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






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






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






4. IN Reg Z Advertising which states only __is permitted






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






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






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






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






9. '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?






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






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






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






13. Loan novation?






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






15. There are four basic characteristics of value






16. ___ 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.






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






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






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






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






21. ___loan - Covers more than one piece of property






22. Includes real property plus personal property






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






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






25. IRS Lein - Specific lein or general lein






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






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






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






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






30. Property Manager ( which type of Agency)






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






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






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






34. An ___ is a limitation on your rights






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






36. Partially amortized loan - benefit






37. What is easment?






38. High tension wire should be disclosed






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






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






41. ___market is where lenders go for money






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






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






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






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






46. The secondary market warehousing agencies are...






47. Must sign the Deed of Trust.






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






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






50. ___ 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.)