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






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






3. Includes real property plus personal property






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






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






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






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






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






13. __ "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.






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






15. Partially amortized loan - benefit






16. IN Reg Z Advertising which states only __is permitted






17. There are four basic characteristics of value






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






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






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






21. The secondary market warehousing agencies are...






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






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






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






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






26. Must sign the Deed of Trust.






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






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






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






30. 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.






31. ___ 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.






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






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






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






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






36. The minimum withdrawal from a home equity LOC is






37. An ___ is a limitation on your rights






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






39. '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?






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






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






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






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






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






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






46. 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.






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






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






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






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests