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. High tension wire should be disclosed






3. Advantages of FHA loans


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






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






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






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


11. Includes real property plus personal property






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






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






14. Partially amortized loan - benefit






15. '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?






16. __ "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.






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






18. Must sign the Deed of Trust.






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






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






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






22. IRS Lein - Specific lein or general lein






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






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






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






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






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






28. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






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






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






36. ___market is where lenders go for money






37. Loan novation?






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






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






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






41. 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.






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






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






44. The secondary market warehousing agencies are...






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






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






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






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






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






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