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Brokers License
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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. __ "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.
Package Loan
Blanket Loan
Alienation clause
by ratification.
2. 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.
lower interest rate
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
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
estoppel
3. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
General Agency
25%
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
4. Common law does not always takes precedence over...
Subordination clause
grow - stabilize - decline - revitalize
Statutory law
Tenancy by the Entirety
5. ____ - the refusal to lend in a particular geographic area - is prohibited.
Redlining
Blanket Loan
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Those on a fixed income
6. A property where there has been a murder or alleged haunting is called...
The trustee
stigmatized
In a straight assumption - the new buyer is approved - and takes over payments and liability
3
7. This lease survives death and/or the sale of the property. No notice is required to terminate.
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
Fannie Mae - Freddie Mac and Ginnie Mae.
estate for years
Statutory law
8. IN Reg Z Advertising which states only __is permitted
husband and wife
General
the cash price or the APR
Errors & Omissions insurance
9. An attorney-in-fact is the holder of...
a power of attorney
General
conforming loans
Blanket
10. Loans qualified to be purchased in the secondary market are called
$4000.
It is a right in land and should be created in writing and recorded.
conforming loans
Special or limited agency
11. A principal's duties to an agent ar...
a property exchange.
Mitigation
Zoning
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
12. Advantages of FHA loans
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13. High tension wire should be disclosed
General Agency
Deed Restrictions
EMFs
Alienation clause
14. ___ are imposed to control land use - development and methods and materials for construction.
Deed Restrictions
a grante
ostensible agency
conomic obsolescence
15. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
In a straight assumption - the new buyer is approved - and takes over payments and liability
Total amount - Certificate amount x 4 = approved maximum loan amount
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Reverse annuity
16. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
conomic obsolescence
Alienation clause
Deed Restrictions
The trustee
17. Ownership by two or more without rights of survivorship is called
tenancy in common
Deed Restrictions
Radon
lower interest rate
18. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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19. 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
$4000.
the cash price or the APR
conforming loans.
20. Lenders can deny credit if your sole source of income is__
conforming loans.
alimony - child support or a pension plan.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Subordination clause
21. The insurance on the FHA loan is referred to as___
MIP - mortgage insurance premium
trustor
25%
alimony - child support or a pension plan.
22. A person who has real property willed to her by a relative is said to acquire title by...
Subordination clause
devise
stigmatized
rescission
23. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
Deed Restrictions
grow - stabilize - decline - revitalize
Package Loan
Subordination clause
24. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
estate for years
General Agency
3
a property exchange.
25. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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26. This will not impact of the seller's credit rating.
straight assumption
Fannie Mae - Freddie Mac and Ginnie Mae.
Vendee's Lien
Redlining
27. ___market is where lenders go for money
The secondary
estoppel
Reverse annuity
Redlining
28. 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
Trustee's Deed
rescission
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
29. For what group of buyers would the ARM be the least desirable?
Those on a fixed income
Blanket
a grante
tenancy in common
30. One who acquires property under a deed is....
10%
Special or limited agency
It is a right in land and should be created in writing and recorded.
a grante
31. An ___ is a limitation on your rights
The secondary
conforming loans.
Radon
encumbrance
32. Partially amortized loan - benefit
conforming loans
Alienation clause
alimony - child support or a pension plan.
lower interest rate
33. Loans qualified to be purchased in the secondary market are called __
devise
Trustee's Deed
conforming loans.
It is a right in land and should be created in writing and recorded.
34. The minimum withdrawal from a home equity LOC is
EMFs
conforming loans.
$4000.
husband and wife
35. __ is a specific type of joint tenancy where the co-owners are husband and wife.
The trustee
Tenancy by the Entirety
Reverse annuity
Mitigation
36. The veteran must obtain a Certificate of Eligibility from the VA
Deed Restrictions
An encumbrance
Total amount - Certificate amount x 4 = approved maximum loan amount
a power of attorney
37. 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.
income tax purposes
Balloon loan
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Zoning
38. IRS Lein - Specific lein or general lein
conomic obsolescence
Statutory law
tenancy in common
General
39. Covers more than one piece of property. (several lots on one note)
25%
a power of attorney
Fannie Mae - Freddie Mac and Ginnie Mae.
Blanket Loan
40. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Vendee's Lien
trustor
Alienation clause
Radon
41. Broker- Salesperson - owner-property manager-> which agency?
$4000.
General Agency
1. Release the lien when the note is paid. 2. Foreclose in the event of default
General
42. Property Manager ( which type of Agency)
conforming loans
General Agency
conforming loans.
MIP - mortgage insurance premium
43. Real estate investors can defer taxation of capital gains by making ___
Redlining
a property exchange.
a power of attorney
Deed Restrictions
44. Includes real property plus personal property
estoppel
Defeasance
General
Package Loan
45. ___ is created when a licensee acts like an agent and others respond to those actions.
income tax purposes
a grante
grow - stabilize - decline - revitalize
ostensible agency
46. Must sign the Deed of Trust.
In a straight assumption - the new buyer is approved - and takes over payments and liability
trustor
husband and wife
It is a right in land and should be created in writing and recorded.
47. ___ gives the agent the power to perform only specific acts and no others.
Special or limited agency
a power of attorney
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
tenancy in common
48. Which of the following instruments is the promise to repay a debt?
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
3
estoppel
trustor
49. Loan novation?
rescission
trustor
In a straight assumption - the new buyer is approved - and takes over payments and liability
alimony - child support or a pension plan.
50. ___ 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.
Mitigation
Errors & Omissions insurance
Defeasance
$4000.
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