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. ___loan - Covers more than one piece of property






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






3. Loan novation?






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






5. 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.






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






7. ___ 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.)






8. '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?






9. High tension wire should be disclosed






10. ___market is where lenders go for money






11. __ "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.






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






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






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






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






16. IRS Lein - Specific lein or general lein






17. Must sign the Deed of Trust.






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






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






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






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






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






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






24. 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.






25. 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.






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






27. There are four basic characteristics of value






28. Advantages of FHA loans

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






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






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






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






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






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






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






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






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






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






39. The minimum withdrawal from a home equity LOC is






40. ___ 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.






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






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






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






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






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






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






47. An ___ is a limitation on your rights






48. Partially amortized loan - benefit






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






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