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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. Lenders can deny credit if your sole source of income is__
Package Loan
conforming loans.
tenancy in common
alimony - child support or a pension plan.
2. Property Manager ( which type of Agency)
General Agency
Radon
Package Loan
3
3. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
devise
General Agency
Balloon loan
The trustee
4. Covers more than one piece of property. (several lots on one note)
Alienation clause
It is a right in land and should be created in writing and recorded.
Redlining
Blanket Loan
5. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
Statutory law
rescission
Redlining
encumbrance
6. ___ is a limitation on your rights. It may also be a cloud on the title
An encumbrance
General Agency
Tenancy by the Entirety
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
7. Broker- Salesperson - owner-property manager-> which agency?
estate for years
income tax purposes
General Agency
The trustee
8. The insurance on the FHA loan is referred to as___
MIP - mortgage insurance premium
devise
Special or limited agency
Balloon loan
9. Real estate investors can defer taxation of capital gains by making ___
a property exchange.
estate for years
Vendee's Lien
stigmatized
10. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
lower interest rate
by ratification.
alimony - child support or a pension plan.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
11. The deed of trust involves three parties...
rescission
EMFs
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
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.
12. An ___ is a limitation on your rights
Alienation clause
encumbrance
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
trustor
13. There are four basic characteristics of value
3
MIP - mortgage insurance premium
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
a property exchange.
14. Must sign the Deed of Trust.
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.
alimony - child support or a pension plan.
trustor
MIP - mortgage insurance premium
15. Loans qualified to be purchased in the secondary market are called
Alienation clause
conforming loans.
$4000.
conforming loans
16. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
Errors & Omissions insurance
Reverse annuity
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Redlining
17. ___ is created when a licensee acts like an agent and others respond to those actions.
25%
In a straight assumption - the new buyer is approved - and takes over payments and liability
An encumbrance
ostensible agency
18. ___market is where lenders go for money
Those on a fixed income
alimony - child support or a pension plan.
income tax purposes
The secondary
19. What is easment?
It is a right in land and should be created in writing and recorded.
Deed Restrictions
income tax purposes
Mitigation
20. Ownership by two or more without rights of survivorship is called
lower interest rate
Errors & Omissions insurance
tenancy in common
trustor
21. A property where there has been a murder or alleged haunting is called...
stigmatized
rescission
General
EMFs
22. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
Mitigation
Tenancy by the Entirety
husband and wife
a grante
23. __ clause - states that the lien is defeated when the debt is repaid.
Defeasance
rescission
Package Loan
estate for years
24. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
alimony - child support or a pension plan.
Reverse annuity
a power of attorney
25%
25. 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.
estoppel
3
General Agency
alimony - child support or a pension plan.
26. High tension wire should be disclosed
Special or limited agency
the cash price or the APR
a property exchange.
EMFs
27. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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28. The secondary market warehousing agencies are...
encumbrance
grow - stabilize - decline - revitalize
conforming loans
Fannie Mae - Freddie Mac and Ginnie Mae.
29. Advantages of FHA loans
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30. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
a grante
The secondary
10%
tenancy in common
31. __ is a specific type of joint tenancy where the co-owners are husband and wife.
a property exchange.
conforming loans.
estoppel
Tenancy by the Entirety
32. On income producing property land can never be depreciated for...
1. Release the lien when the note is paid. 2. Foreclose in the event of default
estate for years
income tax purposes
Mitigation
33. ____ - the refusal to lend in a particular geographic area - is prohibited.
estoppel
Redlining
MIP - mortgage insurance premium
husband and wife
34. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
Balloon loan
Redlining
conomic obsolescence
writ of execution
35. The veteran must obtain a Certificate of Eligibility from the VA
stigmatized
a property exchange.
Total amount - Certificate amount x 4 = approved maximum loan amount
Radon
36. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
General Agency
MIP - mortgage insurance premium
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Subordination clause
37. Loans qualified to be purchased in the secondary market are called __
grow - stabilize - decline - revitalize
In a straight assumption - the new buyer is approved - and takes over payments and liability
conforming loans.
Reverse annuity
38. ___ 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
straight assumption
income tax purposes
alimony - child support or a pension plan.
39. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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40. Includes real property plus personal property
Package Loan
a grante
10%
rescission
41. ___ are imposed to control land use - development and methods and materials for construction.
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.
Blanket
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Deed Restrictions
42. One who acquires property under a deed is....
a grante
Statutory law
General Agency
Deed Restrictions
43. __ "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
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
25%
General Agency
44. A principal's duties to an agent ar...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
It is a right in land and should be created in writing and recorded.
General Agency
income tax purposes
45. IRS Lein - Specific lein or general lein
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Vendee's Lien
devise
General
46. An agent's duties to his principal are...
Trustee's Deed
grow - stabilize - decline - revitalize
25%
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
47. The minimum withdrawal from a home equity LOC is
It is a right in land and should be created in writing and recorded.
by ratification.
Total amount - Certificate amount x 4 = approved maximum loan amount
$4000.
48. ___loan - Covers more than one piece of property
tenancy in common
ostensible agency
Blanket
Trustee's Deed
49. The trustee has two functions in accordance with the Deed of Trust.
Zoning
Package Loan
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Radon
50. This lease survives death and/or the sale of the property. No notice is required to terminate.
estate for years
estoppel
Special or limited agency
a property exchange.