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. ___ 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.






2. IRS Lein - Specific lein or general lein






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






4. Advantages of FHA loans

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






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






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






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






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






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






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






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






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






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






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

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






19. Loan novation?






20. 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.






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






22. There are four basic characteristics of value






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






24. IN Reg Z Advertising which states only __is permitted






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






26. The minimum withdrawal from a home equity LOC is






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






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






29. An ___ is a limitation on your rights






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






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






32. ___market is where lenders go for money






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






34. Must sign the Deed of Trust.






35. ___ 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.)






36. The secondary market warehousing agencies are...






37. What is easment?






38. High tension wire should be disclosed






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






40. ___loan - Covers more than one piece of property






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






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






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






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






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






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






47. Includes real property plus personal property






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






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






50. Property Manager ( which type of Agency)