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






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






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






4. High tension wire should be disclosed






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






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






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






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






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






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






11. IN Reg Z Advertising which states only __is permitted






12. The minimum withdrawal from a home equity LOC is






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






14. ___loan - Covers more than one piece of property






15. ___market is where lenders go for money






16. 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.






17. 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.






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






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






20. Advantages of FHA loans

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






22. What is easment?






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






24. An ___ is a limitation on your rights






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






26. ___ 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.)






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






28. Must sign the Deed of Trust.






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






30. __ "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.






31. There are four basic characteristics of value






32. Partially amortized loan - benefit






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






34. 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.






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






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






37. '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?






38. IRS Lein - Specific lein or general lein






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






40. The secondary market warehousing agencies are...






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






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






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






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






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






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






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






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






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






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