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