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 secondary market warehousing agencies are...






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






3. 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.






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






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






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






7. ___market is where lenders go for money






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.






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






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






11. Property Manager ( which type of Agency)






12. '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?






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






14. 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.






15. ___ 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.)






16. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






22. Partially amortized loan - benefit






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






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






25. IN Reg Z Advertising which states only __is permitted






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






27. 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.






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






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






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






31. ___loan - Covers more than one piece of property






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






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

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






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






36. Includes real property plus personal property






37. Must sign the Deed of Trust.






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






39. An ___ is a limitation on your rights






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

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






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






43. Advantages of FHA loans

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






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






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






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






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






49. IRS Lein - Specific lein or general lein






50. There are four basic characteristics of value