agency
7. Common law does not always takes precedence over...
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Statutory law
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Those on a fixed income
8. An ___ is a limitation on your rights
trustor
encumbrance
The trustee
writ of execution
9. ___ is a limitation on your rights. It may also be a cloud on the title
The trustee
Radon
An encumbrance
husband and wife
10. The trustee has two functions in accordance with the Deed of Trust.
tenancy in common
$4000.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
estoppel
11. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
MIP - mortgage insurance premium
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
income tax purposes
grow - stabilize - decline - revitalize
12. ___ gives the agent the power to perform only specific acts and no others.
income tax purposes
husband and wife
Defeasance
Special or limited agency
13. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
conforming loans
a power of attorney
Package Loan
10%
14. IRS Lein - Specific lein or general lein
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
General
conomic obsolescence
Redlining
15. The insurance on the FHA loan is referred to as___
a property exchange.
MIP - mortgage insurance premium
a power of attorney
grow - stabilize - decline - revitalize
16. 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.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Zoning
conforming loans
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
17. __ "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.
Alienation clause
encumbrance
It is a right in land and should be created in writing and recorded.
a power of attorney
18. On income producing property land can never be depreciated for...
stigmatized
Package Loan
income tax purposes
a power of attorney
19. '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?
EMFs
a property exchange.
Alienation clause
$4000.
20. Must sign the Deed of Trust.
Blanket
trustor
ostensible agency
straight assumption
21. ____ - the refusal to lend in a particular geographic area - is prohibited.
Subordination clause
Fannie Mae - Freddie Mac and Ginnie Mae.
Redlining
Errors & Omissions insurance
22. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
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
Trustee's Deed
by ratification.
General Agency
23. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Radon
a power of attorney
Mitigation
conomic obsolescence
24. ___ is created when a licensee acts like an agent and others respond to those actions.
a property exchange.
Alienation clause
The secondary
ostensible agency
25. What is easment?
It is a right in land and should be created in writing and recorded.
Special or limited agency
a property exchange.
Subordination clause
26. Partially amortized loan - benefit
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
conomic obsolescence
lower interest rate
27. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
25%
tenancy in common
stigmatized
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
28. There are four basic characteristics of value
Statutory law
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
General Agency
Deed Restrictions
29. Broker- Salesperson - owner-property manager-> which agency?
alimony - child support or a pension plan.
An encumbrance
General Agency
Radon
30. 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.
Vendee's Lien
alimony - child support or a pension plan.
Balloon loan
General Agency
31. A property where there has been a murder or alleged haunting is called...
stigmatized
$4000.
10%
Blanket
32. One who acquires property under a deed is....
income tax purposes
a grante
the cash price or the APR
Mitigation
33. IN Reg Z Advertising which states only __is permitted
Total amount - Certificate amount x 4 = approved maximum loan amount
the cash price or the APR
tenancy in common
EMFs
34. ___ 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.)
conomic obsolescence
conforming loans.
Tenancy by the Entirety
Zoning
35. ___market is where lenders go for money
Reverse annuity
The secondary
a grante
Mitigation
36. Lenders can deny credit if your sole source of income is__
alimony - child support or a pension plan.
rescission
Trustee's Deed
Statutory law
37. Loan novation?
ostensible agency
trustor
In a straight assumption - the new buyer is approved - and takes over payments and liability
estoppel
38. Covers more than one piece of property. (several lots on one note)
estate for years
Blanket Loan
General
Zoning
39. __ clause - states that the lien is defeated when the debt is repaid.
General Agency
lower interest rate
Defeasance
Mitigation
40. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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41. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
The trustee
husband and wife
EMFs
42. High tension wire should be disclosed
Alienation clause
EMFs
conforming loans.
alimony - child support or a pension plan.
43. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Tenancy by the Entirety
grow - stabilize - decline - revitalize
Mitigation
a grante
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.
conomic obsolescence
rescission
Errors & Omissions insurance
encumbrance
45. A principal's duties to an agent ar...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Fannie Mae - Freddie Mac and Ginnie Mae.
straight assumption
General
46. ___loan - Covers more than one piece of property
a power of attorney
Total amount - Certificate amount x 4 = approved maximum loan amount
Blanket
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. ___ are imposed to control land use - development and methods and materials for construction.
tenancy in common
encumbrance
Deed Restrictions
estoppel
48. An agent's duties to his principal are...
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
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.
by ratification.
Blanket Loan
49. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
Vendee's Lien
husband and wife
3
1. Release the lien when the note is paid. 2. Foreclose in the event of default
50. The secondary market warehousing agencies are...
the cash price or the APR
lower interest rate
conforming loans
Fannie Mae - Freddie Mac and Ginnie Mae.