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