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






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






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






4. ___ 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.






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






6. __ "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.






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






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






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






10. Includes real property plus personal property






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






12. Loan novation?






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






14. 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.






15. 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.






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






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






18. Must sign the Deed of Trust.






19. ___loan - Covers more than one piece of property






20. The secondary market warehousing agencies are...






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






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






23. An ___ is a limitation on your rights






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






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






26. 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.






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






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






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






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






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






32. There are four basic characteristics of value






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






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


36. The minimum withdrawal from a home equity LOC is






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






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






39. Partially amortized loan - benefit






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






41. High tension wire should be disclosed






42. ___ 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.)






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






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






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






46. Property Manager ( which type of Agency)






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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