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. ___market is where lenders go for money






2. High tension wire should be disclosed






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


4. IN Reg Z Advertising which states only __is permitted






5. Loan novation?






6. Partially amortized loan - benefit






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






8. ___ 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.






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






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






11. Property Manager ( which type of Agency)






12. Must sign the Deed of Trust.






13. An ___ is a limitation on your rights






14. There are four basic characteristics of value






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






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






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






18. 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.






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






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






21. Advantages of FHA loans


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






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






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






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






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






27. '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?






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






29. IRS Lein - Specific lein or general lein






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






31. __ "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.






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






33. The minimum withdrawal from a home equity LOC is






34. What is easment?






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






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






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






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






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






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






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






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






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






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






45. ___ 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.)






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






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






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






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


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