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