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






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






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






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






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






6. Must sign the Deed of Trust.






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






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






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






10. 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.






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






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






13. Includes real property plus personal property






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






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






16. __ "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.






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






18. Property Manager ( which type of Agency)






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






20. '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?






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






22. IRS Lein - Specific lein or general lein






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






24. IN Reg Z Advertising which states only __is permitted






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






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






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






28. ___loan - Covers more than one piece of property






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






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






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






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






33. 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.






34. An ___ is a limitation on your rights






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






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






37. ___ 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.)






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






39. 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.






40. Advantages of FHA loans

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41. The secondary market warehousing agencies are...






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






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






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






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

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






47. The minimum withdrawal from a home equity LOC is






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






49. Loan novation?






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