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. What is easment?






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






3. The secondary market warehousing agencies are...






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






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






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






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






8. High tension wire should be disclosed






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






10. Property Manager ( which type of Agency)






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






12. One who acquires property under a deed is....






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






14. Loan novation?






15. 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.






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






17. An ___ is a limitation on your rights






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






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






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






21. IN Reg Z Advertising which states only __is permitted






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






23. __ "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.






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






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






26. Must sign the Deed of Trust.






27. The minimum withdrawal from a home equity LOC is






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






29. ___ 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.






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






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






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

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






34. 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.






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






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






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






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






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






40. 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.






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






42. Partially amortized loan - benefit






43. Includes real property plus personal property






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






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






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






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






48. There are four basic characteristics of value






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. It is called?






50. IRS Lein - Specific lein or general lein