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






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






3. 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.






4. Loan novation?






5. __ "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.






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






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






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






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

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






11. High tension wire should be disclosed






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






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






14. IN Reg Z Advertising which states only __is permitted






15. The secondary market warehousing agencies are...






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






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






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






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






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






21. ___ 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.






22. ___market is where lenders go for money






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






24. Property Manager ( which type of Agency)






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






26. The minimum withdrawal from a home equity LOC is






27. There are four basic characteristics of value






28. ___loan - Covers more than one piece of property






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






30. ___ 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.)






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






32. What is easment?






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






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






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






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

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






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






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






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






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






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






43. '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?






44. IRS Lein - Specific lein or general lein






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






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






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






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






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






50. Advantages of FHA loans

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