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