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 insurance on the FHA loan is referred to as___






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

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






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






5. Advantages of FHA loans

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






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






8. '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?






9. ___ 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.)






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






11. IN Reg Z Advertising which states only __is permitted






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






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






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






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






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






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






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






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






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






21. ___market is where lenders go for money






22. The minimum withdrawal from a home equity LOC is






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






24. Loan novation?






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

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






27. The secondary market warehousing agencies are...






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






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






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






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






32. An ___ is a limitation on your rights






33. What is easment?






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






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






36. Must sign the Deed of Trust.






37. Includes real property plus personal property






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






39. IRS Lein - Specific lein or general lein






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






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






42. ___loan - Covers more than one piece of property






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






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






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






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






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






48. Partially amortized loan - benefit






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






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