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






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






3. Partially amortized loan - benefit






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






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






6. 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.






7. ___ 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.)






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






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


10. The minimum withdrawal from a home equity LOC is






11. The secondary market warehousing agencies are...






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






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






14. What is easment?






15. ___ 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.






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






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






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






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






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






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






22. __ "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.






23. IRS Lein - Specific lein or general lein






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






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


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






27. Advantages of FHA loans


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






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






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






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






32. ___market is where lenders go for money






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






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






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






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






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






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






39. 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.






40. Includes real property plus personal property






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






42. IN Reg Z Advertising which states only __is permitted






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






44. High tension wire should be disclosed






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






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






47. '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?






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






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






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