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 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.






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






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






4. Includes real property plus personal property






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






6. 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.






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






8. IRS Lein - Specific lein or general lein






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






10. The minimum withdrawal from a home equity LOC is






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






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






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






14. Partially amortized loan - benefit






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






17. ___ 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.






18. The secondary market warehousing agencies are...






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






23. Must sign the Deed of Trust.






24. High tension wire should be disclosed






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






26. ___market is where lenders go for money






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






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






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






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






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






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






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






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






35. '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?






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






37. An ___ is a limitation on your rights






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






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






40. There are four basic characteristics of value






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






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






43. Loan novation?






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






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






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






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






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






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






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