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






2. The minimum withdrawal from a home equity LOC is






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






4. Includes real property plus personal property






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






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






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






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






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






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






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






12. Loan novation?






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






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






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






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






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






18. There are four basic characteristics of value






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






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






21. IN Reg Z Advertising which states only __is permitted






22. 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.






23. '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?






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






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

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






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






28. Must sign the Deed of Trust.






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






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






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






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






33. Advantages of FHA loans

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






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






36. ___market is where lenders go for money






37. What is easment?






38. IRS Lein - Specific lein or general lein






39. ___ 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.






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






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






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






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

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






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






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






47. 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.






48. 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.






49. Partially amortized loan - benefit






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