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 principal's duties to an agent ar...






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






3. __ "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.






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






5. 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.






6. ___ 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.)






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






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






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






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






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






13. What is easment?






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






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






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






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






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






19. The secondary market warehousing agencies are...






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






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






22. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






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






29. There are four basic characteristics of value






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






31. ___market is where lenders go for money






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






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






34. Includes real property plus personal property






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






36. Advantages of FHA loans

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


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






38. ___ 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.






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






40. ___loan - Covers more than one piece of property






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






42. High tension wire should be disclosed






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






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






45. Partially amortized loan - benefit






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






47. Property Manager ( which type of Agency)






48. IRS Lein - Specific lein or general lein






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






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