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






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






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






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






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






6. 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.






7. Advantages of FHA loans

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






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






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






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






12. '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?






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






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






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






16. Partially amortized loan - benefit






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






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






19. Property Manager ( which type of Agency)






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






21. The secondary market warehousing agencies are...






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






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






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






25. An ___ is a limitation on your rights






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






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






28. ___loan - Covers more than one piece of property






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






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






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

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






33. What is easment?






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






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






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






37. The minimum withdrawal from a home equity LOC is






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






39. Must sign the Deed of Trust.






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






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






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






43. ___ 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.)






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






45. 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.






46. 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.






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






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

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






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







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