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