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






2. Includes real property plus personal property






3. Must sign the Deed of Trust.






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






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






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






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






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

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






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






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






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






13. ___ 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.






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

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15. __ "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.






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






17. The minimum withdrawal from a home equity LOC is






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






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






20. What is easment?






21. Loan novation?






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






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






24. ___market is where lenders go for money






25. IRS Lein - Specific lein or general lein






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






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






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






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






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






31. There are four basic characteristics of value






32. 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.






33. Partially amortized loan - benefit






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






35. IN Reg Z Advertising which states only __is permitted






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






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






38. 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.






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






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






41. Property Manager ( which type of Agency)






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






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






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






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






46. 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.






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






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






49. High tension wire should be disclosed






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