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. __ "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.






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






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






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






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

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






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






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






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






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






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






12. 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.






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






14. Includes real property plus personal property






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






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






17. An ___ is a limitation on your rights






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






19. 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.






20. ___ 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.






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






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






23. IN Reg Z Advertising which states only __is permitted






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

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25. ___market is where lenders go for money






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






27. ___loan - Covers more than one piece of property






28. '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?






29. Advantages of FHA loans

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






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






32. Partially amortized loan - benefit






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






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






35. ___ 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.)






36. The secondary market warehousing agencies are...






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






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






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






40. What is easment?






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






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






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






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






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






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






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






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






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






50. IRS Lein - Specific lein or general lein







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