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