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






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






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






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






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






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






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






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






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






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






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






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






13. IRS Lein - Specific lein or general lein






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






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

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






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






18. The secondary market warehousing agencies are...






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






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






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






22. Includes real property plus personal property






23. ___loan - Covers more than one piece of property






24. IN Reg Z Advertising which states only __is permitted






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






26. Partially amortized loan - benefit






27. There are four basic characteristics of value






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

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






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






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






32. What is easment?






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






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






35. Must sign the Deed of Trust.






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






37. An ___ is a limitation on your rights






38. Loan novation?






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






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






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






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






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






44. High tension wire should be disclosed






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






46. __ "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.






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






48. 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.






49. ___ 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.






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