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