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1) Any loan that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac is called what? a) A nonconforming loan |
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2) ______________ is a shareholder-owned company that works to make sure mortgage money is available for people across the country. a) Freddie Mac |
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3) Loans originated in the primary mortgage market can be bought, sold or traded in the a) primary mortgage market. |
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4) When a lender is evaluating a buyer's ability to repay a loan, the lender looks at all of these items except which one? a) Educational history |
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5) Regulation Z applies to which of these situations? a) $35,000 farm loan |
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6) A loan-to-value-ratio is the ratio of a) the down payment to the value of the property. |
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7) When an underwriter is looking at an applicant_s income, he or she wants to see a) income that is not stable and not enough. |
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8) Who would probably NOT be targeted by predatory lenders? a) People with "A" paper |
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) A balloon mortgage is a loan that a) the monthly payment increases over time. |
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10) What is the risk of debt consolidation? a) Forgetting to pay many different bills |
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1) Who introduced the first security backed by conventional loans in 1971? a) Freddie Mac |
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Which statement about Ginnie Mae is false? a) Ginnie Mae is a government agency. |
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What is not a common way that mortgage funds are shifted? a) Lenders selling loans to one another. |
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Which of the following is a low loan-to-value ratio? a) Jake is getting a VA loan with no down payment. |
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It is important for the lender to determine the ___________ of a particular piece of property at any given point in time. a) rental value |
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If the dwelling is owner-occupied, the lender may think the risk is less because the property will be better taken care of. In this case, the lender may require a) smaller down payment than if it was a rental property. |
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Why is the borrower's net worth significant to the lender? a) The borrower's net worth shows how the borrower spends their cash. |
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When a qualified borrower is approved for a mortgage loan, the loan is referred to as what? a) _A_ paper |
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Loan flipping is a) when a lender bases an unaffordable loan on the applicant_s assets rather than his or her ability to repay the loan. |
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Redlining is a) when a lender seeks only buyers with "A" paper. |
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All of the following are primary mortgage market lenders except which? a) Investment groups |
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In what type of mortgage-backed security does the security holder receive payment of both principal and interest, whether or not is has been collected? a) The modified pass-through security |
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Who is not a major player in the secondary mortgage market? a) Fannie Mac |
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Determining a borrower's ability to repay a loan and evaluating a property are known as what? a) Qualification |
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The Truth in Lending Act exists a) so lenders disclose to buyers the true cost of obtaining credit. |
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What is not a criteria that lenders look at when determining whether to grant a loan? a) The borrower_s ability to repay the loan |
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Who is not a major credit reporting agency? a) Equifax |
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Which of the following is not prohibited by New York Anti-Predatory lending Law? a) Balloon payments |
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Borrowers who fall into the _below A_ categories are referred to as a) prime borrowers. |
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What is a predatory lending practice that one might see with sub-prime loans? a) A lender often gifts $5,000 to the unqualified buyer because of the type of neighborhood in which the property is located. |
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1) __________ control of land use was the precursor to public land use control in the United States. a) Total |
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The property owners of a subdivision can enforce the covenants by taking a court action known as a/n a) restraining order. |
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If an action is determined to have possible significant adverse environmental impacts, a/n _____________ is required. a) environmental footprint analysis |
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If a municipality exerts its power of eminent domain against a certain property owner, what happens? a) The owner must pay higher property taxes or give up the property. |
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In addition to government entities, which of these organizations may be able to condemn property under the power of eminent domain? a) Financial institutions |
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What is typically not covered by building codes? a) Architectural and engineering standards |
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Who can enact zoning ordinances? a) State governments |
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What is a type of zoning in which density is determined for an entire area, rather than on a lot-by-lot basis? a) Incentive zoning |
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What makes it possible for there to be a free exchange of development rights without having to buy or sell land? a) Incentive zoning |
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A non-profit organization wants to erect a much needed daycare center in a residential zone. Given other favorable circumstances, the local authorities grant permission by allowing what? a) An illegal nonconforming use |
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What are the primary objective/s of a land use plan? a) To limit landowner rights and the area's growth |
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What is a housing concept that produces a high density of residential housing units, a maximum use of open spaces, and greater development flexibility? a) An utopian development |
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If the zoning appeals board rejects a zoning appeal, the land owner may appeal the ruling by petitioning the New York Supreme Court through a/n a) Article 78 proceeding. |
