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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. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Special or limited agency
by ratification.
Radon
2. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
Zoning
stigmatized
An encumbrance
by ratification.
3. ____ - the refusal to lend in a particular geographic area - is prohibited.
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.
Redlining
conomic obsolescence
Blanket
4. ___market is where lenders go for money
Deed Restrictions
alimony - child support or a pension plan.
The secondary
conforming loans.
5. ___ 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.
Statutory law
lower interest rate
Errors & Omissions insurance
$4000.
6. The trustee has two functions in accordance with the Deed of Trust.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
The trustee
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Tenancy by the Entirety
7. Common law does not always takes precedence over...
Vendee's Lien
Statutory law
trustor
Special or limited agency
8. Property Manager ( which type of Agency)
lower interest rate
Zoning
Total amount - Certificate amount x 4 = approved maximum loan amount
General Agency
9. Loans qualified to be purchased in the secondary market are called __
estoppel
conforming loans.
Tenancy by the Entirety
alimony - child support or a pension plan.
10. Includes real property plus personal property
Blanket Loan
by ratification.
Statutory law
Package Loan
11. A property where there has been a murder or alleged haunting is called...
An encumbrance
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
a property exchange.
stigmatized
12. What is easment?
Statutory law
It is a right in land and should be created in writing and recorded.
Redlining
trustor
13. IRS Lein - Specific lein or general lein
General
encumbrance
a power of attorney
Vendee's Lien
14. Broker- Salesperson - owner-property manager-> which agency?
General Agency
Zoning
Radon
trustor
15. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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16. ___ 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.)
An encumbrance
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
3
conomic obsolescence
17. One who acquires property under a deed is....
Radon
a grante
Blanket
Package Loan
18. Loan novation?
Fannie Mae - Freddie Mac and Ginnie Mae.
In a straight assumption - the new buyer is approved - and takes over payments and liability
estoppel
conforming loans.
19. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
grow - stabilize - decline - revitalize
devise
conforming loans
Balloon loan
20. An agent's duties to his principal are...
estate for years
Alienation clause
writ of execution
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
21. High tension wire should be disclosed
MIP - mortgage insurance premium
Total amount - Certificate amount x 4 = approved maximum loan amount
EMFs
conomic obsolescence
22. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
10%
3
MIP - mortgage insurance premium
General
23. __ clause - states that the lien is defeated when the debt is repaid.
Defeasance
General Agency
Total amount - Certificate amount x 4 = approved maximum loan amount
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
24. There are four basic characteristics of value
An encumbrance
trustor
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
25. Must sign the Deed of Trust.
Radon
trustor
tenancy in common
estoppel
26. Covers more than one piece of property. (several lots on one note)
a grante
writ of execution
grow - stabilize - decline - revitalize
Blanket Loan
27. ___loan - Covers more than one piece of property
estate for years
encumbrance
Blanket
Balloon loan
28. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
trustor
3
Reverse annuity
devise
29. The veteran must obtain a Certificate of Eligibility from the VA
Total amount - Certificate amount x 4 = approved maximum loan amount
Vendee's Lien
husband and wife
Blanket Loan
30. Loans qualified to be purchased in the secondary market are called
conforming loans
Blanket
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
straight assumption
31. 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.
General
ostensible agency
the cash price or the APR
32. ___ are imposed to control land use - development and methods and materials for construction.
Deed Restrictions
Package Loan
by ratification.
10%
33. 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.
Tenancy by the Entirety
Package Loan
Zoning
straight assumption
34. ___ is a limitation on your rights. It may also be a cloud on the title
General
Special or limited agency
An encumbrance
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
35. ___ gives the agent the power to perform only specific acts and no others.
tenancy in common
the cash price or the APR
Special or limited agency
Deed Restrictions
36. The secondary market warehousing agencies are...
Fannie Mae - Freddie Mac and Ginnie Mae.
Alienation clause
Errors & Omissions insurance
1. Release the lien when the note is paid. 2. Foreclose in the event of default
37. 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.
3
estoppel
devise
Balloon loan
38. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
husband and wife
25%
Balloon loan
Mitigation
39. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Package Loan
Zoning
Mitigation
stigmatized
40. For what group of buyers would the ARM be the least desirable?
Total amount - Certificate amount x 4 = approved maximum loan amount
Those on a fixed income
a power of attorney
MIP - mortgage insurance premium
41. __ "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.
Subordination clause
Alienation clause
Radon
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
42. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
rescission
Package Loan
3
Redlining
43. Real estate investors can defer taxation of capital gains by making ___
a property exchange.
Defeasance
estoppel
Blanket
44. On income producing property land can never be depreciated for...
writ of execution
income tax purposes
by ratification.
Defeasance
45. Which of the following instruments is the promise to repay a debt?
MIP - mortgage insurance premium
Alienation clause
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
tenancy in common
46. Advantages of FHA loans
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47. ___ is created when a licensee acts like an agent and others respond to those actions.
ostensible agency
Tenancy by the Entirety
Subordination clause
Statutory law
48. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
3
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
25%
49. '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
In a straight assumption - the new buyer is approved - and takes over payments and liability
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
ostensible agency
50. Lenders can deny credit if your sole source of income is__
grow - stabilize - decline - revitalize
Balloon loan
lower interest rate
alimony - child support or a pension plan.