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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. ___ are imposed to control land use - development and methods and materials for construction.
General Agency
Errors & Omissions insurance
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Deed Restrictions
2. The minimum withdrawal from a home equity LOC is
the cash price or the APR
Trustee's Deed
husband and wife
$4000.
3. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
25%
Alienation clause
General Agency
Subordination clause
4. Includes real property plus personal property
Those on a fixed income
Package Loan
rescission
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
5. Loans qualified to be purchased in the secondary market are called __
ostensible agency
conforming loans.
In a straight assumption - the new buyer is approved - and takes over payments and liability
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
6. An agent's duties to his principal are...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Vendee's Lien
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Radon
7. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
husband and wife
encumbrance
Defeasance
MIP - mortgage insurance premium
8. This lease survives death and/or the sale of the property. No notice is required to terminate.
Alienation clause
conomic obsolescence
Statutory law
estate for years
9. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
tenancy in common
rescission
The secondary
conforming loans.
10. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
25%
writ of execution
Mitigation
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.
11. Covers more than one piece of property. (several lots on one note)
Blanket Loan
Special or limited agency
conomic obsolescence
Total amount - Certificate amount x 4 = approved maximum loan amount
12. Loan novation?
Reverse annuity
tenancy in common
In a straight assumption - the new buyer is approved - and takes over payments and liability
conforming loans.
13. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
10%
trustor
Statutory law
encumbrance
14. ____ - the refusal to lend in a particular geographic area - is prohibited.
Redlining
3
An encumbrance
Blanket Loan
15. On income producing property land can never be depreciated for...
a grante
income tax purposes
the cash price or the APR
Subordination clause
16. A person who has real property willed to her by a relative is said to acquire title by...
Statutory law
Blanket Loan
devise
In a straight assumption - the new buyer is approved - and takes over payments and liability
17. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Tenancy by the Entirety
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
grow - stabilize - decline - revitalize
An encumbrance
18. There are four basic characteristics of value
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
conforming loans.
a grante
19. Loans qualified to be purchased in the secondary market are called
conforming loans
Radon
Tenancy by the Entirety
Those on a fixed income
20. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
encumbrance
Reverse annuity
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
21. IN Reg Z Advertising which states only __is permitted
the cash price or the APR
conomic obsolescence
alimony - child support or a pension plan.
a property exchange.
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.
Redlining
Reverse annuity
Statutory law
Balloon loan
23. '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?
10%
devise
Alienation clause
straight assumption
24. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
3
Redlining
General Agency
Tenancy by the Entirety
25. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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26. ___ gives the agent the power to perform only specific acts and no others.
a power of attorney
25%
General Agency
Special or limited agency
27. ___ is created when a licensee acts like an agent and others respond to those actions.
conomic obsolescence
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
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
ostensible agency
28. Must sign the Deed of Trust.
trustor
Package Loan
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.
29. ___ is a limitation on your rights. It may also be a cloud on the title
Defeasance
Total amount - Certificate amount x 4 = approved maximum loan amount
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
An encumbrance
30. The deed of trust involves three parties...
grow - stabilize - decline - revitalize
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
estoppel
Total amount - Certificate amount x 4 = approved maximum loan amount
31. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
conforming loans
Reverse annuity
1. Release the lien when the note is paid. 2. Foreclose in the event of default
writ of execution
32. A property where there has been a murder or alleged haunting is called...
An encumbrance
stigmatized
Mitigation
Alienation clause
33. Advantages of FHA loans
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34. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
conforming loans
Special or limited agency
Radon
Mitigation
35. The insurance on the FHA loan is referred to as___
Special or limited agency
encumbrance
MIP - mortgage insurance premium
conforming loans
36. ___market is where lenders go for money
the cash price or the APR
stigmatized
In a straight assumption - the new buyer is approved - and takes over payments and liability
The secondary
37. What is easment?
It is a right in land and should be created in writing and recorded.
Deed Restrictions
conforming loans
Defeasance
38. IRS Lein - Specific lein or general lein
General
EMFs
Blanket Loan
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
39. ___ 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
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Zoning
The trustee
40. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
estoppel
conforming loans
Special or limited agency
The trustee
41. __ clause - states that the lien is defeated when the debt is repaid.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Blanket Loan
income tax purposes
Defeasance
42. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
Total amount - Certificate amount x 4 = approved maximum loan amount
by ratification.
The trustee
In a straight assumption - the new buyer is approved - and takes over payments and liability
43. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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44. The trustee has two functions in accordance with the Deed of Trust.
Vendee's Lien
25%
alimony - child support or a pension plan.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
45. Real estate investors can defer taxation of capital gains by making ___
a property exchange.
a power of attorney
tenancy in common
grow - stabilize - decline - revitalize
46. Ownership by two or more without rights of survivorship is called
tenancy in common
The secondary
Statutory law
General Agency
47. 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
Radon
income tax purposes
estoppel
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.
husband and wife
Zoning
grow - stabilize - decline - revitalize
Subordination clause
49. Partially amortized loan - benefit
encumbrance
lower interest rate
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Tenancy by the Entirety
50. Broker- Salesperson - owner-property manager-> which agency?
General Agency
Zoning
Blanket
a grante