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






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






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






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






5. The minimum withdrawal from a home equity LOC is






6. 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.






7. Must sign the Deed of Trust.






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






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

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






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






12. 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.






13. Advantages of FHA loans

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






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






16. __ "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.






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






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






19. '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?






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






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






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






23. Loan novation?






24. ___market is where lenders go for money






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






26. 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.






27. The secondary market warehousing agencies are...






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






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






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






31. ___loan - Covers more than one piece of property






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






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






34. ___ 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.)






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






36. There are four basic characteristics of value






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






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






39. High tension wire should be disclosed






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






41. What is easment?






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






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






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






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






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






47. Includes real property plus personal property






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






49. An ___ is a limitation on your rights






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