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






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






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






4. Property Manager ( which type of Agency)






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






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






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






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






9. The secondary market warehousing agencies are...






10. __ "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.






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

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12. Loan novation?






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






14. '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?






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






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






17. IRS Lein - Specific lein or general lein






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






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






20. Includes real property plus personal property






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






22. 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.






23. An ___ is a limitation on your rights






24. ___ 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.






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






26. Must sign the Deed of Trust.






27. Partially amortized loan - benefit






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






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






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






31. What is easment?






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






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






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






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






36. 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.






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






38. High tension wire should be disclosed






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






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






41. The minimum withdrawal from a home equity LOC is






42. IN Reg Z Advertising which states only __is permitted






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






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






45. ___ 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.)






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






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






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

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49. There are four basic characteristics of value






50. ___loan - Covers more than one piece of property