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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 a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
Deed Restrictions
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
writ of execution
Defeasance
2. The minimum withdrawal from a home equity LOC is
lower interest rate
MIP - mortgage insurance premium
The trustee
$4000.
3. One who acquires property under a deed is....
Total amount - Certificate amount x 4 = approved maximum loan amount
a grante
Alienation clause
a property exchange.
4. High tension wire should be disclosed
grow - stabilize - decline - revitalize
conomic obsolescence
EMFs
estate for years
5. The trustee has two functions in accordance with the Deed of Trust.
husband and wife
writ of execution
a grante
1. Release the lien when the note is paid. 2. Foreclose in the event of default
6. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
encumbrance
Alienation clause
husband and wife
conomic obsolescence
7. Which of the following instruments is the promise to repay a debt?
An encumbrance
Redlining
a grante
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
8. 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.
grow - stabilize - decline - revitalize
Fannie Mae - Freddie Mac and Ginnie Mae.
EMFs
Balloon loan
9. Loans qualified to be purchased in the secondary market are called
Defeasance
conforming loans
income tax purposes
by ratification.
10. Must sign the Deed of Trust.
Tenancy by the Entirety
trustor
Errors & Omissions insurance
The trustee
11. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
conforming loans.
grow - stabilize - decline - revitalize
the cash price or the APR
$4000.
12. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
13. For what group of buyers would the ARM be the least desirable?
Those on a fixed income
In a straight assumption - the new buyer is approved - and takes over payments and liability
estoppel
Blanket
14. Lenders can deny credit if your sole source of income is__
Radon
alimony - child support or a pension plan.
stigmatized
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
15. __ is a specific type of joint tenancy where the co-owners are husband and wife.
straight assumption
rescission
Tenancy by the Entirety
ostensible agency
16. An agent's duties to his principal are...
It is a right in land and should be created in writing and recorded.
Special or limited agency
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
25%
17. This lease survives death and/or the sale of the property. No notice is required to terminate.
Special or limited agency
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
by ratification.
estate for years
18. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
19. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
by ratification.
Zoning
Balloon loan
the cash price or the APR
20. A property where there has been a murder or alleged haunting is called...
writ of execution
stigmatized
Tenancy by the Entirety
a power of attorney
21. Advantages of FHA loans
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.
trustor
In a straight assumption - the new buyer is approved - and takes over payments and liability
estoppel
Those on a fixed income
23. An ___ is a limitation on your rights
encumbrance
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
conforming loans
alimony - child support or a pension plan.
24. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
Subordination clause
Radon
a power of attorney
Vendee's Lien
25. __ "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.
trustor
Deed Restrictions
Alienation clause
General Agency
26. ____ - the refusal to lend in a particular geographic area - is prohibited.
The secondary
a power of attorney
Redlining
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
27. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
grow - stabilize - decline - revitalize
3
a property exchange.
lower interest rate
28. Partially amortized loan - benefit
It is a right in land and should be created in writing and recorded.
An encumbrance
lower interest rate
Statutory law
29. Common law does not always takes precedence over...
Balloon loan
writ of execution
25%
Statutory law
30. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
Tenancy by the Entirety
lower interest rate
Alienation clause
Reverse annuity
31. This will not impact of the seller's credit rating.
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.
straight assumption
Errors & Omissions insurance
conforming loans.
32. Loans qualified to be purchased in the secondary market are called __
writ of execution
rescission
grow - stabilize - decline - revitalize
conforming loans.
33. Covers more than one piece of property. (several lots on one note)
rescission
trustor
Blanket Loan
a grante
34. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
An encumbrance
Radon
tenancy in common
Errors & Omissions insurance
35. Ownership by two or more without rights of survivorship is called
tenancy in common
a power of attorney
writ of execution
grow - stabilize - decline - revitalize
36. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
25%
rescission
stigmatized
It is a right in land and should be created in writing and recorded.
37. '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?
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
Errors & Omissions insurance
$4000.
Alienation clause
38. IN Reg Z Advertising which states only __is permitted
the cash price or the APR
alimony - child support or a pension plan.
stigmatized
Blanket
39. Property Manager ( which type of Agency)
General Agency
Trustee's Deed
encumbrance
Deed Restrictions
40. ___ 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.)
conforming loans.
Mitigation
conomic obsolescence
Special or limited agency
41. ___ is created when a licensee acts like an agent and others respond to those actions.
ostensible agency
Total amount - Certificate amount x 4 = approved maximum loan amount
$4000.
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
42. 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.
Deed Restrictions
Zoning
straight assumption
Mitigation
43. An attorney-in-fact is the holder of...
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
estoppel
a power of attorney
conforming loans.
44. ___ gives the agent the power to perform only specific acts and no others.
Special or limited agency
Subordination clause
10%
Defeasance
45. On income producing property land can never be depreciated for...
income tax purposes
alimony - child support or a pension plan.
a property exchange.
tenancy in common
46. What is easment?
It is a right in land and should be created in writing and recorded.
Total amount - Certificate amount x 4 = approved maximum loan amount
Trustee's Deed
General
47. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
trustor
The secondary
10%
a property exchange.
48. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
income tax purposes
$4000.
Mitigation
encumbrance
49. The secondary market warehousing agencies are...
Fannie Mae - Freddie Mac and Ginnie Mae.
income tax purposes
MIP - mortgage insurance premium
General Agency
50. Real estate investors can defer taxation of capital gains by making ___
General Agency
Balloon loan
trustor
a property exchange.