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






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






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






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






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






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






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






8. '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?






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






10. There are four basic characteristics of value






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

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






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






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






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






16. The minimum withdrawal from a home equity LOC is






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

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






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






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






21. An ___ is a limitation on your rights






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






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






24. Includes real property plus personal property






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






26. ___market is where lenders go for money






27. 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.






28. ___loan - Covers more than one piece of property






29. High tension wire should be disclosed






30. What is easment?






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






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






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






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






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






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






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






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






39. Partially amortized loan - benefit






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






41. IN Reg Z Advertising which states only __is permitted






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






43. IRS Lein - Specific lein or general lein






44. 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.






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






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






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






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






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






50. Property Manager ( which type of Agency)