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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. A principal's duties to an agent ar...
Zoning
writ of execution
rescission
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
2. IRS Lein - Specific lein or general lein
General
Balloon loan
3
Mitigation
3. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
General Agency
the cash price or the APR
Subordination clause
ostensible agency
4. An attorney-in-fact is the holder of...
straight assumption
The trustee
Reverse annuity
a power of attorney
5. There are four basic characteristics of value
ostensible agency
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
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
6. 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.
estate for years
In a straight assumption - the new buyer is approved - and takes over payments and liability
It is a right in land and should be created in writing and recorded.
Zoning
7. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
devise
Errors & Omissions insurance
Those on a fixed income
by ratification.
8. ___ 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.)
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.
Fannie Mae - Freddie Mac and Ginnie Mae.
conomic obsolescence
writ of execution
9. ___loan - Covers more than one piece of property
devise
It is a right in land and should be created in writing and recorded.
25%
Blanket
10. The minimum withdrawal from a home equity LOC is
conforming loans.
Vendee's Lien
Reverse annuity
$4000.
11. Property Manager ( which type of Agency)
Deed Restrictions
Defeasance
General Agency
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
12. This will not impact of the seller's credit rating.
estoppel
straight assumption
conforming loans
An encumbrance
13. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
Those on a fixed income
grow - stabilize - decline - revitalize
Blanket
Tenancy by the Entirety
14. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
In a straight assumption - the new buyer is approved - and takes over payments and liability
Total amount - Certificate amount x 4 = approved maximum loan amount
10%
conforming loans.
15. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
Blanket
conomic obsolescence
Reverse annuity
ostensible agency
16. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Total amount - Certificate amount x 4 = approved maximum loan amount
Mitigation
EMFs
ostensible agency
17. Includes real property plus personal property
Total amount - Certificate amount x 4 = approved maximum loan amount
General
10%
Package Loan
18. On income producing property land can never be depreciated for...
Zoning
stigmatized
income tax purposes
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
19. For what group of buyers would the ARM be the least desirable?
Blanket Loan
Deed Restrictions
Those on a fixed income
Package Loan
20. 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.
Balloon loan
Alienation clause
Blanket
a power of attorney
21. What is easment?
10%
EMFs
It is a right in land and should be created in writing and recorded.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
22. ___ is a limitation on your rights. It may also be a cloud on the title
Reverse annuity
writ of execution
An encumbrance
Package Loan
23. ___ is created when a licensee acts like an agent and others respond to those actions.
ostensible agency
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
EMFs
24. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
encumbrance
General
Blanket
writ of execution
25. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
husband and wife
General Agency
Mitigation
Trustee's Deed
26. '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?
Fannie Mae - Freddie Mac and Ginnie Mae.
stigmatized
Alienation clause
the cash price or the APR
27. The insurance on the FHA loan is referred to as___
Vendee's Lien
MIP - mortgage insurance premium
Trustee's Deed
a property exchange.
28. Loans qualified to be purchased in the secondary market are called
Blanket Loan
25%
MIP - mortgage insurance premium
conforming loans
29. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
The trustee
Blanket Loan
Alienation clause
income tax purposes
30. Loan novation?
In a straight assumption - the new buyer is approved - and takes over payments and liability
estate for years
a property exchange.
The secondary
31. __ "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.
Radon
Errors & Omissions insurance
Alienation clause
General
32. ____ - the refusal to lend in a particular geographic area - is prohibited.
Redlining
alimony - child support or a pension plan.
grow - stabilize - decline - revitalize
conomic obsolescence
33. The deed of trust involves three parties...
conforming loans.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
estoppel
25%
34. Partially amortized loan - benefit
lower interest rate
rescission
Defeasance
Total amount - Certificate amount x 4 = approved maximum loan amount
35. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
25%
alimony - child support or a pension plan.
Alienation clause
Special or limited agency
36. A person who has real property willed to her by a relative is said to acquire title by...
devise
a grante
Deed Restrictions
Total amount - Certificate amount x 4 = approved maximum loan amount
37. Broker- Salesperson - owner-property manager-> which agency?
General Agency
Alienation clause
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
3
38. Covers more than one piece of property. (several lots on one note)
It is a right in land and should be created in writing and recorded.
Those on a fixed income
Blanket Loan
$4000.
39. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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40. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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41. High tension wire should be disclosed
Alienation clause
The trustee
a power of attorney
EMFs
42. ___ 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.
10%
General
Errors & Omissions insurance
a grante
43. ___ are imposed to control land use - development and methods and materials for construction.
Blanket Loan
Fannie Mae - Freddie Mac and Ginnie Mae.
Deed Restrictions
25%
44. ___ gives the agent the power to perform only specific acts and no others.
Errors & Omissions insurance
conforming loans.
conforming loans
Special or limited agency
45. Ownership by two or more without rights of survivorship is called
rescission
conomic obsolescence
by ratification.
tenancy in common
46. 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.
Alienation clause
Special or limited agency
estoppel
by ratification.
47. IN Reg Z Advertising which states only __is permitted
encumbrance
writ of execution
In a straight assumption - the new buyer is approved - and takes over payments and liability
the cash price or the APR
48. Must sign the Deed of Trust.
writ of execution
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
$4000.
trustor
49. The veteran must obtain a Certificate of Eligibility from the VA
Statutory law
stigmatized
Total amount - Certificate amount x 4 = approved maximum loan amount
encumbrance
50. __ is a specific type of joint tenancy where the co-owners are husband and wife.
devise
Tenancy by the Entirety
Blanket Loan
Package Loan