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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. IN Reg Z Advertising which states only __is permitted
the cash price or the APR
An encumbrance
Statutory law
alimony - child support or a pension plan.
2. This lease survives death and/or the sale of the property. No notice is required to terminate.
estate for years
Zoning
Blanket
The secondary
3. ___loan - Covers more than one piece of property
tenancy in common
trustor
Blanket
conforming loans
4. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
Trustee's Deed
The secondary
writ of execution
by ratification.
5. The veteran must obtain a Certificate of Eligibility from the VA
Tenancy by the Entirety
Mitigation
Total amount - Certificate amount x 4 = approved maximum loan amount
tenancy in common
6. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
straight assumption
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
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
Subordination clause
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. It is called?
Alienation clause
$4000.
Errors & Omissions insurance
3
8. A person who has real property willed to her by a relative is said to acquire title by...
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.
estoppel
devise
9. An attorney-in-fact is the holder of...
a power of attorney
Statutory law
Defeasance
3
10. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
Trustee's Deed
$4000.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
25%
11. The minimum withdrawal from a home equity LOC is
Package Loan
a property exchange.
$4000.
Redlining
12. 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.
conforming loans.
Balloon loan
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Tenancy by the Entirety
13. ___market is where lenders go for money
encumbrance
The secondary
Blanket
$4000.
14. A property where there has been a murder or alleged haunting is called...
stigmatized
estoppel
10%
tenancy in common
15. The secondary market warehousing agencies are...
stigmatized
rescission
Fannie Mae - Freddie Mac and Ginnie Mae.
Vendee's Lien
16. The deed of trust involves three parties...
a property exchange.
estate for years
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Those on a fixed income
17. Common law does not always takes precedence over...
the cash price or the APR
Statutory law
The secondary
alimony - child support or a pension plan.
18. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
writ of execution
Radon
Trustee's Deed
the cash price or the APR
19. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Mitigation
encumbrance
Errors & Omissions insurance
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
20. Must sign the Deed of Trust.
alimony - child support or a pension plan.
trustor
Radon
Vendee's Lien
21. ___ is created when a licensee acts like an agent and others respond to those actions.
ostensible agency
conomic obsolescence
Total amount - Certificate amount x 4 = approved maximum loan amount
10%
22. An ___ is a limitation on your rights
a grante
encumbrance
Zoning
10%
23. ___ is a limitation on your rights. It may also be a cloud on the title
a power of attorney
An encumbrance
Deed Restrictions
Special or limited agency
24. Partially amortized loan - benefit
conomic obsolescence
The trustee
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
lower interest rate
25. The trustee has two functions in accordance with the Deed of Trust.
husband and wife
encumbrance
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Vendee's Lien
26. Loans qualified to be purchased in the secondary market are called
conforming loans
Vendee's Lien
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Balloon loan
27. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
Package Loan
straight assumption
Reverse annuity
Radon
28. On income producing property land can never be depreciated for...
Alienation clause
income tax purposes
stigmatized
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
29. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
writ of execution
alimony - child support or a pension plan.
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
Defeasance
30. ___ gives the agent the power to perform only specific acts and no others.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
25%
by ratification.
Special or limited agency
31. High tension wire should be disclosed
EMFs
grow - stabilize - decline - revitalize
An encumbrance
Zoning
32. Ownership by two or more without rights of survivorship is called
estoppel
conomic obsolescence
tenancy in common
encumbrance
33. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
10%
a power of attorney
tenancy in common
Errors & Omissions insurance
34. For what group of buyers would the ARM be the least desirable?
Statutory law
Those on a fixed income
MIP - mortgage insurance premium
stigmatized
35. Real estate investors can defer taxation of capital gains by making ___
Tenancy by the Entirety
a property exchange.
Reverse annuity
Radon
36. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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37. Includes real property plus personal property
Package Loan
Blanket Loan
Errors & Omissions insurance
estoppel
38. ___ 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
Fannie Mae - Freddie Mac and Ginnie Mae.
General
In a straight assumption - the new buyer is approved - and takes over payments and liability
39. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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40. Broker- Salesperson - owner-property manager-> which agency?
10%
Those on a fixed income
General Agency
Vendee's Lien
41. The insurance on the FHA loan is referred to as___
MIP - mortgage insurance premium
alimony - child support or a pension plan.
EMFs
Blanket
42. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
Blanket Loan
husband and wife
a power of attorney
$4000.
43. Loans qualified to be purchased in the secondary market are called __
stigmatized
conforming loans.
by ratification.
Mitigation
44. Which of the following instruments is the promise to repay a debt?
Vendee's Lien
Alienation clause
income tax purposes
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
45. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
Alienation clause
grow - stabilize - decline - revitalize
income tax purposes
lower interest rate
46. This will not impact of the seller's credit rating.
straight assumption
rescission
Balloon loan
ostensible agency
47. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
Zoning
Balloon loan
The trustee
Redlining
48. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
1. Release the lien when the note is paid. 2. Foreclose in the event of default
General Agency
rescission
encumbrance
49. A principal's duties to an agent ar...
An encumbrance
conforming loans.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
the cash price or the APR
50. Lenders can deny credit if your sole source of income is__
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
trustor
alimony - child support or a pension plan.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary