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






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

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






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






5. __ "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.






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






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






8. ___ 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.)






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






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






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






12. Property Manager ( which type of Agency)






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

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






15. High tension wire should be disclosed






16. ___market is where lenders go for money






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






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






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






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






21. IN Reg Z Advertising which states only __is permitted






22. The secondary market warehousing agencies are...






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






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






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






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






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






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






29. Partially amortized loan - benefit






30. Loan novation?






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






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






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






34. ___loan - Covers more than one piece of property






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






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. 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.






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






39. Advantages of FHA loans

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






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






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






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






44. ___ 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.






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






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






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






48. Must sign the Deed of Trust.






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






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