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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. The secondary market warehousing agencies are...
The secondary
lower interest rate
conomic obsolescence
Fannie Mae - Freddie Mac and Ginnie Mae.
2. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
ostensible agency
the cash price or the APR
trustor
25%
3. 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.
The secondary
estoppel
10%
$4000.
4. Loans qualified to be purchased in the secondary market are called
husband and wife
It is a right in land and should be created in writing and recorded.
conforming loans
Alienation clause
5. Common law does not always takes precedence over...
Statutory law
Radon
estate for years
writ of execution
6. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
writ of execution
devise
Alienation clause
7. ___market is where lenders go for money
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
ostensible agency
The secondary
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
8. __ "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.
Alienation clause
lower interest rate
Statutory law
husband and wife
9. Real estate investors can defer taxation of capital gains by making ___
trustor
It is a right in land and should be created in writing and recorded.
Redlining
a property exchange.
10. A principal's duties to an agent ar...
alimony - child support or a pension plan.
estate for years
ostensible agency
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
11. Property Manager ( which type of Agency)
General Agency
estate for years
Package Loan
Subordination clause
12. '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?
Blanket
General Agency
a property exchange.
Alienation clause
13. Loans qualified to be purchased in the secondary market are called __
conforming loans.
devise
stigmatized
alimony - child support or a pension plan.
14. 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.
a power of attorney
conomic obsolescence
grow - stabilize - decline - revitalize
Balloon loan
15. ___ 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.)
a power of attorney
alimony - child support or a pension plan.
estate for years
conomic obsolescence
16. The minimum withdrawal from a home equity LOC is
a grante
grow - stabilize - decline - revitalize
by ratification.
$4000.
17. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
General Agency
The trustee
encumbrance
Reverse annuity
18. __ clause - states that the lien is defeated when the debt is repaid.
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.
encumbrance
estoppel
Defeasance
19. The veteran must obtain a Certificate of Eligibility from the VA
25%
trustor
a power of attorney
Total amount - Certificate amount x 4 = approved maximum loan amount
20. ____ - the refusal to lend in a particular geographic area - is prohibited.
conforming loans
The trustee
straight assumption
Redlining
21. __ is a specific type of joint tenancy where the co-owners are husband and wife.
the cash price or the APR
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
$4000.
Tenancy by the Entirety
22. Partially amortized loan - benefit
lower interest rate
Vendee's Lien
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
income tax purposes
23. An attorney-in-fact is the holder of...
estate for years
straight assumption
Deed Restrictions
a power of attorney
24. This lease survives death and/or the sale of the property. No notice is required to terminate.
Alienation clause
husband and wife
Blanket Loan
estate for years
25. IN Reg Z Advertising which states only __is permitted
the cash price or the APR
writ of execution
$4000.
grow - stabilize - decline - revitalize
26. Covers more than one piece of property. (several lots on one note)
$4000.
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
Special or limited agency
Blanket Loan
27. 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.
alimony - child support or a pension plan.
3
trustor
Zoning
28. Lenders can deny credit if your sole source of income is__
conforming loans.
alimony - child support or a pension plan.
Package Loan
General Agency
29. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
The secondary
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
10%
An encumbrance
30. An agent's duties to his principal are...
Errors & Omissions insurance
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
estoppel
lower interest rate
31. ___loan - Covers more than one piece of property
Statutory law
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Blanket
Mitigation
32. On income producing property land can never be depreciated for...
income tax purposes
An encumbrance
lower interest rate
husband and wife
33. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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34. The trustee has two functions in accordance with the Deed of Trust.
Statutory law
trustor
MIP - mortgage insurance premium
1. Release the lien when the note is paid. 2. Foreclose in the event of default
35. Broker- Salesperson - owner-property manager-> which agency?
conforming loans.
a property exchange.
General Agency
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
36. Includes real property plus personal property
Vendee's Lien
Zoning
Package Loan
by ratification.
37. Must sign the Deed of Trust.
Package Loan
trustor
Statutory law
Radon
38. Ownership by two or more without rights of survivorship is called
Blanket
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 in common
Defeasance
39. An ___ is a limitation on your rights
In a straight assumption - the new buyer is approved - and takes over payments and liability
a grante
conforming loans
encumbrance
40. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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41. A property where there has been a murder or alleged haunting is called...
stigmatized
trustor
rescission
General
42. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
Blanket Loan
by ratification.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Package Loan
43. Advantages of FHA loans
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44. One who acquires property under a deed is....
alimony - child support or a pension plan.
Mitigation
a grante
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
45. 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
stigmatized
46. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
writ of execution
Subordination clause
alimony - child support or a pension plan.
Mitigation
47. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
Those on a fixed income
3
income tax purposes
Subordination clause
48. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
General Agency
$4000.
devise
rescission
49. IRS Lein - Specific lein or general lein
writ of execution
tenancy in common
stigmatized
General
50. 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
The trustee
Reverse annuity
a property exchange.