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






2. Partially amortized loan - benefit






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






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






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






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






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






8. What is easment?






9. ___loan - Covers more than one piece of property






10. Includes real property plus personal property






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






12. ___ 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.






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






14. '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?






15. 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.






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






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






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






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






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






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






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






23. ___market is where lenders go for money






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






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






26. IRS Lein - Specific lein or general lein






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






28. IN Reg Z Advertising which states only __is permitted






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






30. Advantages of FHA loans

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31. High tension wire should be disclosed






32. An ___ is a limitation on your rights






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






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






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






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






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






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






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






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






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






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

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






45. __ "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.






46. The minimum withdrawal from a home equity LOC is






47. Must sign the Deed of Trust.






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






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






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






Can you answer 50 questions in 15 minutes?



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