Test your basic knowledge |

Brokers License

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. Advantages of FHA loans






2. Foreign Investment and Real Property Tax Act -The title company will withhold __ of the sellers' sale price over $300 -000






3. __ "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.






4. ___market is where lenders go for money






5. The life cycle of a neighborhood is defined as the stages of growth and development of a neighborhood






6. ___ - a naturally occurring colorless and odorless gas produced by the decay of radioactive materials in rocks under the ground.






7. A person who has real property willed to her by a relative is said to acquire title by...






8. An agent's duties to his principal are...






9. The trustee has two functions in accordance with the Deed of Trust.






10. __ is a specific type of joint tenancy where the co-owners are husband and wife.






11. __This clause would be found in a second mortgage - a home improvement loan - or a home equity loan.






12. The minimum withdrawal from a home equity LOC is






13. '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?






14. One who acquires property under a deed is....






15. Common law does not always takes precedence over...






16. Foreclosure under a "power of sale" clause ends when the Trustee delivers a:___






17. Broker- Salesperson - owner-property manager-> which agency?






18. IN Reg Z Advertising which states only __is permitted






19. On income producing property land can never be depreciated for...






20. High tension wire should be disclosed






21. Partially amortized loan - benefit






22. An attorney-in-fact is the holder of...






23. __ clause - states that the lien is defeated when the debt is repaid.






24. For what group of buyers would the ARM be the least desirable?






25. ___ is a limitation on your rights. It may also be a cloud on the title






26. Lenders can deny credit if your sole source of income is__






27. There are four basic characteristics of value






28. ___ acts in a fiduciary relationship with the beneficiary in Deed of trust (mortgage)






29. An ___ is a limitation on your rights






30. 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.






31. ___ are imposed to control land use - development and methods and materials for construction.






32. Must sign the Deed of Trust.






33. What is easment?






34. Loans qualified to be purchased in the secondary market are called __






35. 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.






36. A principal's duties to an agent ar...






37. If the loan will result in a lien on a personal residence - the consumer has a 3 day right of...






38. Loans qualified to be purchased in the secondary market are called






39. If a party wins a judgment and is unable to collect - he can secure a___ from the courts to enforce payment.






40. This lease survives death and/or the sale of the property. No notice is required to terminate.






41. 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.






42. Includes real property plus personal property






43. Ownership by two or more without rights of survivorship is called






44. ___ 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.)






45. ___loan - Covers more than one piece of property






46. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.






47. The veteran must obtain a Certificate of Eligibility from the VA






48. The insurance on the FHA loan is referred to as___






49. The secondary market warehousing agencies are...






50. ___ is the term used to describe methods used to lower levels of radon in homes and other buildings