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






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






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






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






5. Loan novation?






6. What is easment?






7. High tension wire should be disclosed






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






9. Partially amortized loan - benefit






10. There are four basic characteristics of value






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






12. ___market is where lenders go for money






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






14. __ "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.






15. Advantages of FHA loans






16. 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.






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






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






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






20. 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.






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






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






23. 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.






24. Includes real property plus personal property






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






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






27. An ___ is a limitation on your rights






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






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






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






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






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






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






34. The minimum withdrawal from a home equity LOC is






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






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






37. ___ 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.






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






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






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






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






42. Property Manager ( which type of Agency)






43. ___loan - Covers more than one piece of property






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






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






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






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






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






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






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