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