Questions with 100% Correct Answers
Quiz_________________?
___ is the amount of money that a lender charges for the use of money; always expressed
as a ___ -
ANSWER✅
interest; percentage per year
Quiz_________________?
_______will guarantee that a loan made by an approved lending institution will be paid. -
ANSWER✅
The Veterans Administration (VA)
Quiz_________________?
__must be provided to purchasers of a time-share; deadline for furnishing is __ (sale
contract voidable if purchaser hasn't received) -
ANSWER✅
Public offering statements; the date of the sale contract
Quiz_________________?
1
, -loans w/ No government guarantees or insurance; obtained at local savings and loans,
mortgage brokers and mortgage bankers. -
ANSWER✅
Conventional Loans
Quiz_________________?
"Due on Sale Clause". The mortgagee or beneficiary declares the entire balance of the loan
due and payable when the property is transferred -
ANSWER✅
alienation clause
Quiz_________________?
"friendly foreclosure" Lender and borrower agree that the lender will become the owner of
the property instead of going through the formal foreclosure process. does not clear any
junior liens -
ANSWER✅
Deed in lieu of foreclosure
Quiz_________________?
"I own it and I have the right to sell it."
When you sell the entire bundle of rights it is known as -
ANSWER✅
Livery of Seisin
Quiz_________________?
2
, "I own the property," it is what we think of as "Ownership."no definite ending date. The
estate lasts at least a lifetime, because the property can be willed to a person's heirs, and
can be enjoyed without the interference of others. -
ANSWER✅
A Freehold Estates
Quiz_________________?
1:Determine the annual amount of interest paid based on the loan balance. 2: Divide the
annual amount of interest by twelve to determine the monthly interest amount.3: If the
payment of $998 includes both interest and principal, then we can subtract the interest
amount to determine the amount that was applied to principal.4: Now, we can apply the
principal to the loan balance to get the loan balance after one payment: $150,000 - $123 =
$149,877 (new balance). -
ANSWER✅
If the loan is for $150,000 at 7% interest for 30 years and the payment is $998 per month
(including principal and interest), what is the principal balance after one payment?
Quiz_________________?
1.Cost of Sale
2. Special assessment taxes, and general taxes"ad valorem",
3.The first mortgage, which is determined by the order of recording.
4.Whatever is recorded next would then be paid -
ANSWER✅
ORDER OF PAYMENT IN FORECLOSURE (4)
Quiz_________________?
1.Interpretation of the contract which authorizes him to hold funds.
2.Securing a written agreement signed by all parties having an interest in funds, and is
separate from the contract which authorizes him to hold funds.
3
, 3. At the closing of the transaction.
4. Rejection of offer to purchase, sell, rent, lease, exchange, or option
5. Withdrawal of offer not yet accepted to purchase, sell, rent, lease, exchange or option
6. Filing an interpleader action in a court of jurisdiction. Broker must follow the orders of
the court in dealing w/ the disputed trust funds.
7. By the order of a court . -
ANSWER✅
A broker may properly disburse funds from an escrow or trust account upon: (7)
Quiz_________________?
15 days from the ruling date. -
ANSWER✅
Any appeal of a ruling must be filed within
Quiz_________________?
30 days -
ANSWER✅
if there are damages in a case, the licensee must pay the amount of the damages awarded
within
Quiz_________________?
60 classroom hours in real estate within a 3-year period prior to the date of application,
documented by the approved school or other satisfactory evidence
Two years experience as a licensed Arkansas salesperson, or salesperson or broker from
another state, within the four-year period preceding the date of application -
ANSWER✅
requirement for brokers license
4
Quiz_________________?
___ is the amount of money that a lender charges for the use of money; always expressed
as a ___ -
ANSWER✅
interest; percentage per year
Quiz_________________?
_______will guarantee that a loan made by an approved lending institution will be paid. -
ANSWER✅
The Veterans Administration (VA)
Quiz_________________?
__must be provided to purchasers of a time-share; deadline for furnishing is __ (sale
contract voidable if purchaser hasn't received) -
ANSWER✅
Public offering statements; the date of the sale contract
Quiz_________________?
1
, -loans w/ No government guarantees or insurance; obtained at local savings and loans,
mortgage brokers and mortgage bankers. -
ANSWER✅
Conventional Loans
Quiz_________________?
"Due on Sale Clause". The mortgagee or beneficiary declares the entire balance of the loan
due and payable when the property is transferred -
ANSWER✅
alienation clause
Quiz_________________?
"friendly foreclosure" Lender and borrower agree that the lender will become the owner of
the property instead of going through the formal foreclosure process. does not clear any
junior liens -
ANSWER✅
Deed in lieu of foreclosure
Quiz_________________?
"I own it and I have the right to sell it."
When you sell the entire bundle of rights it is known as -
ANSWER✅
Livery of Seisin
Quiz_________________?
2
, "I own the property," it is what we think of as "Ownership."no definite ending date. The
estate lasts at least a lifetime, because the property can be willed to a person's heirs, and
can be enjoyed without the interference of others. -
ANSWER✅
A Freehold Estates
Quiz_________________?
1:Determine the annual amount of interest paid based on the loan balance. 2: Divide the
annual amount of interest by twelve to determine the monthly interest amount.3: If the
payment of $998 includes both interest and principal, then we can subtract the interest
amount to determine the amount that was applied to principal.4: Now, we can apply the
principal to the loan balance to get the loan balance after one payment: $150,000 - $123 =
$149,877 (new balance). -
ANSWER✅
If the loan is for $150,000 at 7% interest for 30 years and the payment is $998 per month
(including principal and interest), what is the principal balance after one payment?
Quiz_________________?
1.Cost of Sale
2. Special assessment taxes, and general taxes"ad valorem",
3.The first mortgage, which is determined by the order of recording.
4.Whatever is recorded next would then be paid -
ANSWER✅
ORDER OF PAYMENT IN FORECLOSURE (4)
Quiz_________________?
1.Interpretation of the contract which authorizes him to hold funds.
2.Securing a written agreement signed by all parties having an interest in funds, and is
separate from the contract which authorizes him to hold funds.
3
, 3. At the closing of the transaction.
4. Rejection of offer to purchase, sell, rent, lease, exchange, or option
5. Withdrawal of offer not yet accepted to purchase, sell, rent, lease, exchange or option
6. Filing an interpleader action in a court of jurisdiction. Broker must follow the orders of
the court in dealing w/ the disputed trust funds.
7. By the order of a court . -
ANSWER✅
A broker may properly disburse funds from an escrow or trust account upon: (7)
Quiz_________________?
15 days from the ruling date. -
ANSWER✅
Any appeal of a ruling must be filed within
Quiz_________________?
30 days -
ANSWER✅
if there are damages in a case, the licensee must pay the amount of the damages awarded
within
Quiz_________________?
60 classroom hours in real estate within a 3-year period prior to the date of application,
documented by the approved school or other satisfactory evidence
Two years experience as a licensed Arkansas salesperson, or salesperson or broker from
another state, within the four-year period preceding the date of application -
ANSWER✅
requirement for brokers license
4
