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. Property Manager ( which type of Agency)






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






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






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






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






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






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






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






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






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






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






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






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






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






15. 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.






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






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






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






19. What is easment?






20. '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?






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






22. An ___ is a limitation on your rights






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






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






25. Loan novation?






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

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27. 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.






28. Must sign the Deed of Trust.






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






30. ___ 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.)






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






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






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






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






35. High tension wire should be disclosed






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






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






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






39. Advantages of FHA loans

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






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






42. 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.






43. The secondary market warehousing agencies are...






44. Includes real property plus personal property






45. ___ 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.






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






47. ___loan - Covers more than one piece of property






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






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






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