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. Property Manager ( which type of Agency)






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






3. Must sign the Deed of Trust.






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






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






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






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


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






9. ___loan - Covers more than one piece of property






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






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






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






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






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






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






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






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






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






19. Loan novation?






20. 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.






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






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






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


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






25. ___ 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.)






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






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






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






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






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






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






32. There are four basic characteristics of value






33. 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.






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






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






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






37. Includes real property plus personal property






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






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






40. What is easment?






41. The secondary market warehousing agencies are...






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






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






44. High tension wire should be disclosed






45. ___market is where lenders go for money






46. '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?






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






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






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






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