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






2. 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.






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






4. Loan novation?






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






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






7. The secondary market warehousing agencies are...






8. IRS Lein - Specific lein or general lein






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






10. 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.






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






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






13. ___loan - Covers more than one piece of property






14. Must sign the Deed of Trust.






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






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






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






19. What is easment?






20. Partially amortized loan - benefit






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






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






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. ___market is where lenders go for money






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






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






27. 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.






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






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






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

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






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






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






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






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






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






37. ___ 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.






38. Advantages of FHA loans

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






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






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






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






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






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






45. IN Reg Z Advertising which states only __is permitted






46. '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?






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






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






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






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