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. 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.






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






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






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






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






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






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






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






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






10. The minimum withdrawal from a home equity LOC is






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






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






13. Property Manager ( which type of Agency)






14. IRS Lein - Specific lein or general lein






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






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






18. IN Reg Z Advertising which states only __is permitted






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






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

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21. An ___ is a limitation on your rights






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






23. ___market is where lenders go for money






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






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






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






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

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






29. The secondary market warehousing agencies are...






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






31. Loan novation?






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






33. Must sign the Deed of Trust.






34. ___loan - Covers more than one piece of property






35. There are four basic characteristics of value






36. __ "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.






37. Includes real property plus personal property






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






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






40. Advantages of FHA loans

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






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






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






44. High tension wire should be disclosed






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






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






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






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






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






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







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