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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. ___ gives the agent the power to perform only specific acts and no others.
Special or limited agency
Statutory law
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.
trustor
2. IRS Lein - Specific lein or general lein
encumbrance
General
Special or limited agency
Redlining
3. One who acquires property under a deed is....
a grante
Deed Restrictions
husband and wife
Tenancy by the Entirety
4. ___ is created when a licensee acts like an agent and others respond to those actions.
Subordination clause
General Agency
ostensible agency
25%
5. An agent's duties to his principal are...
Balloon loan
stigmatized
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
a grante
6. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
The trustee
Tenancy by the Entirety
$4000.
a grante
7. Covers more than one piece of property. (several lots on one note)
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
In a straight assumption - the new buyer is approved - and takes over payments and liability
Blanket Loan
devise
8. ___ is a limitation on your rights. It may also be a cloud on the title
conforming loans.
writ of execution
An encumbrance
EMFs
9. ___ are imposed to control land use - development and methods and materials for construction.
straight assumption
Deed Restrictions
General
encumbrance
10. Real estate investors can defer taxation of capital gains by making ___
Statutory law
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
a property exchange.
Package Loan
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. It is called?
Alienation clause
10%
25%
Deed Restrictions
12. Must sign the Deed of Trust.
trustor
3
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
13. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
stigmatized
EMFs
Fannie Mae - Freddie Mac and Ginnie Mae.
grow - stabilize - decline - revitalize
14. Common law does not always takes precedence over...
Alienation clause
a power of attorney
An encumbrance
Statutory law
15. Which of the following instruments is the promise to repay a debt?
stigmatized
Tenancy by the Entirety
estoppel
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
16. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
by ratification.
10%
conforming loans.
straight assumption
17. High tension wire should be disclosed
EMFs
Subordination clause
Alienation clause
writ of execution
18. On income producing property land can never be depreciated for...
income tax purposes
the cash price or the APR
Total amount - Certificate amount x 4 = approved maximum loan amount
conforming loans
19. Ownership by two or more without rights of survivorship is called
the cash price or the APR
MIP - mortgage insurance premium
$4000.
tenancy in common
20. IN Reg Z Advertising which states only __is permitted
In a straight assumption - the new buyer is approved - and takes over payments and liability
the cash price or the APR
Errors & Omissions insurance
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. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
rescission
10%
Those on a fixed income
25%
22. __ clause - states that the lien is defeated when the debt is repaid.
Package Loan
1. Release the lien when the note is paid. 2. Foreclose in the event of default
In a straight assumption - the new buyer is approved - and takes over payments and liability
Defeasance
23. The minimum withdrawal from a home equity LOC is
$4000.
grow - stabilize - decline - revitalize
Trustee's Deed
estoppel
24. Loans qualified to be purchased in the secondary market are called
Redlining
1. Release the lien when the note is paid. 2. Foreclose in the event of default
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
conforming loans
25. This lease survives death and/or the sale of the property. No notice is required to terminate.
tenancy in common
EMFs
General Agency
estate for years
26. What is easment?
Errors & Omissions insurance
It is a right in land and should be created in writing and recorded.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Deed Restrictions
27. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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28. ___ 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.
Errors & Omissions insurance
Defeasance
Alienation clause
Vendee's Lien
29. Loan novation?
stigmatized
alimony - child support or a pension plan.
In a straight assumption - the new buyer is approved - and takes over payments and liability
tenancy in common
30. This will not impact of the seller's credit rating.
Blanket
husband and wife
straight assumption
conforming loans.
31. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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32. The deed of trust involves three parties...
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
straight assumption
encumbrance
Zoning
33. A principal's duties to an agent ar...
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
3
a power of attorney
34. 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.
Those on a fixed income
Redlining
Balloon loan
MIP - mortgage insurance premium
35. ___market is where lenders go for money
The secondary
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
25%
It is a right in land and should be created in writing and recorded.
36. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
by ratification.
income tax purposes
writ of execution
Defeasance
37. __ is a specific type of joint tenancy where the co-owners are husband and wife.
General Agency
Tenancy by the Entirety
trustor
alimony - child support or a pension plan.
38. ___ 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
Alienation clause
tenancy in common
The secondary
39. The secondary market warehousing agencies are...
Fannie Mae - Freddie Mac and Ginnie Mae.
tenancy in common
encumbrance
conomic obsolescence
40. The insurance on the FHA loan is referred to as___
lower interest rate
grow - stabilize - decline - revitalize
alimony - child support or a pension plan.
MIP - mortgage insurance premium
41. Includes real property plus personal property
Trustee's Deed
a power of attorney
Package Loan
the cash price or the APR
42. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
Package Loan
Reverse annuity
Special or limited agency
grow - stabilize - decline - revitalize
43. Loans qualified to be purchased in the secondary market are called __
Radon
Subordination clause
conforming loans.
stigmatized
44. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Radon
Mitigation
encumbrance
25%
45. A property where there has been a murder or alleged haunting is called...
stigmatized
Fannie Mae - Freddie Mac and Ginnie Mae.
General
a power of attorney
46. The veteran must obtain a Certificate of Eligibility from the VA
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
a power of attorney
conforming loans
Total amount - Certificate amount x 4 = approved maximum loan amount
47. ____ - the refusal to lend in a particular geographic area - is prohibited.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Redlining
Defeasance
conforming loans
48. 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
writ of execution
conforming loans.
Trustee's Deed
49. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
The trustee
Radon
3
conomic obsolescence
50. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
Radon
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
lower interest rate
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care