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






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






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






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






5. Includes real property plus personal property






6. Advantages of FHA loans

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7. 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.






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






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






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






11. IRS Lein - Specific lein or general lein






12. '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?






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






14. High tension wire should be disclosed






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






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






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






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






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






20. The minimum withdrawal from a home equity LOC is






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






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






23. ___ 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.






24. Must sign the Deed of Trust.






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

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






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






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

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






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






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






32. ___market is where lenders go for money






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






34. 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.






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






36. 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.






37. There are four basic characteristics of value






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






39. The secondary market warehousing agencies are...






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






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






42. Property Manager ( which type of Agency)






43. __ "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.






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






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






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






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






48. IN Reg Z Advertising which states only __is permitted






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






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