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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. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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2. Lenders can deny credit if your sole source of income is__
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
Errors & Omissions insurance
the cash price or the APR
alimony - child support or a pension plan.
3. The minimum withdrawal from a home equity LOC is
encumbrance
Blanket
Defeasance
$4000.
4. The deed of trust involves three parties...
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Special or limited agency
tenancy in common
It is a right in land and should be created in writing and recorded.
5. There are four basic characteristics of value
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
Alienation clause
Blanket Loan
a power of attorney
6. High tension wire should be disclosed
EMFs
estoppel
Subordination clause
husband and wife
7. ___loan - Covers more than one piece of property
Those on a fixed income
Fannie Mae - Freddie Mac and Ginnie Mae.
Blanket
conforming loans
8. Advantages of FHA loans
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9. '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
tenancy in common
alimony - child support or a pension plan.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
10. The veteran must obtain a Certificate of Eligibility from the VA
a grante
husband and wife
devise
Total amount - Certificate amount x 4 = approved maximum loan amount
11. ___ gives the agent the power to perform only specific acts and no others.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Package Loan
Special or limited agency
devise
12. 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.
Errors & Omissions insurance
estoppel
Those on a fixed income
a power of attorney
13. This lease survives death and/or the sale of the property. No notice is required to terminate.
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
straight assumption
estate for years
Balloon loan
14. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
10%
alimony - child support or a pension plan.
writ of execution
Special or limited agency
15. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
The trustee
Those on a fixed income
Reverse annuity
by ratification.
16. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Defeasance
Tenancy by the Entirety
25%
Redlining
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.
Trustee's Deed
Mitigation
Zoning
Errors & Omissions insurance
18. ___ are imposed to control land use - development and methods and materials for construction.
conforming loans
Vendee's Lien
Balloon loan
Deed Restrictions
19. Broker- Salesperson - owner-property manager-> which agency?
Blanket Loan
Trustee's Deed
General Agency
Tenancy by the Entirety
20. For what group of buyers would the ARM be the least desirable?
Those on a fixed income
Blanket
25%
The trustee
21. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
Blanket Loan
Alienation clause
tenancy in common
husband and wife
22. Partially amortized loan - benefit
lower interest rate
Reverse annuity
Vendee's Lien
Balloon loan
23. ___ is created when a licensee acts like an agent and others respond to those actions.
General
ostensible agency
Balloon loan
Alienation clause
24. The trustee has two functions in accordance with the Deed of Trust.
the cash price or the APR
1. Release the lien when the note is paid. 2. Foreclose in the event of default
estate for years
The trustee
25. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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26. An ___ is a limitation on your rights
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.
EMFs
conomic obsolescence
encumbrance
27. Loan novation?
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
a grante
In a straight assumption - the new buyer is approved - and takes over payments and liability
28. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
by ratification.
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Radon
Total amount - Certificate amount x 4 = approved maximum loan amount
29. What is easment?
encumbrance
It is a right in land and should be created in writing and recorded.
EMFs
writ of execution
30. An agent's duties to his principal are...
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Trustee's Deed
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.
31. Which of the following instruments is the promise to repay a debt?
General
An encumbrance
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
the cash price or the APR
32. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
In a straight assumption - the new buyer is approved - and takes over payments and liability
Deed Restrictions
rescission
General Agency
33. A property where there has been a murder or alleged haunting is called...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Statutory law
stigmatized
An encumbrance
34. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
Fannie Mae - Freddie Mac and Ginnie Mae.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
grow - stabilize - decline - revitalize
a power of attorney
35. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
the cash price or the APR
3
General
36. ___ 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.)
General Agency
Zoning
conomic obsolescence
$4000.
37. This will not impact of the seller's credit rating.
a grante
General Agency
Package Loan
straight assumption
38. One who acquires property under a deed is....
income tax purposes
$4000.
a grante
Blanket Loan
39. __ "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.
the cash price or the APR
Subordination clause
Tenancy by the Entirety
Alienation clause
40. Includes real property plus personal property
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
trustor
conforming loans
Package Loan
41. A person who has real property willed to her by a relative is said to acquire title by...
General Agency
3
devise
EMFs
42. A principal's duties to an agent ar...
devise
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
straight assumption
Zoning
43. The secondary market warehousing agencies are...
by ratification.
conforming loans.
trustor
Fannie Mae - Freddie Mac and Ginnie Mae.
44. Must sign the Deed of Trust.
income tax purposes
Mitigation
Vendee's Lien
trustor
45. IN Reg Z Advertising which states only __is permitted
Tenancy by the Entirety
rescission
the cash price or the APR
a property exchange.
46. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Mitigation
trustor
the cash price or the APR
Balloon loan
47. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
The trustee
Reverse annuity
EMFs
ostensible agency
48. ___market is where lenders go for money
The secondary
devise
Mitigation
grow - stabilize - decline - revitalize
49. Loans qualified to be purchased in the secondary market are called __
straight assumption
MIP - mortgage insurance premium
by ratification.
conforming loans.
50. ___ is a limitation on your rights. It may also be a cloud on the title
An encumbrance
stigmatized
income tax purposes
It is a right in land and should be created in writing and recorded.