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






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






3. IN Reg Z Advertising which states only __is permitted






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






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






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






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






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






9. The minimum withdrawal from a home equity LOC is






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






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






12. An ___ is a limitation on your rights






13. The secondary market warehousing agencies are...






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






15. 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.






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






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






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






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






20. What is easment?






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






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






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






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






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






26. IRS Lein - Specific lein or general lein






27. ___market is where lenders go for money






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






29. Loan novation?






30. '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?






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






32. __ "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.






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






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






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






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






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






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






39. Advantages of FHA loans






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






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






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






43. 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.






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






45. ___ 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.






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






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






48. ___loan - Covers more than one piece of property






49. 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.






50. Includes real property plus personal property