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. IN Reg Z Advertising which states only __is permitted






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






3. ___loan - Covers more than one piece of property






4. When the principal learns of those actions - if the principal accepts those actions - that creates agency___






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






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






7. '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?






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






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






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






11. The minimum withdrawal from a home equity LOC is






12. 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.






13. ___market is where lenders go for money






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






15. The secondary market warehousing agencies are...






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






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






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






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






20. Must sign the Deed of Trust.






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






22. An ___ is a limitation on your rights






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






24. Partially amortized loan - benefit






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






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






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






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






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






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






31. High tension wire should be disclosed






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






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






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






35. Real estate investors can defer taxation of capital gains by making ___






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

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37. Includes real property plus personal property






38. ___ 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.)






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

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






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






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






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






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






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






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






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






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






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






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