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






2. __ "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.






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






4. Covers more than one piece of property. (several lots on one note)






5. ___ is created when a licensee acts like an agent and others respond to those actions.






6. 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.






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






8. ___ 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.






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






10. The minimum withdrawal from a home equity LOC is






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






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






13. A property where there has been a murder or alleged haunting is called...






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






15. Must sign the Deed of Trust.






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






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






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






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






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






21. What is easment?






22. 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.






23. ____ - the refusal to lend in a particular geographic area - is prohibited.






24. ___market is where lenders go for money






25. There are four basic characteristics of value






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






27. High tension wire should be disclosed






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






29. Loan novation?






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






31. 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.






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






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






34. '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?






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






36. The secondary market warehousing agencies are...






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






38. Tenancy by the Entirety is a specific type of joint tenancy where the co-owners are ___






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






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






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

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42. IRS Lein - Specific lein or general lein






43. Includes real property plus personal property






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






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






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






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






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






49. Partially amortized loan - benefit






50. Property Manager ( which type of Agency)







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Can you answer 50 questions in 15 minutes?


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