SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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.
Reverse annuity
rescission
25%
Vendee's Lien
2. ___market is where lenders go for money
lower interest rate
The secondary
It is a right in land and should be created in writing and recorded.
Defeasance
3. ___ gives the agent the power to perform only specific acts and no others.
conforming loans.
Special or limited 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
10%
4. An attorney-in-fact is the holder of...
a grante
a power of attorney
Statutory law
An encumbrance
5. The trustee has two functions in accordance with the Deed of Trust.
Alienation clause
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
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. Release the lien when the note is paid. 2. Foreclose in the event of default
6. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Reverse annuity
Alienation clause
Redlining
7. This lease survives death and/or the sale of the property. No notice is required to terminate.
An encumbrance
Alienation clause
estate for years
Blanket Loan
8. Advantages of FHA loans
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
9. ___ is created when a licensee acts like an agent and others respond to those actions.
Redlining
Blanket
conforming loans
ostensible agency
10. 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.
alimony - child support or a pension plan.
writ of execution
Balloon loan
devise
11. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Errors & Omissions insurance
Tenancy by the Entirety
estate for years
The trustee
12. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
by ratification.
Radon
Trustee's Deed
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
13. Covers more than one piece of property. (several lots on one note)
Fannie Mae - Freddie Mac and Ginnie Mae.
straight assumption
income tax purposes
Blanket Loan
14. The secondary market warehousing agencies are...
writ of execution
Fannie Mae - Freddie Mac and Ginnie Mae.
Special or limited agency
estate for years
15. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
The trustee
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Tenancy by the Entirety
3
16. '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?
a grante
Tenancy by the Entirety
Alienation clause
Subordination clause
17. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
trustor
grow - stabilize - decline - revitalize
Package Loan
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
18. A principal's duties to an agent ar...
a property exchange.
Those on a fixed income
estoppel
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
19. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Statutory law
$4000.
Zoning
Mitigation
20. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
lower interest rate
writ of execution
The secondary
Trustee's Deed
21. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Package Loan
Subordination clause
alimony - child support or a pension plan.
22. 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.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Package Loan
estoppel
rescission
23. IRS Lein - Specific lein or general lein
a grante
General
Reverse annuity
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.
24. 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
conforming loans
Trustee's Deed
writ of execution
25. A property where there has been a murder or alleged haunting is called...
stigmatized
General
Reverse annuity
Special or limited agency
26. An agent's duties to his principal are...
Defeasance
conforming loans.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
General Agency
27. Includes real property plus personal property
Package Loan
MIP - mortgage insurance premium
conforming loans
Those on a fixed income
28. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
29. The minimum withdrawal from a home equity LOC is
Total amount - Certificate amount x 4 = approved maximum loan amount
MIP - mortgage insurance premium
Statutory law
$4000.
30. For what group of buyers would the ARM be the least desirable?
a property exchange.
grow - stabilize - decline - revitalize
Those on a fixed income
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
31. The veteran must obtain a Certificate of Eligibility from the VA
MIP - mortgage insurance premium
the cash price or the APR
Radon
Total amount - Certificate amount x 4 = approved maximum loan amount
32. Ownership by two or more without rights of survivorship is called
estate for years
tenancy in common
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Vendee's Lien
33. The insurance on the FHA loan is referred to as___
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Tenancy by the Entirety
MIP - mortgage insurance premium
by ratification.
34. Real estate investors can defer taxation of capital gains by making ___
a property exchange.
estoppel
Reverse annuity
stigmatized
35. __ clause - states that the lien is defeated when the debt is repaid.
General
Defeasance
a property exchange.
Trustee's Deed
36. ___ are imposed to control land use - development and methods and materials for construction.
writ of execution
Deed Restrictions
by ratification.
devise
37. A person who has real property willed to her by a relative is said to acquire title by...
General Agency
Zoning
devise
Statutory law
38. Broker- Salesperson - owner-property manager-> which agency?
EMFs
Radon
$4000.
General Agency
39. What is easment?
It is a right in land and should be created in writing and recorded.
Radon
10%
estoppel
40. 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.
ostensible agency
Special or limited agency
Subordination clause
Zoning
41. Property Manager ( which type of Agency)
devise
Zoning
General Agency
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
42. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
straight assumption
Alienation clause
rescission
In a straight assumption - the new buyer is approved - and takes over payments and liability
43. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
stigmatized
Fannie Mae - Freddie Mac and Ginnie Mae.
by ratification.
$4000.
44. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
ostensible agency
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.
10%
Those on a fixed income
45. Loans qualified to be purchased in the secondary market are called
conforming loans.
Redlining
General
conforming loans
46. The deed of trust involves three parties...
General
General Agency
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
alimony - child support or a pension plan.
47. Lenders can deny credit if your sole source of income is__
1. Release the lien when the note is paid. 2. Foreclose in the event of default
3
alimony - child support or a pension plan.
It is a right in land and should be created in writing and recorded.
48. IN Reg Z Advertising which states only __is permitted
MIP - mortgage insurance premium
the cash price or the APR
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Fannie Mae - Freddie Mac and Ginnie Mae.
49. ____ - the refusal to lend in a particular geographic area - is prohibited.
Mitigation
Redlining
conforming loans.
alimony - child support or a pension plan.
50. On income producing property land can never be depreciated for...
trustor
10%
a power of attorney
income tax purposes