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. '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?






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






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






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.






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






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






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






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






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






10. Must sign the Deed of Trust.






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






12. The minimum withdrawal from a home equity LOC is






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






14. Loan novation?






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






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






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






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






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






20. ___ 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.






21. Includes real property plus personal property






22. 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.






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

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






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






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. The secondary market warehousing agencies are...






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






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






30. IN Reg Z Advertising which states only __is permitted






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






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






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






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






35. High tension wire should be disclosed






36. Property Manager ( which type of Agency)






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






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






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






40. There are four basic characteristics of value






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






42. 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.






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






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

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






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






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






48. ___ 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.)






49. An ___ is a limitation on your rights






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