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What is not a core purpose underlying the control of land use? a) To slow economic growth of the country |
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Which form of land use control places limits on how a property can be used? a) Licensing provision |
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) The Doctrine of Laches states that if property owners are a) stringent in protecting their property rights, the property owner may lose those rights. |
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What is the fundamental purpose of a building permit? a) To restrict the number of new development projects |
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What is not an example of a police power exercised by the government? a) Eminent domain |
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The Interstate Land Sales Full Disclosure Act prevents a) fraud in marketing factories that can be sold sight unseen. |
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What is the principal mechanism for implementing a master plan? a) Zoning |
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Which of the following is not a common type of zone classification? a) Residential |
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What law(s) requires meetings of governmental agencies and departments to be open to the public? a) The Open Government Law |
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What is the best definition of a master plan? a) An annual review of all land use permits and zones. |
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The approval process for development of multiple properties in an area includes submission of which of these? a) A covenant of restrictions |
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What is a temporary suspension of the development of a group of properties called? a) A moratorium |
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A zoning _________ allows a use that differs from the applicable ordinance for a variety of justifiable reasons. a) violation |
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Zoning is a) the process of planning for land use by a locality to allocate certain kinds of structures in certain areas. |
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What is the purpose of restrictive covenants in a subdivision? a) To preserve and protect the quality of land in subdivisions and to maximize land values |
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New York's ___________________ requires all state and local government agencies to assess the environmental significance of all actions they have discretion to approve, fund or directly undertake. a) Environmental Oversight Committee |
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To be valid, a local zoning ordinance must do what? a) Reasonably promote community health, safety and welfare |
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What happens to a person's property if he or she dies with no will and no heirs? a) It remains untouched. |
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In New York, ___________ liens take priority over any other liens. a) mechanic's |
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What do we call programs that encourage a shift in development away from environmentally sensitive areas to more appropriate areas? a) Moratoriums |
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Residential zoning regulates a) the density, value, and aesthetics of the area. |
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____________ include hospitals, prisons, courthouses, colleges and public schools. a) Parklands |
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In most jurisdictions, who manages the master plan? a) The mayor |
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Which of the following is not included in the subdivision regulations? a) Property tax rates |
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What is it called when a small area of land in an existing neighborhood is singled out and placed in a different zone from that of neighboring property? a) Moratorium |
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What is the term for a property with a use that clearly differs from current zoning? a) Legal use |
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When construction is complete, final inspections will be done and if all is up to code, the building department will issue a a) deed. |
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Who provides guidelines for the construction of private wells in New York? a) The Environmental Protection Agency |
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What is not typically included in a building's specifications? a) A list of the materials and finishes that will be used in the construction. |
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In platform framing, what are the members called that frame the structure? a) Studs |
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The slope of the roof is also known as a) the angle. |
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A __________ is a wooden support member that is laid on top of and bolted to the foundation wall. a) bearing wall |
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Which of the following heating methods would probably be the most efficient in the New York climate? a) Solar |
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Ventilation air is the air used for providing a) pure oxygen air. |
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What amount of heat energy is needed to raise the temperature of one pound of water by one degree F? a) A British Thermal Unit |
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When a one or two-family property is sold in New York, what is required? a) A structural inspection |
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What is a brand name for a type of plastic insulated wire, sometimes called non-metallic sheath? a) Armored Cable |
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A _________ is a protective device containing a wire that melts and breaks the circuit when the current exceeds a certain value. a) voltage dam |
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Contractors and developers must apply for and receive _____________ before they can start construction. a) the blueprints |
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What onsite system is designed to treat and dispose of domestic sewage? a) A sewer |
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What is the separation between the interior and the exterior environments of a building known as? a) The building envelope |
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Which is the most common type of framing for residential construction? a) Balloon |
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The part of the foundation which transmits loads directly to the soil is called a) the basement. |
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Walls that support the ceiling and the roof are called a) non-bearing walls. |
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Oil-fired heating has what disadvantage? a) Emits toxic fumes |
