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. Partially amortized loan - benefit






2. High tension wire should be disclosed






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


4. '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?






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






6. Loan novation?






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






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






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






10. 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.






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






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






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






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






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






16. Includes real property plus personal property






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






18. Property Manager ( which type of Agency)






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






20. ___loan - Covers more than one piece of property






21. IN Reg Z Advertising which states only __is permitted






22. An ___ is a limitation on your rights






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






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






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






26. 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.






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






30. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






37. ___market is where lenders go for money






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






39. There are four basic characteristics of value






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






42. Advantages of FHA loans

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


43. What is easment?






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






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






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






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






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






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






50. The minimum withdrawal from a home equity LOC is