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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. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
It is a right in land and should be created in writing and recorded.
ostensible agency
husband and wife
25%
2. The secondary market warehousing agencies are...
It is a right in land and should be created in writing and recorded.
Fannie Mae - Freddie Mac and Ginnie Mae.
conomic obsolescence
stigmatized
3. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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4. ___ 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.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
estoppel
Errors & Omissions insurance
Those on a fixed income
5. What is easment?
It is a right in land and should be created in writing and recorded.
Package Loan
Tenancy by the Entirety
General
6. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
10%
The trustee
EMFs
estoppel
7. __ is a specific type of joint tenancy where the co-owners are husband and wife.
trustor
Tenancy by the Entirety
conomic obsolescence
ostensible agency
8. ___market is where lenders go for money
estate for years
Balloon loan
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
The secondary
9. Ownership by two or more without rights of survivorship is called
tenancy in common
encumbrance
Fannie Mae - Freddie Mac and Ginnie Mae.
Statutory law
10. One who acquires property under a deed is....
General Agency
straight assumption
25%
a grante
11. ___ are imposed to control land use - development and methods and materials for construction.
Fannie Mae - Freddie Mac and Ginnie Mae.
It is a right in land and should be created in writing and recorded.
Deed Restrictions
a property exchange.
12. An agent's duties to his principal are...
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.
Special or limited agency
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Radon
13. Loans qualified to be purchased in the secondary market are called __
conforming loans.
grow - stabilize - decline - revitalize
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
MIP - mortgage insurance premium
14. High tension wire should be disclosed
It is a right in land and should be created in writing and recorded.
Blanket Loan
estate for years
EMFs
15. A principal's duties to an agent ar...
lower interest rate
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
General Agency
conforming loans
16. '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?
conomic obsolescence
Blanket
Alienation clause
Fannie Mae - Freddie Mac and Ginnie Mae.
17. ____ - the refusal to lend in a particular geographic area - is prohibited.
Redlining
Special or limited agency
a grante
tenancy in common
18. Must sign the Deed of Trust.
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.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
trustor
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
19. This will not impact of the seller's credit rating.
straight assumption
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.
General
1. Release the lien when the note is paid. 2. Foreclose in the event of default
20. __ "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.
Alienation clause
alimony - child support or a pension plan.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
21. Property Manager ( which type of Agency)
General Agency
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
General
The secondary
22. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
tenancy in common
Radon
In a straight assumption - the new buyer is approved - and takes over payments and liability
a property exchange.
23. Which of the following instruments is the promise to repay a debt?
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
The trustee
conforming loans
It is a right in land and should be created in writing and recorded.
24. 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.
ostensible agency
Balloon loan
husband and wife
The secondary
25. A property where there has been a murder or alleged haunting is called...
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
devise
stigmatized
Alienation clause
26. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
a property exchange.
Mitigation
Deed Restrictions
10%
27. 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.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
estoppel
rescission
Trustee's Deed
28. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
MIP - mortgage insurance premium
lower interest rate
Tenancy by the Entirety
Mitigation
29. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
Mitigation
by ratification.
Deed Restrictions
Total amount - Certificate amount x 4 = approved maximum loan amount
30. ___ 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
Alienation clause
Special or limited agency
conomic obsolescence
31. The veteran must obtain a Certificate of Eligibility from the VA
Defeasance
Total amount - Certificate amount x 4 = approved maximum loan amount
encumbrance
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
32. On income producing property land can never be depreciated for...
Zoning
Vendee's Lien
income tax purposes
Fannie Mae - Freddie Mac and Ginnie Mae.
33. This lease survives death and/or the sale of the property. No notice is required to terminate.
Special or limited agency
estate for years
MIP - mortgage insurance premium
Zoning
34. The minimum withdrawal from a home equity LOC is
$4000.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Deed Restrictions
The trustee
35. Includes real property plus personal property
Subordination clause
a power of attorney
Package Loan
In a straight assumption - the new buyer is approved - and takes over payments and liability
36. Covers more than one piece of property. (several lots on one note)
Tenancy by the Entirety
conforming loans.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Blanket Loan
37. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
MIP - mortgage insurance premium
Alienation clause
Reverse annuity
conomic obsolescence
38. Advantages of FHA loans
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39. __ clause - states that the lien is defeated when the debt is repaid.
conforming loans
Vendee's Lien
Defeasance
Radon
40. Loans qualified to be purchased in the secondary market are called
Zoning
Fannie Mae - Freddie Mac and Ginnie Mae.
conforming loans
encumbrance
41. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
writ of execution
The secondary
Alienation clause
Special or limited agency
42. The insurance on the FHA loan is referred to as___
MIP - mortgage insurance premium
devise
conforming loans
Reverse annuity
43. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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44. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
Tenancy by the Entirety
Alienation clause
rescission
Statutory law
45. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
Redlining
Fannie Mae - Freddie Mac and Ginnie Mae.
3
The trustee
46. Common law does not always takes precedence over...
Tenancy by the Entirety
Statutory law
The trustee
Blanket
47. ___ is created when a licensee acts like an agent and others respond to those actions.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Reverse annuity
lower interest rate
ostensible agency
48. IN Reg Z Advertising which states only __is permitted
Alienation clause
Zoning
the cash price or the APR
Blanket
49. An attorney-in-fact is the holder of...
trustor
a power of attorney
the cash price or the APR
estoppel
50. Broker- Salesperson - owner-property manager-> which agency?
General Agency
a grante
Those on a fixed income
a property exchange.