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. An ___ is a limitation on your rights






2. 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.






3. ____mortgage - allows elderly homeowners - the criteria is 62 years of age - to borrow against their equity






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






5. ___ 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.






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






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






8. Property Manager ( which type of Agency)






9. Partially amortized loan - benefit






10. ___market is where lenders go for money






11. Includes real property plus personal property






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






13. 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.






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






15. ___ gives the agent the power to perform only specific acts and no others.






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






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






18. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.






19. ___loan - Covers more than one piece of property






20. This will not impact of the seller's credit rating.






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






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






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






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

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






26. '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?






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






28. The minimum withdrawal from a home equity LOC is






29. Which of the following instruments is the promise to repay a debt?






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. Advantages of FHA loans

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32. IN Reg Z Advertising which states only __is permitted






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






34. IRS Lein - Specific lein or general lein






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






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






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






38. The deed of trust involves three parties...






39. ___ 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.)






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






41. Must sign the Deed of Trust.






42. __ "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.






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






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






45. If the Trustee fails to deliver the deed the buyer may use a ___ to protect his interest

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






47. High tension wire should be disclosed






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






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






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