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






2. ___ 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.)






3. 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.






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






5. 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.






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






7. '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?






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






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

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






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






12. The secondary market warehousing agencies are...






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






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






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






16. Includes real property plus personal property






17. Property Manager ( which type of Agency)






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






19. Must sign the Deed of Trust.






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






21. __ "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.






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






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






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






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






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






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






28. The minimum withdrawal from a home equity LOC is






29. ___market is where lenders go for money






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






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






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






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






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






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






36. ___ 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.






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






38. Partially amortized loan - benefit






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






40. IN Reg Z Advertising which states only __is permitted






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






42. What is easment?






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






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






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






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






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






48. Loan novation?






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

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