SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. ___loan - Covers more than one piece of property
alimony - child support or a pension plan.
by ratification.
Blanket
Reverse annuity
2. Partially amortized loan - benefit
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.
Errors & Omissions insurance
Fannie Mae - Freddie Mac and Ginnie Mae.
3. Common law does not always takes precedence over...
straight assumption
tenancy in common
Vendee's Lien
Statutory law
4. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
Tenancy by the Entirety
Errors & Omissions insurance
husband and wife
straight assumption
5. An attorney-in-fact is the holder of...
estoppel
a power of attorney
tenancy in common
General Agency
6. Broker- Salesperson - owner-property manager-> which agency?
Redlining
Package Loan
General Agency
husband and wife
7. Lenders can deny credit if your sole source of income is__
MIP - mortgage insurance premium
trustor
encumbrance
alimony - child support or a pension plan.
8. A person who has real property willed to her by a relative is said to acquire title by...
a power of attorney
Special or limited agency
devise
1. Release the lien when the note is paid. 2. Foreclose in the event of default
9. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
Subordination clause
10%
Reverse annuity
Errors & Omissions insurance
10. This lease survives death and/or the sale of the property. No notice is required to terminate.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
estate for years
conforming loans
MIP - mortgage insurance premium
11. Includes real property plus personal property
income tax purposes
Package Loan
a property exchange.
trustor
12. ____ - the refusal to lend in a particular geographic area - is prohibited.
rescission
Redlining
MIP - mortgage insurance premium
straight assumption
13. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
The trustee
It is a right in land and should be created in writing and recorded.
Mitigation
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
14. The minimum withdrawal from a home equity LOC is
trustor
Blanket Loan
$4000.
tenancy in common
15. Loans qualified to be purchased in the secondary market are called
estate for years
conforming loans
lower interest rate
a grante
16. ___ is created when a licensee acts like an agent and others respond to those actions.
Total amount - Certificate amount x 4 = approved maximum loan amount
Zoning
ostensible agency
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
17. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
An encumbrance
The trustee
conforming loans
a property exchange.
18. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
19. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
tenancy in common
grow - stabilize - decline - revitalize
conomic obsolescence
Alienation clause
20. The deed of trust involves three parties...
Package Loan
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
the cash price or the APR
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
21. IRS Lein - Specific lein or general lein
General
estoppel
Errors & Omissions insurance
conomic obsolescence
22. The veteran must obtain a Certificate of Eligibility from the VA
Total amount - Certificate amount x 4 = approved maximum loan amount
a power of attorney
Defeasance
Errors & Omissions insurance
23. Which of the following instruments is the promise to repay a debt?
by ratification.
An encumbrance
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
conforming loans
24. __ clause - states that the lien is defeated when the debt is repaid.
Fannie Mae - Freddie Mac and Ginnie Mae.
Defeasance
Total amount - Certificate amount x 4 = approved maximum loan amount
encumbrance
25. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
General Agency
Radon
The secondary
writ of execution
26. The trustee has two functions in accordance with the Deed of Trust.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
lower interest rate
1. Release the lien when the note is paid. 2. Foreclose in the event of default
devise
27. IN Reg Z Advertising which states only __is permitted
the cash price or the APR
conforming loans
by ratification.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
28. The secondary market warehousing agencies are...
husband and wife
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Fannie Mae - Freddie Mac and Ginnie Mae.
Vendee's Lien
29. ___ are imposed to control land use - development and methods and materials for construction.
a property exchange.
Blanket
Deed Restrictions
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
30. Loan novation?
In a straight assumption - the new buyer is approved - and takes over payments and liability
Reverse annuity
An encumbrance
tenancy in common
31. __ is a specific type of joint tenancy where the co-owners are husband and wife.
conforming loans
Tenancy by the Entirety
EMFs
Fannie Mae - Freddie Mac and Ginnie Mae.
32. An agent's duties to his principal are...
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Special or limited agency
Fannie Mae - Freddie Mac and Ginnie Mae.
Blanket
33. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
Vendee's Lien
EMFs
estate for years
25%
34. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
Alienation clause
The trustee
a power of attorney
by ratification.
35. ___ is a limitation on your rights. It may also be a cloud on the title
An encumbrance
Those on a fixed income
a property exchange.
conomic obsolescence
36. Property Manager ( which type of Agency)
Vendee's Lien
ostensible agency
writ of execution
General Agency
37. __ "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.
Deed Restrictions
Alienation clause
MIP - mortgage insurance premium
grow - stabilize - decline - revitalize
38. ___ gives the agent the power to perform only specific acts and no others.
MIP - mortgage insurance premium
Special or limited agency
writ of execution
conomic obsolescence
39. What is easment?
a power of attorney
estate for years
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
It is a right in land and should be created in writing and recorded.
40. ___ 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.
income tax purposes
EMFs
grow - stabilize - decline - revitalize
Errors & Omissions insurance
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. It is called?
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
conforming loans.
Deed Restrictions
Alienation clause
42. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
alimony - child support or a pension plan.
Defeasance
Subordination clause
conomic obsolescence
43. On income producing property land can never be depreciated for...
Defeasance
$4000.
income tax purposes
Balloon loan
44. Advantages of FHA loans
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
45. Ownership by two or more without rights of survivorship is called
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
tenancy in common
Tenancy by the Entirety
46. ___ 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
grow - stabilize - decline - revitalize
Subordination clause
a property exchange.
47. A principal's duties to an agent ar...
a property exchange.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
conomic obsolescence
rescission
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.
Blanket
Zoning
grow - stabilize - decline - revitalize
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
49. One who acquires property under a deed is....
a grante
Defeasance
conforming loans
husband and wife
50. 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.
by ratification.
Balloon loan
Alienation clause
Blanket Loan