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

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






3. What is easment?






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






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






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






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






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






10. ___market is where lenders go for money






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






12. High tension wire should be disclosed






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






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






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






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






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

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






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






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






21. An ___ is a limitation on your rights






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






23. __ "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.






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






25. IRS Lein - Specific lein or general lein






26. IN Reg Z Advertising which states only __is permitted






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






28. Advantages of FHA loans

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






30. '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?






31. 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.






32. ___loan - Covers more than one piece of property






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






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






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






36. Must sign the Deed of Trust.






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






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






39. There are four basic characteristics of value






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






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






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






43. The minimum withdrawal from a home equity LOC is






44. 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.






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






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






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






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






49. Property Manager ( which type of Agency)






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