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






2. Property Manager ( which type of Agency)






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






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






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






7. The secondary market warehousing agencies are...






8. 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.






9. Includes real property plus personal property






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






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






12. 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.






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






14. '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?






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






16. 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.






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






18. ___ 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.






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






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






21. An ___ is a limitation on your rights






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






23. ___ 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.)






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






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






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






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






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






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






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






31. Advantages of FHA loans






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






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






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






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






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






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






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






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






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






41. IN Reg Z Advertising which states only __is permitted






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






43. What is easment?






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






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






46. Must sign the Deed of Trust.






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






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






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






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