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Brokers License

Instructions:

Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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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. Real estate investors can defer taxation of capital gains by making ___
Deed Restrictions
An encumbrance
straight assumption
a property exchange.

2. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
lower interest rate
Mitigation
Errors & Omissions insurance
estoppel

3. ____ - the refusal to lend in a particular geographic area - is prohibited.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Fannie Mae - Freddie Mac and Ginnie Mae.
Redlining
Vendee's Lien

4. 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.
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
Trustee's Deed
Those on a fixed income
Balloon loan

5. Loans qualified to be purchased in the secondary market are called
rescission
conforming loans
trustor
Subordination clause

6. Property Manager ( which type of Agency)
General Agency
husband and wife
The secondary
Alienation clause

7. IN Reg Z Advertising which states only __is permitted
grow - stabilize - decline - revitalize
stigmatized
lower interest rate
the cash price or the APR

8. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
25%
Alienation clause
Errors & Omissions insurance
An encumbrance

9. What is easment?
Package Loan
a grante
alimony - child support or a pension plan.
It is a right in land and should be created in writing and recorded.

10. A property where there has been a murder or alleged haunting is called...
Total amount - Certificate amount x 4 = approved maximum loan amount
EMFs
stigmatized
conforming loans

11. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
straight assumption
Radon
conforming loans.
Reverse annuity

12. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
rescission
stigmatized
It is a right in land and should be created in writing and recorded.
conomic obsolescence

13. Advantages of FHA loans

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14. An agent's duties to his principal are...
straight assumption
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
by ratification.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care

15. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
3
income tax purposes
Total amount - Certificate amount x 4 = approved maximum loan amount
EMFs

16. The deed of trust involves three parties...
The trustee
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Subordination clause
trustor

17. ___loan - Covers more than one piece of property
the cash price or the APR
trustor
Blanket
Alienation clause

18. ___ is created when a licensee acts like an agent and others respond to those actions.
ostensible agency
$4000.
a property exchange.
General Agency

19. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___

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20. This will not impact of the seller's credit rating.
straight assumption
General
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
(CRIP) - Compensation - Reimbursement - Indemnification - Performance

21. Common law does not always takes precedence over...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Zoning
Statutory law
It is a right in land and should be created in writing and recorded.

22. ___ 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.)
grow - stabilize - decline - revitalize
rescission
alimony - child support or a pension plan.
conomic obsolescence

23. IRS Lein - Specific lein or general lein
General
Blanket Loan
estoppel
grow - stabilize - decline - revitalize

24. High tension wire should be disclosed
EMFs
Alienation clause
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
1. Release the lien when the note is paid. 2. Foreclose in the event of default

25. One who acquires property under a deed is....
a grante
3
1. Release the lien when the note is paid. 2. Foreclose in the event of default
In a straight assumption - the new buyer is approved - and takes over payments and liability

26. ___ gives the agent the power to perform only specific acts and no others.
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.
Special or limited agency
a grante

27. There are four basic characteristics of value
Deed Restrictions
Total amount - Certificate amount x 4 = approved maximum loan amount
The secondary
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. On income producing property land can never be depreciated for...
3
General Agency
conforming loans
income tax purposes

29. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Those on a fixed income
Tenancy by the Entirety
devise
It is a right in land and should be created in writing and recorded.

30. Ownership by two or more without rights of survivorship is called
Subordination clause
Tenancy by the Entirety
tenancy in common
a power of attorney

31. Loan novation?
In a straight assumption - the new buyer is approved - and takes over payments and liability
conomic obsolescence
Vendee's Lien
Tenancy by the Entirety

32. __ "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
Special or limited agency
3
Errors & Omissions insurance

33. The insurance on the FHA loan is referred to as___
Package Loan
MIP - mortgage insurance premium
Total amount - Certificate amount x 4 = approved maximum loan amount
Blanket Loan

34. The minimum withdrawal from a home equity LOC is
Package Loan
devise
$4000.
income tax purposes

35. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
MIP - mortgage insurance premium
Vendee's Lien
10%
Statutory law

36. Lenders can deny credit if your sole source of income is__
alimony - child support or a pension plan.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Fannie Mae - Freddie Mac and Ginnie Mae.

37. The secondary market warehousing agencies are...
Fannie Mae - Freddie Mac and Ginnie Mae.
by ratification.
10%
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care

38. A principal's duties to an agent ar...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
grow - stabilize - decline - revitalize
Tenancy by the Entirety
Total amount - Certificate amount x 4 = approved maximum loan amount

39. Broker- Salesperson - owner-property manager-> which agency?
trustor
Fannie Mae - Freddie Mac and Ginnie Mae.
3
General Agency

40. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
income tax purposes
Radon
Blanket

41. Partially amortized loan - benefit
Total amount - Certificate amount x 4 = approved maximum loan amount
Errors & Omissions insurance
lower interest rate
the cash price or the APR

42. '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?
conforming loans.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Alienation clause

43. An attorney-in-fact is the holder of...
stigmatized
Deed Restrictions
a power of attorney
10%

44. An ___ is a limitation on your rights
a power of attorney
writ of execution
trustor
encumbrance

45. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
$4000.
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.
trustor
The trustee

46. __ 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
The trustee
Defeasance
(CRIP) - Compensation - Reimbursement - Indemnification - Performance

47. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
writ of execution
a power of attorney
devise
(CRIP) - Compensation - Reimbursement - Indemnification - Performance

48. 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.
The secondary
Zoning
In a straight assumption - the new buyer is approved - and takes over payments and liability
alimony - child support or a pension plan.

49. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
a grante
conforming loans
Subordination clause
The trustee

50. 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
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.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
husband and wife

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Brokers License

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