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. '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?






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






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






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






5. Partially amortized loan - benefit






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

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






8. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






14. The secondary market warehousing agencies are...






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






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






17. Loan novation?






18. 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.






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






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






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






22. What is easment?






23. ___market is where lenders go for money






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






25. Must sign the Deed of Trust.






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






27. 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.






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






29. An ___ is a limitation on your rights






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






32. __ "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.






33. There are four basic characteristics of value






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






35. IN Reg Z Advertising which states only __is permitted






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

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






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






39. ___loan - Covers more than one piece of property






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






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






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






43. Includes real property plus personal property






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






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






46. Property Manager ( which type of Agency)






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






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






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






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