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






2. '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. It is called?






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






4. Must sign the Deed of Trust.






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






6. 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.






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






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

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9. IN Reg Z Advertising which states only __is permitted






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






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






12. Advantages of FHA loans

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






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

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15. The secondary market warehousing agencies are...






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






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






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






19. There are four basic characteristics of value






20. The minimum withdrawal from a home equity LOC is






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






22. Loan novation?






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






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






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






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






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






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






29. ___loan - Covers more than one piece of property






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






31. 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.






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






33. Includes real property plus personal property






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






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






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






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






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






39. High tension wire should be disclosed






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






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






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






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






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






45. An ___ is a limitation on your rights






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






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






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






49. 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.






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