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 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.






2. Loan novation?






3. '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?






4. Advantages of FHA loans

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






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






7. What is easment?






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






9. Property Manager ( which type of Agency)






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






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






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






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

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






15. Partially amortized loan - benefit






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






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






18. An ___ is a limitation on your rights






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






20. IN Reg Z Advertising which states only __is permitted






21. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






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






28. ___ 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.)






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






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






31. ___market is where lenders go for money






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






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






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






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






37. ___loan - Covers more than one piece of property






38. __ "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.






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






40. There are four basic characteristics of value






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






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






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






44. Includes real property plus personal property






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






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






47. High tension wire should be disclosed






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






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






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