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. Includes real property plus personal property






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






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






4. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






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






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






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






14. IN Reg Z Advertising which states only __is permitted






15. Must sign the Deed of Trust.






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






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






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






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






20. ___ 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.






21. What is easment?






22. Property Manager ( which type of Agency)






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






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






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






26. An agent's duties to his principal are...






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






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






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






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






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






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






33. __ "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.






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

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35. High tension wire should be disclosed






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






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






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






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






40. 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.






41. 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.






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






43. 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.






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






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






46. ___market is where lenders go for money






47. ___loan - Covers more than one piece of property






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






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






50. An ___ is a limitation on your rights