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






2. ___ 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.)






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






4. 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.






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






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

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






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






10. Includes real property plus personal property






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






12. IN Reg Z Advertising which states only __is permitted






13. Partially amortized loan - benefit






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






15. High tension wire should be disclosed






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






17. The minimum withdrawal from a home equity LOC is






18. An ___ is a limitation on your rights






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






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






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






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






23. Loan novation?






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






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






26. '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?






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






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






29. Property Manager ( which type of Agency)






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






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






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






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






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






35. Advantages of FHA loans

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36. There are four basic characteristics of value






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






38. ___market is where lenders go for money






39. __ "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.






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






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






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






43. Must sign the Deed of Trust.






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






45. 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.






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

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






48. The secondary market warehousing agencies are...






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






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