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






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






4. There are four basic characteristics of value






5. High tension wire should be disclosed






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






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






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


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






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






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






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






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






14. Property Manager ( which type of Agency)






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






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






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






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






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






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






21. The secondary market warehousing agencies are...






22. IRS Lein - Specific lein or general lein






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






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


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






26. ___market is where lenders go for money






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






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






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






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






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






32. Loan novation?






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






34. An ___ is a limitation on your rights






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






36. 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.






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






38. Must sign the Deed of Trust.






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






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






41. Includes real property plus personal property






42. 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.






43. The minimum withdrawal from a home equity LOC is






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






45. ___loan - Covers more than one piece of property






46. What is easment?






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






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






49. __ "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.






50. Advantages of FHA loans