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. Property Manager ( which type of Agency)






2. What is easment?






3. ___loan - Covers more than one piece of property






4. IN Reg Z Advertising which states only __is permitted






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






6. There are four basic characteristics of value






7. 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.






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






9. ___ 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.)






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






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






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






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






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






15. ___ 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.






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






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






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






19. The minimum withdrawal from a home equity LOC is






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






21. '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?






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

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






24. __ "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.






25. IRS Lein - Specific lein or general lein






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






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






28. The secondary market warehousing agencies are...






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






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






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






32. 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.






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






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






35. High tension wire should be disclosed






36. An ___ is a limitation on your rights






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

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






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






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






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






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






43. Includes real property plus personal property






44. Loan novation?






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






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






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






48. ___market is where lenders go for money






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






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