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. Property Manager ( which type of Agency)






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






3. Partially amortized loan - benefit






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






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






6. Includes real property plus personal property






7. The minimum withdrawal from a home equity LOC is






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






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






10. Loan novation?






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






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

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






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

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






16. IN Reg Z Advertising which states only __is permitted






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






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






19. 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.






20. Must sign the Deed of Trust.






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






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






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






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






25. ___market is where lenders go for money






26. 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.






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






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






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






30. 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.






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






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






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






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






35. IRS Lein - Specific lein or general lein






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






37. ___ 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.)






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






39. An ___ is a limitation on your rights






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






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






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






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






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






45. The secondary market warehousing agencies are...






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






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






48. There are four basic characteristics of value






49. What is easment?






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