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

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2. Includes real property plus personal property






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






4. 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.






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






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






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






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






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






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






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






12. High tension wire should be disclosed






13. Advantages of FHA loans

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14. Loan novation?






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






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






17. What is easment?






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






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






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






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






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






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






24. 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.






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






26. ___ 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.






27. The secondary market warehousing agencies are...






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






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






30. An ___ is a limitation on your rights






31. Property Manager ( which type of Agency)






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






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






34. __ "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.






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






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






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






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






39. ___loan - Covers more than one piece of property






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






41. There are four basic characteristics of value






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






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






44. '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?






45. IRS Lein - Specific lein or general lein






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






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






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

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49. Partially amortized loan - benefit






50. Must sign the Deed of Trust.