SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. This will not impact of the seller's credit rating.
Defeasance
Those on a fixed income
straight assumption
conforming loans.
2. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
3. ___ 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.)
estoppel
ostensible agency
General Agency
conomic obsolescence
4. An attorney-in-fact is the holder of...
a property exchange.
a power of attorney
grow - stabilize - decline - revitalize
devise
5. Loan novation?
General
Package Loan
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
In a straight assumption - the new buyer is approved - and takes over payments and liability
6. A property where there has been a murder or alleged haunting is called...
by ratification.
stigmatized
estate for years
the cash price or the APR
7. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)
Those on a fixed income
General Agency
The trustee
$4000.
8. IRS Lein - Specific lein or general lein
Errors & Omissions insurance
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
rescission
General
9. 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.
Alienation clause
stigmatized
Balloon loan
3
10. 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.
conforming loans
In a straight assumption - the new buyer is approved - and takes over payments and liability
estoppel
Alienation clause
11. For what group of buyers would the ARM be the least desirable?
Statutory law
Those on a fixed income
straight assumption
3
12. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
writ of execution
encumbrance
13. ____ - the refusal to lend in a particular geographic area - is prohibited.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
Redlining
Defeasance
Blanket
14. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___
MIP - mortgage insurance premium
husband and wife
income tax purposes
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
15. On income producing property land can never be depreciated for...
General
Subordination clause
Package Loan
income tax purposes
16. High tension wire should be disclosed
straight assumption
General Agency
EMFs
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
17. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity
Reverse annuity
husband and wife
alimony - child support or a pension plan.
the cash price or the APR
18. A person who has real property willed to her by a relative is said to acquire title by...
trustor
devise
General Agency
income tax purposes
19. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood
EMFs
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Statutory law
grow - stabilize - decline - revitalize
20. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.
In a straight assumption - the new buyer is approved - and takes over payments and liability
Radon
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
tenancy in common
21. The insurance on the FHA loan is referred to as___
MIP - mortgage insurance premium
Alienation clause
Redlining
husband and wife
22. Advantages of FHA loans
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
23. ___ 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
Package Loan
conforming loans
Alienation clause
24. A principal's duties to an agent ar...
Those on a fixed income
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
tenancy in common
Total amount - Certificate amount x 4 = approved maximum loan amount
25. Loans qualified to be purchased in the secondary market are called __
In a straight assumption - the new buyer is approved - and takes over payments and liability
conforming loans.
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
Blanket
26. When the principal learns of those actions - if the principal accepts those actions - that creates agency___
10%
a grante
Vendee's Lien
by ratification.
27. There are four basic characteristics of value
Those on a fixed income
Tenancy by the Entirety
General Agency
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
28. Lenders can deny credit if your sole source of income is__
An encumbrance
General
alimony - child support or a pension plan.
writ of execution
29. The veteran must obtain a Certificate of Eligibility from the VA
Total amount - Certificate amount x 4 = approved maximum loan amount
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
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.
EMFs
30. Covers more than one piece of property. (several lots on one note)
conomic obsolescence
Deed Restrictions
Reverse annuity
Blanket Loan
31. Loans qualified to be purchased in the secondary market are called
Blanket Loan
conomic obsolescence
conforming loans
Special or limited agency
32. An agent's duties to his principal are...
Vendee's Lien
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
conomic obsolescence
Total amount - Certificate amount x 4 = approved maximum loan amount
33. ___ are imposed to control land use - development and methods and materials for construction.
1. Mortgage 2. Deed 3. Deed of Trust 4. Note 4
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Deed Restrictions
conforming loans
34. An ___ is a limitation on your rights
Redlining
encumbrance
estate for years
Zoning
35. Common law does not always takes precedence over...
Statutory law
estate for years
conomic obsolescence
a grante
36. __ "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.
tenancy in common
Those on a fixed income
(OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care
Alienation clause
37. Must sign the Deed of Trust.
trustor
Alienation clause
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
(CRIP) - Compensation - Reimbursement - Indemnification - Performance
38. What is easment?
Package Loan
stigmatized
Mitigation
It is a right in land and should be created in writing and recorded.
39. Real estate investors can defer taxation of capital gains by making ___
ostensible agency
estate for years
conomic obsolescence
a property exchange.
40. __ is a specific type of joint tenancy where the co-owners are husband and wife.
Fannie Mae - Freddie Mac and Ginnie Mae.
Tenancy by the Entirety
tenancy in common
10%
41. This lease survives death and/or the sale of the property. No notice is required to terminate.
ostensible agency
Package Loan
estate for years
Redlining
42. The trustee has two functions in accordance with the Deed of Trust.
EMFs
3
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.
1. Release the lien when the note is paid. 2. Foreclose in the event of default
43. Includes real property plus personal property
1. Release the lien when the note is paid. 2. Foreclose in the event of default
10%
Package Loan
income tax purposes
44. 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.
Vendee's Lien
The trustee
income tax purposes
Zoning
45. The secondary market warehousing agencies are...
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.
Fannie Mae - Freddie Mac and Ginnie Mae.
The secondary
It is a right in land and should be created in writing and recorded.
46. ___ gives the agent the power to perform only specific acts and no others.
tenancy in common
$4000.
The trustee
Special or limited agency
47. The minimum withdrawal from a home equity LOC is
$4000.
Redlining
Alienation clause
encumbrance
48. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings
conforming loans.
$4000.
Mitigation
estoppel
49. ___market is where lenders go for money
trustor
Trustor (Mortgagor) borrower - buyer Beneficiary lender Trustee 3rd party - selected by the beneficiary
Package Loan
The secondary
50. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.
lower interest rate
25%
a property exchange.
stigmatized
Sorry!:) No result found.
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests