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Test your basic knowledge |
Brokers License
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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. IRS Lein - Specific lein or general lein
General
Redlining
Defeasance
Mitigation
2. The insurance on the FHA loan is referred to as___
Trustee's Deed
lower interest rate
MIP - mortgage insurance premium
10%
3. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
25%
by ratification.
Deed Restrictions
Zoning
4. Ownership by two or more without rights of survivorship is called
by ratification.
tenancy in common
stigmatized
straight assumption
5. Loans qualified to be purchased in the secondary market are called
conforming loans
Vendee's Lien
grow - stabilize - decline - revitalize
trustor
6. ____ - the refusal to lend in a particular geographic area - is prohibited.
trustor
Redlining
MIP - mortgage insurance premium
10%
7. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
stigmatized
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Blanket
25%
8. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
grow - stabilize - decline - revitalize
Blanket Loan
10%
In a straight assumption - the new buyer is approved - and takes over payments and liability
9. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
rescission
Balloon loan
Radon
writ of execution
10. There are four basic characteristics of value
Deed Restrictions
Package Loan
Those on a fixed income
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
11. __ "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
3
Package Loan
Trustee's Deed
12. __ is a specific type of joint tenancy where the co-owners are husband and wife.
trustor
lower interest rate
Tenancy by the Entirety
a grante
13. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
husband and wife
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
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.
Deed Restrictions
14. ___market is where lenders go for money
tenancy in common
The secondary
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
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.
15. One who acquires property under a deed is....
The trustee
estoppel
a grante
a power of attorney
16. ___ 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.)
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
General Agency
conomic obsolescence
Special or limited agency
17. ___ 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.
devise
Alienation clause
a property exchange.
Errors & Omissions insurance
18. The trustee has two functions in accordance with the Deed of Trust.
The trustee
General Agency
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Blanket Loan
19. The deed of trust involves three parties...
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Reverse annuity
The secondary
the cash price or the APR
20. Loans qualified to be purchased in the secondary market are called __
Special or limited agency
conforming loans.
income tax purposes
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
21. Which of the following instruments is the promise to repay a debt?
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
a power of attorney
estate for years
Alienation clause
22. Property Manager ( which type of Agency)
General Agency
Reverse annuity
Redlining
Tenancy by the Entirety
23. An ___ is a limitation on your rights
tenancy in common
ostensible agency
Deed Restrictions
encumbrance
24. What is easment?
It is a right in land and should be created in writing and recorded.
devise
conforming loans
writ of execution
25. Lenders can deny credit if your sole source of income is__
alimony - child support or a pension plan.
Subordination clause
lower interest rate
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
26. ___loan - Covers more than one piece of property
Blanket
Balloon loan
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
The trustee
27. High tension wire should be disclosed
EMFs
rescission
writ of execution
MIP - mortgage insurance premium
28. Partially amortized loan - benefit
Vendee's Lien
conforming loans.
Special or limited agency
lower interest rate
29. Covers more than one piece of property. (several lots on one note)
$4000.
lower interest rate
Zoning
Blanket Loan
30. 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
Package Loan
Those on a fixed income
Defeasance
31. Must sign the Deed of Trust.
An encumbrance
estate for years
Blanket
trustor
32. Loan novation?
a power of attorney
grow - stabilize - decline - revitalize
In a straight assumption - the new buyer is approved - and takes over payments and liability
tenancy in common
33. 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.
Blanket
Balloon loan
An encumbrance
10%
34. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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35. ___ is created when a licensee acts like an agent and others respond to those actions.
Alienation clause
Total amount - Certificate amount x 4 = approved maximum loan amount
ostensible agency
General
36. __ clause - states that the lien is defeated when the debt is repaid.
Defeasance
a property exchange.
Zoning
Deed Restrictions
37. ___ gives the agent the power to perform only specific acts and no others.
Special or limited agency
Trustee's Deed
1. Release the lien when the note is paid. 2. Foreclose in the event of default
conforming loans
38. The veteran must obtain a Certificate of Eligibility from the VA
General
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
Total amount - Certificate amount x 4 = approved maximum loan amount
39. A principal's duties to an agent ar...
MIP - mortgage insurance premium
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Tenancy by the Entirety
a power of attorney
40. A person who has real property willed to her by a relative is said to acquire title by...
stigmatized
devise
Vendee's Lien
Redlining
41. ___ is a limitation on your rights. It may also be a cloud on the title
encumbrance
ostensible agency
An encumbrance
rescission
42. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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43. The minimum withdrawal from a home equity LOC is
$4000.
conforming loans
a property exchange.
An encumbrance
44. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
Reverse annuity
Zoning
conforming loans.
a property exchange.
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?
Alienation clause
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.
46. Advantages of FHA loans
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47. Common law does not always takes precedence over...
stigmatized
writ of execution
Statutory law
a property exchange.
48. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
Alienation clause
The trustee
General Agency
by ratification.
49. An attorney-in-fact is the holder of...
Reverse annuity
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
a power of attorney
by ratification.
50. This will not impact of the seller's credit rating.
alimony - child support or a pension plan.
Blanket
Mitigation
straight assumption
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