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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. The secondary market warehousing agencies are...
husband and wife
Fannie Mae - Freddie Mac and Ginnie Mae.
In a straight assumption - the new buyer is approved - and takes over payments and liability
Package Loan
2. Advantages of FHA loans
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3. ____ - the refusal to lend in a particular geographic area - is prohibited.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Redlining
a property exchange.
The secondary
4. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
Package Loan
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
husband and wife
5. An ___ is a limitation on your rights
Reverse annuity
encumbrance
Tenancy by the Entirety
Alienation clause
6. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
husband and wife
Those on a fixed income
Subordination clause
In a straight assumption - the new buyer is approved - and takes over payments and liability
7. High tension wire should be disclosed
EMFs
straight assumption
conforming loans.
stigmatized
8. Must sign the Deed of Trust.
income tax purposes
Trustee's Deed
trustor
Tenancy by the Entirety
9. Common law does not always takes precedence over...
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Statutory law
a property exchange.
ostensible agency
10. Lenders can deny credit if your sole source of income is__
alimony - child support or a pension plan.
income tax purposes
the cash price or the APR
straight assumption
11. Property Manager ( which type of Agency)
General Agency
Special or limited agency
grow - stabilize - decline - revitalize
Deed Restrictions
12. This will not impact of the seller's credit rating.
Radon
straight assumption
trustor
rescission
13. ___ 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.)
a power of attorney
Alienation clause
conomic obsolescence
husband and wife
14. An attorney-in-fact is the holder of...
Those on a fixed income
the cash price or the APR
a power of attorney
General Agency
15. A person who has real property willed to her by a relative is said to acquire title by...
Vendee's Lien
devise
estate for years
General Agency
16. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
rescission
3
General Agency
Vendee's Lien
17. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
alimony - child support or a pension plan.
MIP - mortgage insurance premium
Balloon loan
Mitigation
18. 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.
estate for years
Balloon loan
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
An encumbrance
19. One who acquires property under a deed is....
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
a grante
lower interest rate
straight assumption
20. On income producing property land can never be depreciated for...
Fannie Mae - Freddie Mac and Ginnie Mae.
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
income tax purposes
Radon
21. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
In a straight assumption - the new buyer is approved - and takes over payments and liability
Radon
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
grow - stabilize - decline - revitalize
22. __ "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.
Blanket Loan
encumbrance
The secondary
Alienation clause
23. '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?
General Agency
Alienation clause
a grante
Trustee's Deed
24. ___loan - Covers more than one piece of property
Blanket
General
Package Loan
Subordination clause
25. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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26. Ownership by two or more without rights of survivorship is called
tenancy in common
Mitigation
The secondary
Statutory law
27. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
Those on a fixed income
writ of execution
alimony - child support or a pension plan.
the cash price or the APR
28. The minimum withdrawal from a home equity LOC is
$4000.
Package Loan
tenancy in common
Blanket Loan
29. ___ is created when a licensee acts like an agent and others respond to those actions.
ostensible agency
The secondary
General Agency
Tenancy by the Entirety
30. IRS Lein - Specific lein or general lein
Errors & Omissions insurance
by ratification.
General
conomic obsolescence
31. Which of the following instruments is the promise to repay a debt?
writ of execution
MIP - mortgage insurance premium
The trustee
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
32. Partially amortized loan - benefit
Vendee's Lien
lower interest rate
by ratification.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
33. For what group of buyers would the ARM be the least desirable?
grow - stabilize - decline - revitalize
writ of execution
Redlining
Those on a fixed income
34. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
10%
Errors & Omissions insurance
1. Release the lien when the note is paid. 2. Foreclose in the event of default
a grante
35. Covers more than one piece of property. (several lots on one note)
Blanket Loan
a grante
by ratification.
Blanket
36. The trustee has two functions in accordance with the Deed of Trust.
Package Loan
Tenancy by the Entirety
General
1. Release the lien when the note is paid. 2. Foreclose in the event of default
37. This lease survives death and/or the sale of the property. No notice is required to terminate.
Total amount - Certificate amount x 4 = approved maximum loan amount
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
estate for years
ostensible agency
38. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
ostensible agency
by ratification.
rescission
An encumbrance
39. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
Statutory law
General Agency
grow - stabilize - decline - revitalize
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
40. A principal's duties to an agent ar...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Alienation clause
Statutory law
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.
41. 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.
conforming loans.
Zoning
estoppel
Alienation clause
42. ___ gives the agent the power to perform only specific acts and no others.
tenancy in common
Mitigation
Special or limited agency
alimony - child support or a pension plan.
43. Loans qualified to be purchased in the secondary market are called
10%
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
conforming loans
estoppel
44. ___market is where lenders go for money
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
The secondary
3
Reverse annuity
45. 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.
The secondary
General Agency
Fannie Mae - Freddie Mac and Ginnie Mae.
estoppel
46. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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47. Real estate investors can defer taxation of capital gains by making ___
a power of attorney
a property exchange.
ostensible agency
Vendee's Lien
48. Loan novation?
Statutory law
Trustee's Deed
Tenancy by the Entirety
In a straight assumption - the new buyer is approved - and takes over payments and liability
49. Broker- Salesperson - owner-property manager-> which agency?
a power of attorney
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
conomic obsolescence
50. An agent's duties to his principal are...
Total amount - Certificate amount x 4 = approved maximum loan amount
a property exchange.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
General