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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. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
estate for years
tenancy in common
10%
The secondary
2. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
It is a right in land and should be created in writing and recorded.
General Agency
Blanket Loan
3
3. ____ - the refusal to lend in a particular geographic area - is prohibited.
Redlining
EMFs
trustor
stigmatized
4. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
husband and wife
10%
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
tenancy in common
5. __ "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
10%
trustor
alimony - child support or a pension plan.
6. For what group of buyers would the ARM be the least desirable?
Tenancy by the Entirety
Those on a fixed income
trustor
alimony - child support or a pension plan.
7. IRS Lein - Specific lein or general lein
rescission
a property exchange.
estate for years
General
8. The minimum withdrawal from a home equity LOC is
$4000.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
In a straight assumption - the new buyer is approved - and takes over payments and liability
Alienation clause
9. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Deed Restrictions
Statutory law
Reverse annuity
10. Loan novation?
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
In a straight assumption - the new buyer is approved - and takes over payments and liability
trustor
conforming loans.
11. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
alimony - child support or a pension plan.
General Agency
grow - stabilize - decline - revitalize
10%
12. Ownership by two or more without rights of survivorship is called
estoppel
tenancy in common
straight assumption
Tenancy by the Entirety
13. ___market is where lenders go for money
The trustee
It is a right in land and should be created in writing and recorded.
a grante
The secondary
14. An ___ is a limitation on your rights
estate for years
alimony - child support or a pension plan.
Alienation clause
encumbrance
15. Property Manager ( which type of Agency)
conforming loans.
Alienation clause
Total amount - Certificate amount x 4 = approved maximum loan amount
General Agency
16. Lenders can deny credit if your sole source of income is__
by ratification.
EMFs
alimony - child support or a pension plan.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
17. Advantages of FHA loans
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18. A property where there has been a murder or alleged haunting is called...
Alienation clause
Blanket Loan
stigmatized
Package Loan
19. 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
Errors & Omissions insurance
stigmatized
straight assumption
20. An attorney-in-fact is the holder of...
tenancy in common
a power of attorney
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Blanket Loan
21. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
25%
rescission
by ratification.
EMFs
22. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Vendee's Lien
In a straight assumption - the new buyer is approved - and takes over payments and liability
Radon
Defeasance
23. Which of the following instruments is the promise to repay a debt?
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
EMFs
1. Release the lien when the note is paid. 2. Foreclose in the event of default
rescission
24. __ clause - states that the lien is defeated when the debt is repaid.
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
estate for years
General Agency
Defeasance
25. Broker- Salesperson - owner-property manager-> which agency?
General Agency
Subordination clause
EMFs
Reverse annuity
26. Covers more than one piece of property. (several lots on one note)
grow - stabilize - decline - revitalize
Blanket Loan
Tenancy by the Entirety
Fannie Mae - Freddie Mac and Ginnie Mae.
27. High tension wire should be disclosed
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
EMFs
encumbrance
10%
28. ___ are imposed to control land use - development and methods and materials for construction.
Deed Restrictions
Alienation clause
1. Release the lien when the note is paid. 2. Foreclose in the event of default
a grante
29. The deed of trust involves three parties...
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Balloon loan
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
encumbrance
30. Loans qualified to be purchased in the secondary market are called __
ostensible agency
tenancy in common
alimony - child support or a pension plan.
conforming loans.
31. Common law does not always takes precedence over...
by ratification.
Special or limited agency
Statutory law
3
32. The trustee has two functions in accordance with the Deed of Trust.
encumbrance
10%
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Trustee's Deed
33. This will not impact of the seller's credit rating.
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.
straight assumption
Alienation clause
tenancy in common
34. Loans qualified to be purchased in the secondary market are called
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.
Package Loan
conforming loans
Deed Restrictions
35. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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36. ___ is created when a licensee acts like an agent and others respond to those actions.
alimony - child support or a pension plan.
encumbrance
ostensible agency
10%
37. ___ 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.
MIP - mortgage insurance premium
Errors & Omissions insurance
Trustee's Deed
rescission
38. The secondary market warehousing agencies are...
straight assumption
Special or limited agency
Tenancy by the Entirety
Fannie Mae - Freddie Mac and Ginnie Mae.
39. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
grow - stabilize - decline - revitalize
An encumbrance
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.
Subordination clause
40. Includes real property plus personal property
by ratification.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Package Loan
The secondary
41. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
10%
ostensible agency
income tax purposes
rescission
42. A person who has real property willed to her by a relative is said to acquire title by...
by ratification.
Those on a fixed income
devise
An encumbrance
43. 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.
Redlining
Special or limited agency
income tax purposes
Balloon loan
44. Must sign the Deed of Trust.
straight assumption
Alienation clause
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
trustor
45. '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?
An encumbrance
The secondary
Alienation clause
Errors & Omissions insurance
46. 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.
Balloon loan
devise
Zoning
Deed Restrictions
47. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
tenancy in common
conforming loans
Mitigation
Fannie Mae - Freddie Mac and Ginnie Mae.
48. Real estate investors can defer taxation of capital gains by making ___
a property exchange.
Those on a fixed income
Tenancy by the Entirety
conforming loans
49. IN Reg Z Advertising which states only __is permitted
the cash price or the APR
stigmatized
devise
estate for years
50. The insurance on the FHA loan is referred to as___
The secondary
Fannie Mae - Freddie Mac and Ginnie Mae.
a power of attorney
MIP - mortgage insurance premium