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






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






3. IRS Lein - Specific lein or general lein






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






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






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






7. __ "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.






8. The secondary market warehousing agencies are...






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






10. Partially amortized loan - benefit






11. Loan novation?






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






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






14. IN Reg Z Advertising which states only __is permitted






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






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






17. Must sign the Deed of Trust.






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






19. Advantages of FHA loans

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






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






22. ___ 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.






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






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






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






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






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






29. 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.






30. The minimum withdrawal from a home equity LOC is






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






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

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






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






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

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






37. ___loan - Covers more than one piece of property






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






39. An ___ is a limitation on your rights






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






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






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






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






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






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






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






47. '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?






48. Includes real property plus personal property






49. Property Manager ( which type of Agency)






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