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






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






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






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






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

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






7. __ "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.






8. The minimum withdrawal from a home equity LOC is






9. High tension wire should be disclosed






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






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






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






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






14. Loan novation?






15. What is easment?






16. ___loan - Covers more than one piece of property






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






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






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






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






21. ___ 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.)






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






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






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






25. There are four basic characteristics of value






26. Includes real property plus personal property






27. IN Reg Z Advertising which states only __is permitted






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






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






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






31. 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.






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






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






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






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






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






37. The secondary market warehousing agencies are...






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






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






40. 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.






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






42. Must sign the Deed of Trust.






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






44. ___ 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.






45. Property Manager ( which type of Agency)






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






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






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






49. IRS Lein - Specific lein or general lein






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

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