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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. This will not impact of the seller's credit rating.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Fannie Mae - Freddie Mac and Ginnie Mae.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
straight assumption
2. 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
tenancy in common
Tenancy by the Entirety
3. An agent's duties to his principal are...
General Agency
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
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
4. Property Manager ( which type of Agency)
Package Loan
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Blanket
General Agency
5. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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6. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
Alienation clause
Mitigation
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
25%
7. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
tenancy in common
Errors & Omissions insurance
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Subordination clause
8. ___ are imposed to control land use - development and methods and materials for construction.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Deed Restrictions
Blanket
Trustee's Deed
9. What is easment?
straight assumption
Trustee's Deed
Those on a fixed income
It is a right in land and should be created in writing and recorded.
10. Loans qualified to be purchased in the secondary market are called __
Package Loan
conforming loans.
The trustee
General Agency
11. The trustee has two functions in accordance with the Deed of Trust.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
10%
grow - stabilize - decline - revitalize
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.
12. ___ gives the agent the power to perform only specific acts and no others.
writ of execution
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
General Agency
Special or limited agency
13. Lenders can deny credit if your sole source of income is__
alimony - child support or a pension plan.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
straight assumption
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
14. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
The secondary
husband and wife
General
rescission
15. Includes real property plus personal property
The secondary
Package Loan
3
Alienation clause
16. Common law does not always takes precedence over...
10%
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Statutory law
Blanket Loan
17. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
by ratification.
the cash price or the APR
The trustee
Blanket
18. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
grow - stabilize - decline - revitalize
alimony - child support or a pension plan.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Alienation clause
19. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
In a straight assumption - the new buyer is approved - and takes over payments and liability
Mitigation
estate for years
Subordination clause
20. ___ is a limitation on your rights. It may also be a cloud on the title
An encumbrance
encumbrance
alimony - child support or a pension plan.
Statutory law
21. 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.
MIP - mortgage insurance premium
Zoning
encumbrance
a grante
22. ___loan - Covers more than one piece of property
General
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
10%
Blanket
23. The minimum withdrawal from a home equity LOC is
In a straight assumption - the new buyer is approved - and takes over payments and liability
$4000.
Tenancy by the Entirety
income tax purposes
24. One who acquires property under a deed is....
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
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 grante
estoppel
25. ___ 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.
Blanket Loan
lower interest rate
Total amount - Certificate amount x 4 = approved maximum loan amount
Errors & Omissions insurance
26. '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?
Package Loan
Alienation clause
conforming loans.
Vendee's Lien
27. ____ - the refusal to lend in a particular geographic area - is prohibited.
estoppel
General Agency
Redlining
General Agency
28. High tension wire should be disclosed
EMFs
Total amount - Certificate amount x 4 = approved maximum loan amount
3
Blanket Loan
29. ___ is created when a licensee acts like an agent and others respond to those actions.
Radon
Vendee's Lien
ostensible agency
Total amount - Certificate amount x 4 = approved maximum loan amount
30. A person who has real property willed to her by a relative is said to acquire title by...
devise
Vendee's Lien
Reverse annuity
Errors & Omissions insurance
31. Advantages of FHA loans
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32. The insurance on the FHA loan is referred to as___
alimony - child support or a pension plan.
It is a right in land and should be created in writing and recorded.
grow - stabilize - decline - revitalize
MIP - mortgage insurance premium
33. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
estoppel
The trustee
alimony - child support or a pension plan.
stigmatized
34. On income producing property land can never be depreciated for...
Subordination clause
10%
trustor
income tax purposes
35. The secondary market warehousing agencies are...
tenancy in common
Fannie Mae - Freddie Mac and Ginnie Mae.
grow - stabilize - decline - revitalize
a grante
36. Ownership by two or more without rights of survivorship is called
income tax purposes
Statutory law
conforming loans.
tenancy in common
37. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
encumbrance
In a straight assumption - the new buyer is approved - and takes over payments and liability
Fannie Mae - Freddie Mac and Ginnie Mae.
10%
38. ___ 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.)
Radon
conomic obsolescence
encumbrance
10%
39. IRS Lein - Specific lein or general lein
tenancy in common
encumbrance
The secondary
General
40. __ "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.
conomic obsolescence
Tenancy by the Entirety
Alienation clause
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
41. There are four basic characteristics of value
Deed Restrictions
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
Balloon loan
Subordination clause
42. Covers more than one piece of property. (several lots on one note)
In a straight assumption - the new buyer is approved - and takes over payments and liability
Vendee's Lien
Blanket Loan
Balloon loan
43. A property where there has been a murder or alleged haunting is called...
Zoning
Vendee's Lien
writ of execution
stigmatized
44. Partially amortized loan - benefit
lower interest rate
the cash price or the APR
General Agency
Fannie Mae - Freddie Mac and Ginnie Mae.
45. The veteran must obtain a Certificate of Eligibility from the VA
General
ostensible agency
Subordination clause
Total amount - Certificate amount x 4 = approved maximum loan amount
46. 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.
Balloon loan
Zoning
straight assumption
the cash price or the APR
47. Real estate investors can defer taxation of capital gains by making ___
The trustee
encumbrance
income tax purposes
a property exchange.
48. An ___ is a limitation on your rights
The trustee
$4000.
encumbrance
Tenancy by the Entirety
49. An attorney-in-fact is the holder of...
a power of attorney
Reverse annuity
husband and wife
estate for years
50. Loans qualified to be purchased in the secondary market are called
husband and wife
An encumbrance
conforming loans
grow - stabilize - decline - revitalize