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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. '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?
An encumbrance
The trustee
Alienation clause
alimony - child support or a pension plan.
2. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
encumbrance
MIP - mortgage insurance premium
alimony - child support or a pension plan.
The trustee
3. ___ is created when a licensee acts like an agent and others respond to those actions.
Redlining
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
by ratification.
ostensible agency
4. __ "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.
trustor
Alienation clause
Package Loan
Those on a fixed income
5. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
conforming loans
a property exchange.
Reverse annuity
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
6. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
25%
grow - stabilize - decline - revitalize
by ratification.
Total amount - Certificate amount x 4 = approved maximum loan amount
7. An agent's duties to his principal are...
a grante
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
a power of attorney
husband and wife
8. ___ is a limitation on your rights. It may also be a cloud on the title
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
An encumbrance
conforming loans.
a property exchange.
9. The veteran must obtain a Certificate of Eligibility from the VA
Redlining
a power of attorney
General Agency
Total amount - Certificate amount x 4 = approved maximum loan amount
10. Must sign the Deed of Trust.
a grante
An encumbrance
trustor
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
11. A person who has real property willed to her by a relative is said to acquire title by...
straight assumption
Zoning
25%
devise
12. The minimum withdrawal from a home equity LOC is
income tax purposes
lower interest rate
Reverse annuity
$4000.
13. Covers more than one piece of property. (several lots on one note)
Blanket Loan
trustor
Subordination clause
$4000.
14. Loan novation?
In a straight assumption - the new buyer is approved - and takes over payments and liability
MIP - mortgage insurance premium
writ of execution
estate for years
15. Lenders can deny credit if your sole source of income is__
Special or limited agency
lower interest rate
alimony - child support or a pension plan.
estate for years
16. For what group of buyers would the ARM be the least desirable?
Those on a fixed income
a property exchange.
a power of attorney
ostensible agency
17. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
a grante
estate for years
rescission
25%
18. ___ are imposed to control land use - development and methods and materials for construction.
a grante
Deed Restrictions
the cash price or the APR
Alienation clause
19. The trustee has two functions in accordance with the Deed of Trust.
Redlining
Fannie Mae - Freddie Mac and Ginnie Mae.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
In a straight assumption - the new buyer is approved - and takes over payments and liability
20. ___ 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.
rescission
encumbrance
Errors & Omissions insurance
the cash price or the APR
21. Includes real property plus personal property
Mitigation
Zoning
Package Loan
EMFs
22. 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.
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.
Statutory law
Balloon loan
writ of execution
23. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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24. An attorney-in-fact is the holder of...
The secondary
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.
a power of attorney
25. Loans qualified to be purchased in the secondary market are called
rescission
conforming loans
estate for years
$4000.
26. 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
rescission
Vendee's Lien
Zoning
27. The secondary market warehousing agencies are...
Fannie Mae - Freddie Mac and Ginnie Mae.
The trustee
1. Release the lien when the note is paid. 2. Foreclose in the event of default
trustor
28. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
Fannie Mae - Freddie Mac and Ginnie Mae.
rescission
Defeasance
writ of execution
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
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Defeasance
Blanket
30. IN Reg Z Advertising which states only __is permitted
estate for years
General Agency
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.
the cash price or the APR
31. This lease survives death and/or the sale of the property. No notice is required to terminate.
ostensible agency
Those on a fixed income
grow - stabilize - decline - revitalize
estate for years
32. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
by ratification.
husband and wife
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Mitigation
33. One who acquires property under a deed is....
In a straight assumption - the new buyer is approved - and takes over payments and liability
Defeasance
a grante
straight assumption
34. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
General Agency
by ratification.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
3
35. High tension wire should be disclosed
General
Errors & Omissions insurance
EMFs
ostensible agency
36. Property Manager ( which type of Agency)
General Agency
estoppel
grow - stabilize - decline - revitalize
by ratification.
37. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Radon
lower interest rate
An encumbrance
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
38. ____ - the refusal to lend in a particular geographic area - is prohibited.
Package Loan
Blanket
Redlining
EMFs
39. Loans qualified to be purchased in the secondary market are called __
tenancy in common
Reverse annuity
conforming loans.
Deed Restrictions
40. There are four basic characteristics of value
Those on a fixed income
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
Total amount - Certificate amount x 4 = approved maximum loan amount
Deed Restrictions
41. __ clause - states that the lien is defeated when the debt is repaid.
Defeasance
Deed Restrictions
Radon
by ratification.
42. 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.
Alienation clause
a grante
estoppel
a property exchange.
43. Common law does not always takes precedence over...
Statutory law
An encumbrance
the cash price or the APR
The trustee
44. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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45. ___ gives the agent the power to perform only specific acts and no others.
Special or limited agency
the cash price or the APR
Tenancy by the Entirety
conforming loans.
46. This will not impact of the seller's credit rating.
straight assumption
Fannie Mae - Freddie Mac and Ginnie Mae.
Those on a fixed income
grow - stabilize - decline - revitalize
47. Broker- Salesperson - owner-property manager-> which agency?
Tenancy by the Entirety
Vendee's Lien
General Agency
The trustee
48. ___ 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.)
Alienation clause
a power of attorney
Reverse annuity
conomic obsolescence
49. An ___ is a limitation on your rights
husband and wife
In a straight assumption - the new buyer is approved - and takes over payments and liability
encumbrance
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
50. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Defeasance
Mitigation
trustor
rescission