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






2. '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?






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

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4. 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.






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






6. ___ 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.






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






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






9. High tension wire should be disclosed






10. What is easment?






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






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






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






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






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






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






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






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






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






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






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






22. __ "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.






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






24. IN Reg Z Advertising which states only __is permitted






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






26. Loan novation?






27. The minimum withdrawal from a home equity LOC is






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






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






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






31. Property Manager ( which type of Agency)






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






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






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






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






36. Includes real property plus personal property






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






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






39. ___market is where lenders go for money






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






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






42. Partially amortized loan - benefit






43. ___ 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.)






44. 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.






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






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






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






48. The secondary market warehousing agencies are...






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






50. 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.