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. __ "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.






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






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






4. Advantages of FHA loans

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5. ___ 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.)






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






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






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






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






10. Partially amortized loan - benefit






11. 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.






12. ___ 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.






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






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






15. Loan novation?






16. What is easment?






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






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






19. ___market is where lenders go for money






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






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






22. 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.






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

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24. ___loan - Covers more than one piece of property






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






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






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






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






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






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






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






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






33. IN Reg Z Advertising which states only __is permitted






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






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






36. There are four basic characteristics of value






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






38. High tension wire should be disclosed






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






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






41. An ___ is a limitation on your rights






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






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






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






45. Includes real property plus personal property






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

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47. '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?






48. IRS Lein - Specific lein or general lein






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






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