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






2. __ "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.






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






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






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






6. 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.






7. An ___ is a limitation on your rights






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






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






10. ___market is where lenders go for money






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






12. '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?






13. Includes real property plus personal property






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






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






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






17. There are four basic characteristics of value






18. Partially amortized loan - benefit






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

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






21. The minimum withdrawal from a home equity LOC is






22. IRS Lein - Specific lein or general lein






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






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






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






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






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






28. Loan novation?






29. 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.






30. Must sign the Deed of Trust.






31. What is easment?






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






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






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






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






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






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






38. ___loan - Covers more than one piece of property






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






40. The secondary market warehousing agencies are...






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






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






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






44. Property Manager ( which type of Agency)






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

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






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






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






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






50. ___ 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.)