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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. Loan novation?
Errors & Omissions insurance
In a straight assumption - the new buyer is approved - and takes over payments and liability
Fannie Mae - Freddie Mac and Ginnie Mae.
ostensible agency
2. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
Errors & Omissions insurance
estoppel
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
3. Which of the following instruments is the promise to repay a debt?
EMFs
by ratification.
writ of execution
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
4. IN Reg Z Advertising which states only __is permitted
It is a right in land and should be created in writing and recorded.
Errors & Omissions insurance
Subordination clause
the cash price or the APR
5. ____ - the refusal to lend in a particular geographic area - is prohibited.
Redlining
General Agency
Defeasance
General
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?
the cash price or the APR
Reverse annuity
Alienation clause
husband and wife
7. Must sign the Deed of Trust.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
the cash price or the APR
trustor
In a straight assumption - the new buyer is approved - and takes over payments and liability
8. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
Alienation clause
Reverse annuity
Statutory law
grow - stabilize - decline - revitalize
9. __ clause - states that the lien is defeated when the debt is repaid.
It is a right in land and should be created in writing and recorded.
EMFs
The secondary
Defeasance
10. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
General Agency
tenancy in common
3
by ratification.
11. High tension wire should be disclosed
EMFs
Trustee's Deed
Defeasance
conforming loans
12. ___ are imposed to control land use - development and methods and materials for construction.
Mitigation
It is a right in land and should be created in writing and recorded.
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
Deed Restrictions
13. 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.
Balloon loan
Package Loan
Reverse annuity
EMFs
14. ___ gives the agent the power to perform only specific acts and no others.
Special or limited agency
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 property exchange.
10%
15. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.
The secondary
Subordination clause
Zoning
Vendee's Lien
16. The insurance on the FHA loan is referred to as___
Total amount - Certificate amount x 4 = approved maximum loan amount
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
MIP - mortgage insurance premium
rescission
17. Includes real property plus personal property
Alienation clause
Package Loan
Reverse annuity
Total amount - Certificate amount x 4 = approved maximum loan amount
18. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.
ostensible agency
3
An encumbrance
trustor
19. ___ is a limitation on your rights. It may also be a cloud on the title
An encumbrance
conforming loans
Those on a fixed income
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
20. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
Those on a fixed income
husband and wife
by ratification.
a grante
21. Advantages of FHA loans
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22. A principal's duties to an agent ar...
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
husband and wife
devise
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
23. One who acquires property under a deed is....
the cash price or the APR
It is a right in land and should be created in writing and recorded.
a grante
Deed Restrictions
24. ___ is created when a licensee acts like an agent and others respond to those actions.
conforming loans.
ostensible agency
Reverse annuity
lower interest rate
25. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
The trustee
General
a power of attorney
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.
26. ___market is where lenders go for money
The secondary
Statutory law
conomic obsolescence
$4000.
27. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
10%
Redlining
General Agency
28. Real estate investors can defer taxation of capital gains by making ___
Special or limited agency
Those on a fixed income
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
29. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...
stigmatized
alimony - child support or a pension plan.
rescission
Vendee's Lien
30. The veteran must obtain a Certificate of Eligibility from the VA
3
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Total amount - Certificate amount x 4 = approved maximum loan amount
An encumbrance
31. 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
Defeasance
alimony - child support or a pension plan.
stigmatized
32. 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.
An encumbrance
Deed Restrictions
estoppel
Subordination clause
33. Partially amortized loan - benefit
Fannie Mae - Freddie Mac and Ginnie Mae.
trustor
lower interest rate
conforming loans.
34. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
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35. Loans qualified to be purchased in the secondary market are called
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
conforming loans
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
Deed Restrictions
36. An attorney-in-fact is the holder of...
devise
a power of attorney
conforming loans
$4000.
37. Property Manager ( which type of Agency)
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
Total amount - Certificate amount x 4 = approved maximum loan amount
General Agency
38. __ "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 (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
lower interest rate
Alienation clause
conforming loans
39. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
rescission
MIP - mortgage insurance premium
writ of execution
Balloon loan
40. For what group of buyers would the ARM be the least desirable?
straight assumption
General Agency
Trustee's Deed
Those on a fixed income
41. A property where there has been a murder or alleged haunting is called...
Tenancy by the Entirety
stigmatized
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
a grante
42. A person who has real property willed to her by a relative is said to acquire title by...
25%
devise
a grante
estate for years
43. Covers more than one piece of property. (several lots on one note)
Errors & Omissions insurance
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Blanket Loan
Redlining
44. An ___ is a limitation on your rights
MIP - mortgage insurance premium
encumbrance
the cash price or the APR
conforming loans
45. Lenders can deny credit if your sole source of income is__
grow - stabilize - decline - revitalize
a power of attorney
alimony - child support or a pension plan.
Defeasance
46. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Tenancy by the Entirety
An encumbrance
Mitigation
Fannie Mae - Freddie Mac and Ginnie Mae.
47. What is easment?
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Special or limited agency
by ratification.
It is a right in land and should be created in writing and recorded.
48. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
25%
tenancy in common
Alienation clause
estate for years
49. Loans qualified to be purchased in the secondary market are called __
3
conforming loans.
estate for years
estoppel
50. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest
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