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






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






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






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






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






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






7. Advantages of FHA loans

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






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






10. There are four basic characteristics of value






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






12. Includes real property plus personal property






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






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

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15. ___market is where lenders go for money






16. Loan novation?






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






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






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






20. '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?






21. High tension wire should be disclosed






22. ___loan - Covers more than one piece of property






23. The secondary market warehousing agencies are...






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






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






26. 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.






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






28. Partially amortized loan - benefit






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






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






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






32. IRS Lein - Specific lein or general lein






33. ___ 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.)






34. Must sign the Deed of Trust.






35. What is easment?






36. The minimum withdrawal from a home equity LOC is






37. 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.






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






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






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






41. An ___ is a limitation on your rights






42. Property Manager ( which type of Agency)






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






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






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






46. IN Reg Z Advertising which states only __is permitted






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






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






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






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