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 veteran must obtain a Certificate of Eligibility from the VA






2. Property Manager ( which type of Agency)






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






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






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






6. What is easment?






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






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






9. Includes real property plus personal property






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






11. ___loan - Covers more than one piece of property






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






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






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






15. 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.






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






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






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






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






20. '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?






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






22. The secondary market warehousing agencies are...






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






24. 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.






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






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






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






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

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29. 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.






30. IN Reg Z Advertising which states only __is permitted






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






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






33. The minimum withdrawal from a home equity LOC is






34. IRS Lein - Specific lein or general lein






35. Loan novation?






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






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






38. There are four basic characteristics of value






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






40. ___market is where lenders go for money






41. ___ 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.






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






43. An ___ is a limitation on your rights






44. Partially amortized loan - benefit






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






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






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






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






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

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