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






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






4. An ___ is a limitation on your rights






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






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






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






8. IRS Lein - Specific lein or general lein






9. '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?






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






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






12. ___ 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.






13. 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.






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






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






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






17. Includes real property plus personal property






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






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






20. The minimum withdrawal from a home equity LOC is






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

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22. Must sign the Deed of Trust.






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






24. IN Reg Z Advertising which states only __is permitted






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






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






27. ___market is where lenders go for money






28. 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.






29. Loan novation?






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






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






32. High tension wire should be disclosed






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






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






35. What is easment?






36. Advantages of FHA loans

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






38. 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.






39. __ "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.






40. ___loan - Covers more than one piece of property






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






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






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






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






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






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

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






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






49. ___ 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.)






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