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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. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
by ratification.
Special or limited agency
Mitigation
An encumbrance
2. A person who has real property willed to her by a relative is said to acquire title by...
In a straight assumption - the new buyer is approved - and takes over payments and liability
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.
devise
a power of attorney
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.
Balloon loan
Vendee's Lien
estoppel
The trustee
4. An agent's duties to his principal are...
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
writ of execution
General Agency
husband and wife
5. One who acquires property under a deed is....
Package Loan
Zoning
1. Release the lien when the note is paid. 2. Foreclose in the event of default
a grante
6. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
Deed Restrictions
In a straight assumption - the new buyer is approved - and takes over payments and liability
Fannie Mae - Freddie Mac and Ginnie Mae.
writ of execution
7. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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8. ___loan - Covers more than one piece of property
General Agency
Blanket
ostensible agency
MIP - mortgage insurance premium
9. High tension wire should be disclosed
EMFs
by ratification.
Vendee's Lien
25%
10. A principal's duties to an agent ar...
a property exchange.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
General Agency
tenancy in common
11. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
10%
Blanket 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
Reverse annuity
12. Loan novation?
Deed Restrictions
In a straight assumption - the new buyer is approved - and takes over payments and liability
tenancy in common
Subordination clause
13. ____ - the refusal to lend in a particular geographic area - is prohibited.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Redlining
Defeasance
a property exchange.
14. This lease survives death and/or the sale of the property. No notice is required to terminate.
Alienation clause
estate for years
grow - stabilize - decline - revitalize
Statutory law
15. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
Subordination clause
10%
a property exchange.
25%
16. The deed of trust involves three parties...
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
estate for years
Mitigation
writ of execution
17. The insurance on the FHA loan is referred to as___
Errors & Omissions insurance
It is a right in land and should be created in writing and recorded.
MIP - mortgage insurance premium
The secondary
18. Common law does not always takes precedence over...
Errors & Omissions insurance
conforming loans
Statutory law
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.
19. Broker- Salesperson - owner-property manager-> which agency?
Vendee's Lien
Alienation clause
General Agency
The trustee
20. IN Reg Z Advertising which states only __is permitted
ostensible agency
income tax purposes
conforming loans
the cash price or the APR
21. Property Manager ( which type of Agency)
trustor
Redlining
stigmatized
General Agency
22. The veteran must obtain a Certificate of Eligibility from the VA
grow - stabilize - decline - revitalize
Total amount - Certificate amount x 4 = approved maximum loan amount
In a straight assumption - the new buyer is approved - and takes over payments and liability
estate for years
23. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
EMFs
encumbrance
The trustee
Statutory law
24. Partially amortized loan - benefit
alimony - child support or a pension plan.
Tenancy by the Entirety
lower interest rate
husband and wife
25. Which of the following instruments is the promise to repay a debt?
General Agency
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
It is a right in land and should be created in writing and recorded.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
26. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Radon
a grante
conomic obsolescence
ostensible agency
27. Ownership by two or more without rights of survivorship is called
3
a property exchange.
tenancy in common
Those on a fixed income
28. __ is a specific type of joint tenancy where the co-owners are husband and wife.
grow - stabilize - decline - revitalize
Defeasance
by ratification.
Tenancy by the Entirety
29. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
ostensible agency
25%
The secondary
straight assumption
30. Includes real property plus personal property
devise
Alienation clause
by ratification.
Package Loan
31. ___ 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.
MIP - mortgage insurance premium
a power of attorney
stigmatized
Errors & Omissions insurance
32. ___ 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
ostensible agency
husband and wife
Statutory law
33. ___ gives the agent the power to perform only specific acts and no others.
Special or limited agency
General Agency
lower interest rate
EMFs
34. This will not impact of the seller's credit rating.
ostensible agency
straight assumption
Redlining
the cash price or the APR
35. For what group of buyers would the ARM be the least desirable?
estate for years
conomic obsolescence
Vendee's Lien
Those on a fixed income
36. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
The secondary
a power of attorney
grow - stabilize - decline - revitalize
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
37. The secondary market warehousing agencies are...
encumbrance
husband and wife
Fannie Mae - Freddie Mac and Ginnie Mae.
grow - stabilize - decline - revitalize
38. 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.
Zoning
a power of attorney
Mitigation
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
39. ___ is a limitation on your rights. It may also be a cloud on the title
25%
conforming loans.
trustor
An encumbrance
40. Advantages of FHA loans
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41. Covers more than one piece of property. (several lots on one note)
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Alienation clause
by ratification.
Blanket Loan
42. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
rescission
Blanket
In a straight assumption - the new buyer is approved - and takes over payments and liability
43. __ clause - states that the lien is defeated when the debt is repaid.
It is a right in land and should be created in writing and recorded.
The secondary
Those on a fixed income
Defeasance
44. Lenders can deny credit if your sole source of income is__
a property exchange.
Subordination clause
alimony - child support or a pension plan.
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
45. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
Balloon loan
3
Radon
Reverse annuity
46. An attorney-in-fact is the holder of...
Reverse annuity
conforming loans
a power of attorney
lower interest rate
47. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
EMFs
a power of attorney
alimony - child support or a pension plan.
Mitigation
48. 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.
$4000.
Defeasance
estoppel
writ of execution
49. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
The secondary
Errors & Omissions insurance
husband and wife
Package Loan
50. There are four basic characteristics of value
An encumbrance
tenancy in common
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
rescission