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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. __ clause - states that the lien is defeated when the debt is repaid.
Tenancy by the Entirety
Defeasance
a property exchange.
income tax purposes
2. An ___ is a limitation on your rights
encumbrance
estoppel
alimony - child support or a pension plan.
Zoning
3. On income producing property land can never be depreciated for...
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Alienation clause
income tax purposes
conforming loans.
4. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
MIP - mortgage insurance premium
Mitigation
Statutory law
3
5. Includes real property plus personal property
Special or limited agency
Balloon loan
Package Loan
Blanket
6. '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?
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
conomic obsolescence
Errors & Omissions insurance
Alienation clause
7. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
writ of execution
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.
conforming loans
Defeasance
8. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
a power of attorney
The trustee
Errors & Omissions insurance
Alienation clause
9. Ownership by two or more without rights of survivorship is called
Redlining
tenancy in common
by ratification.
encumbrance
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.
Trustee's Deed
Balloon loan
Vendee's Lien
$4000.
11. The insurance on the FHA loan is referred to as___
MIP - mortgage insurance premium
The trustee
An encumbrance
devise
12. This lease survives death and/or the sale of the property. No notice is required to terminate.
conforming loans.
grow - stabilize - decline - revitalize
rescission
estate for years
13. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
by ratification.
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
The secondary
14. ___ 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.)
stigmatized
Redlining
conomic obsolescence
rescission
15. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
It is a right in land and should be created in writing and recorded.
devise
estate for years
Radon
16. What is easment?
It is a right in land and should be created in writing and recorded.
The secondary
Statutory law
lower interest rate
17. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Tenancy by the Entirety
Special or limited agency
stigmatized
It is a right in land and should be created in writing and recorded.
18. Loans qualified to be purchased in the secondary market are called __
a grante
conforming loans.
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.
Mitigation
19. Property Manager ( which type of Agency)
General Agency
Zoning
Mitigation
straight assumption
20. The minimum withdrawal from a home equity LOC is
$4000.
stigmatized
General Agency
conomic obsolescence
21. ___ are imposed to control land use - development and methods and materials for construction.
Vendee's Lien
10%
a property exchange.
Deed Restrictions
22. IRS Lein - Specific lein or general lein
Blanket Loan
General
Deed Restrictions
General Agency
23. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
In a straight assumption - the new buyer is approved - and takes over payments and liability
Those on a fixed income
10%
a property exchange.
24. High tension wire should be disclosed
Statutory law
EMFs
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
income tax purposes
25. The deed of trust involves three parties...
The trustee
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
tenancy in common
$4000.
26. 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.
Special or limited agency
by ratification.
EMFs
Zoning
27. The trustee has two functions in accordance with the Deed of Trust.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Package Loan
ostensible agency
grow - stabilize - decline - revitalize
28. An attorney-in-fact is the holder of...
Radon
conomic obsolescence
writ of execution
a power of attorney
29. ___ is created when a licensee acts like an agent and others respond to those actions.
ostensible agency
grow - stabilize - decline - revitalize
writ of execution
The secondary
30. For what group of buyers would the ARM be the least desirable?
Those on a fixed income
Deed Restrictions
The trustee
grow - stabilize - decline - revitalize
31. Real estate investors can defer taxation of capital gains by making ___
a property exchange.
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
alimony - child support or a pension plan.
3
32. ___ is a limitation on your rights. It may also be a cloud on the title
An encumbrance
Package Loan
Blanket Loan
trustor
33. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
encumbrance
Alienation clause
Subordination clause
34. IN Reg Z Advertising which states only __is permitted
Blanket Loan
the cash price or the APR
General Agency
Alienation clause
35. Lenders can deny credit if your sole source of income is__
In a straight assumption - the new buyer is approved - and takes over payments and liability
alimony - child support or a pension plan.
25%
Radon
36. The secondary market warehousing agencies are...
a property exchange.
Errors & Omissions insurance
rescission
Fannie Mae - Freddie Mac and Ginnie Mae.
37. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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38. ___market is where lenders go for money
The secondary
Deed Restrictions
10%
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
39. The veteran must obtain a Certificate of Eligibility from the VA
General Agency
a power of attorney
Alienation clause
Total amount - Certificate amount x 4 = approved maximum loan amount
40. ___loan - Covers more than one piece of property
husband and wife
Zoning
by ratification.
Blanket
41. An agent's duties to his principal are...
trustor
Errors & Omissions insurance
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
a power of attorney
42. Common law does not always takes precedence over...
Mitigation
Deed Restrictions
a power of attorney
Statutory law
43. Loans qualified to be purchased in the secondary market are called
Vendee's Lien
1. Release the lien when the note is paid. 2. Foreclose in the event of default
General
conforming loans
44. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
The trustee
ostensible agency
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
grow - stabilize - decline - revitalize
45. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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46. ___ gives the agent the power to perform only specific acts and no others.
Deed Restrictions
encumbrance
Special or limited agency
Reverse annuity
47. 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.
devise
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.
husband and wife
estoppel
48. Partially amortized loan - benefit
EMFs
lower interest rate
Total amount - Certificate amount x 4 = approved maximum loan amount
10%
49. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
rescission
Total amount - Certificate amount x 4 = approved maximum loan amount
encumbrance
Radon
50. Loan novation?
In a straight assumption - the new buyer is approved - and takes over payments and liability
a property exchange.
An encumbrance
the cash price or the APR