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. An ___ is a limitation on your rights






2. The minimum withdrawal from a home equity LOC is






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






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

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






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






7. Property Manager ( which type of Agency)






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






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






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






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






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






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






14. Advantages of FHA loans

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






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






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






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






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






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






21. The secondary market warehousing agencies are...






22. 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.






23. What is easment?






24. ___market is where lenders go for money






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






26. IRS Lein - Specific lein or general lein






27. 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.






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






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






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






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






32. IN Reg Z Advertising which states only __is permitted






33. ___ 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.)






34. Loan novation?






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






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






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






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






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






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

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






42. ___loan - Covers more than one piece of property






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






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






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






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






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






48. Partially amortized loan - benefit






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






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