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






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






4. ___market is where lenders go for money






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






6. There are four basic characteristics of value






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






8. Partially amortized loan - benefit






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






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






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






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






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






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






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






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






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






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






19. ___loan - Covers more than one piece of property






20. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






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






28. ___ 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.






29. Advantages of FHA loans

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






31. Includes real property plus personal property






32. Must sign the Deed of Trust.






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

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






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






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






37. 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.






38. IN Reg Z Advertising which states only __is permitted






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






40. 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.






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






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






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






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






45. __ "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.






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






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

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48. The minimum withdrawal from a home equity LOC is






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






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