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






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






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






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






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






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






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






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






9. '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?






10. Advantages of FHA loans

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






12. IN Reg Z Advertising which states only __is permitted






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

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






15. Partially amortized loan - benefit






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






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






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






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






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






21. ___ 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.






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






23. There are four basic characteristics of value






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






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






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






27. ___market is where lenders go for money






28. High tension wire should be disclosed






29. Includes real property plus personal property






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






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






32. 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.






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






34. Loan novation?






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






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






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






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






39. An ___ is a limitation on your rights






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






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






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. Must sign the Deed of Trust.






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






45. 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.






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






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






48. 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.






49. ___loan - Covers more than one piece of property






50. IRS Lein - Specific lein or general lein







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