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Test your basic knowledge |
Brokers License
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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. A property where there has been a murder or alleged haunting is called...
ostensible agency
Radon
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.
stigmatized
2. __ is a specific type of joint tenancy where the co-owners are husband and wife.
General Agency
a grante
Zoning
Tenancy by the Entirety
3. ___ 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
General Agency
conforming loans
income tax purposes
4. For what group of buyers would the ARM be the least desirable?
Those on a fixed income
General Agency
25%
Balloon loan
5. Property Manager ( which type of Agency)
General Agency
a grante
Package Loan
Defeasance
6. ___loan - Covers more than one piece of property
Alienation clause
Blanket
Tenancy by the Entirety
a grante
7. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
a power of attorney
Blanket Loan
by ratification.
encumbrance
8. Lenders can deny credit if your sole source of income is__
alimony - child support or a pension plan.
the cash price or the APR
Redlining
conforming loans.
9. There are four basic characteristics of value
An encumbrance
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
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
Tenancy by the Entirety
10. What is easment?
ostensible agency
It is a right in land and should be created in writing and recorded.
Alienation clause
tenancy in common
11. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
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.
Trustee's Deed
grow - stabilize - decline - revitalize
Tenancy by the Entirety
12. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
the cash price or the APR
$4000.
Trustee's Deed
Radon
13. The secondary market warehousing agencies are...
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
writ of execution
grow - stabilize - decline - revitalize
Fannie Mae - Freddie Mac and Ginnie Mae.
14. This will not impact of the seller's credit rating.
a power of attorney
Those on a fixed income
straight assumption
1. Release the lien when the note is paid. 2. Foreclose in the event of default
15. The insurance on the FHA loan is referred to as___
Special or limited agency
MIP - mortgage insurance premium
estate for years
General Agency
16. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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17. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
Trustee's Deed
conforming loans
writ of execution
Radon
18. Advantages of FHA loans
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19. Must sign the Deed of Trust.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
trustor
Blanket
Defeasance
20. A principal's duties to an agent ar...
a property exchange.
Mitigation
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Blanket Loan
21. ___ is created when a licensee acts like an agent and others respond to those actions.
General Agency
Radon
Vendee's Lien
ostensible agency
22. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
a grante
Special or limited agency
husband and wife
Those on a fixed income
23. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
income tax purposes
25%
The trustee
devise
24. ____ - the refusal to lend in a particular geographic area - is prohibited.
conforming loans.
Redlining
Statutory law
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
25. An agent's duties to his principal are...
income tax purposes
devise
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
1. Release the lien when the note is paid. 2. Foreclose in the event of default
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.
An encumbrance
Zoning
In a straight assumption - the new buyer is approved - and takes over payments and liability
alimony - child support or a pension plan.
27. An ___ is a limitation on your rights
devise
Deed Restrictions
encumbrance
Mitigation
28. The minimum withdrawal from a home equity LOC is
$4000.
MIP - mortgage insurance premium
a grante
1. Release the lien when the note is paid. 2. Foreclose in the event of default
29. A person who has real property willed to her by a relative is said to acquire title by...
Fannie Mae - Freddie Mac and Ginnie Mae.
Errors & Omissions insurance
estate for years
devise
30. High tension wire should be disclosed
ostensible agency
writ of execution
EMFs
3
31. Real estate investors can defer taxation of capital gains by making ___
writ of execution
by ratification.
a property exchange.
It is a right in land and should be created in writing and recorded.
32. __ "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.
Redlining
3
Alienation clause
husband and wife
33. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
3
Subordination clause
grow - stabilize - decline - revitalize
tenancy in common
34. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
by ratification.
tenancy in common
25%
General
35. __ clause - states that the lien is defeated when the debt is repaid.
Defeasance
Blanket Loan
conomic obsolescence
writ of execution
36. On income producing property land can never be depreciated for...
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Fannie Mae - Freddie Mac and Ginnie Mae.
The trustee
income tax purposes
37. ___ gives the agent the power to perform only specific acts and no others.
conforming loans
trustor
Special or limited agency
husband and wife
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.)
a grante
the cash price or the APR
General Agency
conomic obsolescence
39. ___ is a limitation on your rights. It may also be a cloud on the title
An encumbrance
Defeasance
straight assumption
conomic obsolescence
40. Common law does not always takes precedence over...
An encumbrance
Statutory law
Redlining
a power of attorney
41. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
writ of execution
Redlining
a property exchange.
Reverse annuity
42. IRS Lein - Specific lein or general lein
Blanket
General
Statutory law
An encumbrance
43. Ownership by two or more without rights of survivorship is called
tenancy in common
It is a right in land and should be created in writing and recorded.
$4000.
conforming loans
44. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
tenancy in common
Mitigation
The trustee
45. Loans qualified to be purchased in the secondary market are called __
Special or limited agency
Blanket
conforming loans.
10%
46. 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.
Defeasance
An encumbrance
Trustee's Deed
estoppel
47. Broker- Salesperson - owner-property manager-> which agency?
General Agency
a property exchange.
devise
Alienation clause
48. An attorney-in-fact is the holder of...
conomic obsolescence
Reverse annuity
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.
a power of attorney
49. '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
Alienation clause
the cash price or the APR
straight assumption
50. ___market is where lenders go for money
The secondary
devise
Blanket
conforming loans.
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