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