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

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






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






4. Property Manager ( which type of Agency)






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






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






7. Loan novation?






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






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






10. ___ 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.






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






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






13. Partially amortized loan - benefit






14. The minimum withdrawal from a home equity LOC is






15. 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.






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






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






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






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






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






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






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






23. 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.






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






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






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






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






28. ___loan - Covers more than one piece of property






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






30. Must sign the Deed of Trust.






31. The secondary market warehousing agencies are...






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






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






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






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






36. High tension wire should be disclosed






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






38. An ___ is a limitation on your rights






39. Advantages of FHA loans

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40. IN Reg Z Advertising which states only __is permitted






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






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






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






45. Includes real property plus personal property






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






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






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






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






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







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