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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 loan will result in a lien on a personal residence - the consumer has a 3 day right of...
husband and wife
Balloon loan
rescission
Reverse annuity
2. __ clause - states that the lien is defeated when the debt is repaid.
Defeasance
Trustee's Deed
Errors & Omissions insurance
$4000.
3. Real estate investors can defer taxation of capital gains by making ___
Alienation clause
Fannie Mae - Freddie Mac and Ginnie Mae.
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
a property exchange.
4. Property Manager ( which type of Agency)
Blanket Loan
General Agency
stigmatized
Statutory law
5. The trustee has two functions in accordance with the Deed of Trust.
Trustee's Deed
Blanket
1. Release the lien when the note is paid. 2. Foreclose in the event of default
$4000.
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.
Balloon loan
Those on a fixed income
Zoning
Deed Restrictions
7. What is easment?
It is a right in land and should be created in writing and recorded.
25%
Redlining
devise
8. The secondary market warehousing agencies are...
The secondary
Reverse annuity
Fannie Mae - Freddie Mac and Ginnie Mae.
Subordination clause
9. One who acquires property under a deed is....
a grante
An encumbrance
Subordination clause
conforming loans.
10. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Tenancy by the Entirety
General Agency
Vendee's Lien
Mitigation
11. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Radon
Tenancy by the Entirety
Trustee's Deed
a property exchange.
12. High tension wire should be disclosed
Total amount - Certificate amount x 4 = approved maximum loan amount
EMFs
straight assumption
trustor
13. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
3
writ of execution
lower interest rate
a power of attorney
14. The deed of trust involves three parties...
conforming loans
tenancy in common
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Those on a fixed income
15. Ownership by two or more without rights of survivorship is called
The trustee
tenancy in common
An encumbrance
alimony - child support or a pension plan.
16. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
husband and wife
Subordination clause
encumbrance
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.
husband and wife
Errors & Omissions insurance
income tax purposes
MIP - mortgage insurance premium
18. __ is a specific type of joint tenancy where the co-owners are husband and wife.
The trustee
Tenancy by the Entirety
25%
$4000.
19. An attorney-in-fact is the holder of...
a power of attorney
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Errors & Omissions insurance
Subordination clause
20. IRS Lein - Specific lein or general lein
10%
Package Loan
General
alimony - child support or a pension plan.
21. ___ 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
ostensible agency
Statutory law
a grante
22. A principal's duties to an agent ar...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
General
3
Blanket
23. A property where there has been a murder or alleged haunting is called...
Tenancy by the Entirety
Mitigation
Statutory law
stigmatized
24. Advantages of FHA loans
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25. Broker- Salesperson - owner-property manager-> which agency?
General Agency
Those on a fixed income
Blanket
1. Release the lien when the note is paid. 2. Foreclose in the event of default
26. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
by ratification.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Blanket Loan
$4000.
27. ___loan - Covers more than one piece of property
Errors & Omissions insurance
Blanket
alimony - child support or a pension plan.
stigmatized
28. The minimum withdrawal from a home equity LOC is
conforming loans
An encumbrance
encumbrance
$4000.
29. An ___ is a limitation on your rights
In a straight assumption - the new buyer is approved - and takes over payments and liability
Defeasance
encumbrance
income tax purposes
30. An agent's duties to his principal are...
income tax purposes
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Subordination clause
In a straight assumption - the new buyer is approved - and takes over payments and liability
31. Loans qualified to be purchased in the secondary market are called __
In a straight assumption - the new buyer is approved - and takes over payments and liability
conforming loans.
conomic obsolescence
writ of execution
32. This lease survives death and/or the sale of the property. No notice is required to terminate.
10%
estate for years
alimony - child support or a pension plan.
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
33. ___market is where lenders go for money
The secondary
In a straight assumption - the new buyer is approved - and takes over payments and liability
conforming loans
a power of attorney
34. Includes real property plus personal property
tenancy in common
Package Loan
The trustee
Mitigation
35. Covers more than one piece of property. (several lots on one note)
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Blanket Loan
tenancy in common
income tax purposes
36. ____ - the refusal to lend in a particular geographic area - is prohibited.
An encumbrance
Alienation clause
Reverse annuity
Redlining
37. 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.
25%
General Agency
estoppel
Fannie Mae - Freddie Mac and Ginnie Mae.
38. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
The trustee
Zoning
alimony - child support or a pension plan.
Defeasance
39. Loans qualified to be purchased in the secondary market are called
a grante
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
EMFs
conforming loans
40. The insurance on the FHA loan is referred to as___
MIP - mortgage insurance premium
Subordination clause
1. Release the lien when the note is paid. 2. Foreclose in the event of default
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
41. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
a grante
Balloon loan
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
10%
42. ___ gives the agent the power to perform only specific acts and no others.
Special or limited agency
Redlining
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.
Tenancy by the Entirety
43. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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44. For what group of buyers would the ARM be the least desirable?
In a straight assumption - the new buyer is approved - and takes over payments and liability
Errors & Omissions insurance
General
Those on a fixed income
45. IN Reg Z Advertising which states only __is permitted
alimony - child support or a pension plan.
ostensible agency
Alienation clause
the cash price or the APR
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?
Alienation clause
by ratification.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
trustor
47. This will not impact of the seller's credit rating.
MIP - mortgage insurance premium
Blanket
straight assumption
husband and wife
48. Common law does not always takes precedence over...
An encumbrance
Redlining
Statutory law
General Agency
49. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
grow - stabilize - decline - revitalize
encumbrance
a power of attorney
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.
50. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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