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 minimum withdrawal from a home equity LOC is






2. Must sign the Deed of Trust.






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






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






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






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






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






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






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


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






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






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






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






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






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






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






17. ___market is where lenders go for money






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






19. ___ 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.






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






21. 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.






22. Includes real property plus personal property






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


24. Loan novation?






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






26. The secondary market warehousing agencies are...






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






28. ___ 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.)






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






30. Advantages of FHA loans


31. Property Manager ( which type of Agency)






32. What is easment?






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






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






35. ___loan - Covers more than one piece of property






36. IRS Lein - Specific lein or general lein






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






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






39. High tension wire should be disclosed






40. IN Reg Z Advertising which states only __is permitted






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






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






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






44. 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.






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






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






47. 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.






48. '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?






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






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