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






2. Includes real property plus personal property






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






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






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






6. IRS Lein - Specific lein or general lein






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






8. ___market is where lenders go for money






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






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






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






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






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






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






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






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






17. An ___ is a limitation on your rights






18. The minimum withdrawal from a home equity LOC is






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






20. Partially amortized loan - benefit






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






22. The secondary market warehousing agencies are...






23. Property Manager ( which type of Agency)






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






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






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






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






28. Advantages of FHA loans

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






30. ___ 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.)






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

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






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






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






35. Loan novation?






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






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






41. High tension wire should be disclosed






42. 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.






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






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






45. __ "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.






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

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






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






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






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