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What does the R-factor measure? a) The range of temperatures that a heating unit can provide. |
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What type of insulation is used for work on flat roofs, on basement walls, as perimeter insulation at concrete slab edges, and in cathedral ceilings? a) Rigid board insulation |
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Which type of pipe is typically found in drainage systems? a) Aluminum |
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How is amperage calculated? a) Cubic feet per minute |
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What dictates the minimum and maximum pressures allowed for plumbing fixtures? a) The building codes |
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The detailed set of plans that will be used as a guide to construct the building are a) the building permits. |
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_____________ is anything attached to a piece of land or building such that it becomes a part of that property and is passed on to a new owner when the property sells. a) An appurtenance |
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Shade affects a) the rate of erosion. |
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Studs used to frame the roofing system are called a) rafters. |
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What foundation is a flat concrete pad poured directly on the ground? a) The fundamental |
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In _____________ construction, exterior wall studs continue through the first and second stories. First floor joists and exterior wall studs both bear on the anchored sill. a) advanced |
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What kind of gas is used for cooling in air conditioners? a) Methane |
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__________ insulation is a two-part liquid containing a polymer and a foaming agent. a) Reflective |
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What type of furnace has a heat exchanger to burn the fuel, which is either natural gas, propane, or butane? a) A gas-fired furnace |
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Which of these types of wire would probably not be found in a residence? a) Romex cable |
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Which type of water heater is most popular? a) Gas |
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What type of pipe is utilized in areas where hard water is a problem, is very lightweight, and is inexpensive? a) Brass |
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1) What legislation was originally passed by Congress in 1974 to protect public health by regulating the nation's public drinking water supply? a) The Water Monopolization Act |
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Which of the following is not a category of wetland and is not protected by the Freshwater Wetlands Act of 1975? a) A forest |
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___________ is a chemical insecticide that was used for termite exterminations until it was banned in the early 1980s because of its toxicity. a) Mustard gas |
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What is a common source of lead contamination? a) Insulation from plumbing pipes |
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__________ minerals are fibrous silicates with a crystalline structure and are found in rock formations throughout the United States and the world. a) Polychlorinated biphenyl |
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What environmental hazard is the easiest to detect and mitigate but is totally odorless? a) Asbestos |
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Which statement is true about sick building syndrome? a) It subsides when the person leaves the building. |
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If a soil sample tests positive for PCBs, what is the remediation? a) To condemn the area |
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If a licensee is aware of any mold problems in a home, he or she should a) not disclose that information as a latent defect. |
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10) Which of the following laws created the Superfund? a) National Environmental Policy Act |
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What is the primary environment hazard of underground storage tanks? a) They might catch on fire. |
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During which phase of an environmental assessment tests does remediation occur? a) Phase I |
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When is a percolation test used? a) To test for lead paint. |
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In most cities and towns, water utility companies provide drinking water through a a) private system. |
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Highly corrosive water often has a dangerously high level of a) uranium. |
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When does asbestos pose a health hazard? a) When it is used in paint. |
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What devices detect and record radon? a) Continuous Radon Monitors |
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) In the _____________ section of the Lead-Based Paint Disclosure Form, the real estate licensee initials to indicate that he or she has inform the sellers as required and is aware of his or her responsibility to ensure compliance. a) Purchaser_s Acknowledgement |
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The most effective way to control indoor mold growth is to a) increase humidity. |
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8) Which of the following is not a significant source of formaldehyde? a) Particleboard |
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9) Mixtures of synthetic organic chemicals with the same basic chemical structure and similar physical properties ranging from oily liquids to waxy solids are a) polychlorinated biphenyls. |
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) Which phase of an environmental assessment confirms contamination at a site? a) Phase I |
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Why are some chlorofluorocarbons banned? a) They destroy the ozone layer. |
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There are no laws currently that regulate ____________ emissions. a) polychlorinated biphenyl |
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Which of the following substances could pollute drinking water? a) Asbestos |
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Areas where water covers the soil, or is present either at or near the surface of the soil all year are a) wetlands. |
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3) If there is a private well on the property, the homeowner or potential homeowner should be advised to a) have the water tested by a health or private laboratory at least once a year. |
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4) Who should remove asbestos? a) The seller |
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5) To what types of properties do lead-based paint disclosures apply? a) To regions where lead poisoning is common |
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6) The Surgeon General has warned that __________ is the second leading cause of lung cancer in the United States today and is therefore a serious public health problem. a) smoking |
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7) An increasing amount of corroborating research indicates that the presence of __________ in modern environments help improve indoor air quality in any building? a) carbon monoxide molecules |
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8) Which statement is false about sick building syndrome? a) Sick building syndrome is uncommon. |
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9) What is a thermal insulation material that is no longer used because of formaldehyde gas emission? a) Urea formaldehyde foam insulation |
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10) The government regulates USTs when the storage capacity reaches how many gallons? a) 600 c) 1100 |
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What is the primary hazard of chlorofluorocarbons to the environment? a) They cause forest fires. |
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AThe principle purpose for the Superfund is a) to clean up hazardous waste dumps and to respond to spills of hazardous materials. |
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1) What legislation was originally passed by Congress in 1974 to protect public health by regulating the nation's public drinking water supply? a) The Water Monopolization Act |
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2) Which of the following is not a category of wetland and is not protected by the Freshwater Wetlands Act of 1975? a) A forest |
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3) ___________ is a chemical insecticide that was used for termite exterminations until it was banned in the early 1980s because of its toxicity. a) Mustard gas |
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4) What is a common source of lead contamination? a) Insulation from plumbing pipes |
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5) __________ minerals are fibrous silicates with a crystalline structure and are found in rock formations throughout the United States and the world. a) Polychlorinated biphenyl |
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6) What environmental hazard is the easiest to detect and mitigate but is totally odorless? a) Asbestos |
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7) Which statement is true about sick building syndrome? a) It subsides when the person leaves the building. |
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8) If a soil sample tests positive for PCBs, what is the remediation? a) To condemn the area |
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9) If a licensee is aware of any mold problems in a home, he or she should a) not disclose that information as a latent defect. |
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10) Which of the following laws created the Superfund? a) National Environmental Policy Act |
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11) What is the primary environment hazard of underground storage tanks? a) They might catch on fire. |
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12) During which phase of an environmental assessment tests does remediation occur? a) Phase I |
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1) When is a percolation test used? a) To test for lead paint. |
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2) In most cities and towns, water utility companies provide drinking water through a a) private system. |
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3) Highly corrosive water often has a dangerously high level of a) uranium. |
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4) When does asbestos pose a health hazard? a) When it is used in paint. |
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5) What devices detect and record radon? a) Continuous Radon Monitors |
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6) In the _____________ section of the Lead-Based Paint Disclosure Form, the real estate licensee initials to indicate that he or she has inform the sellers as required and is aware of his or her responsibility to ensure compliance. a) Purchaser_s Acknowledgement |
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7) The most effective way to control indoor mold growth is to a) increase humidity. |
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8) Which of the following is not a significant source of formaldehyde? a) Particleboard |
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9) Mixtures of synthetic organic chemicals with the same basic chemical structure and similar physical properties ranging from oily liquids to waxy solids are a) polychlorinated biphenyls. |
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10) Which phase of an environmental assessment confirms contamination at a site? a) Phase I |
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11) Why are some chlorofluorocarbons banned? a) They destroy the ozone layer. |
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12) There are no laws currently that regulate ____________ emissions. a) polychlorinated biphenyl |
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1) Which of the following substances could pollute drinking water? a) Asbestos |
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2) Areas where water covers the soil, or is present either at or near the surface of the soil all year are a) wetlands. |
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3) If there is a private well on the property, the homeowner or potential homeowner should be advised to a) have the water tested by a health or private laboratory at least once a year. |
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4) Who should remove asbestos? a) The seller |
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5) To what types of properties do lead-based paint disclosures apply? a) To regions where lead poisoning is common |
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The Surgeon General has warned that __________ is the second leading cause of lung cancer in the United States today and is therefore a serious public health problem. a) smoking |
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7) An increasing amount of corroborating research indicates that the presence of __________ in modern environments help improve indoor air quality in any building? a) carbon monoxide molecules |
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8) Which statement is false about sick building syndrome? a) Sick building syndrome is uncommon. |
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9) What is a thermal insulation material that is no longer used because of formaldehyde gas emission? a) Urea formaldehyde foam insulation |
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10) The government regulates USTs when the storage capacity reaches how many gallons? a) 600 |
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11) What is the primary hazard of chlorofluorocarbons to the environment? a) They cause forest fires. |
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12) The principle purpose for the Superfund is a) to clean up hazardous waste dumps and to respond to spills of hazardous materials. |