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






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


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






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






5. IRS Lein - Specific lein or general lein






6. ___market is where lenders go for money






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






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






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






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






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






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






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






14. Advantages of FHA loans


15. Property Manager ( which type of Agency)






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






17. 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.






18. __ "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.






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






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






21. IN Reg Z Advertising which states only __is permitted






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






23. There are four basic characteristics of value






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






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






26. What is easment?






27. Partially amortized loan - benefit






28. ___loan - Covers more than one piece of property






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






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






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






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






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






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






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






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






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






38. An ___ is a limitation on your rights






39. 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.






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






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






42. The secondary market warehousing agencies are...






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






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






45. Must sign the Deed of Trust.






46. Loan novation?






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






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






49. High tension wire should be disclosed






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