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. An ___ is a limitation on your rights






2. The minimum withdrawal from a home equity LOC is






3. Partially amortized loan - benefit






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






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






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






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






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

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9. ___market is where lenders go for money






10. Advantages of FHA loans

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






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






13. Includes real property plus personal property






14. Must sign the Deed of Trust.






15. ___loan - Covers more than one piece of property






16. __ "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.






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






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






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






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






21. 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.






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






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






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






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






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






27. 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.






28. 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.






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






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






31. High tension wire should be disclosed






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






33. Loan novation?






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






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






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






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






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






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






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






41. IRS Lein - Specific lein or general lein






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






43. Property Manager ( which type of Agency)






44. There are four basic characteristics of value






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






46. '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?






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






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






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






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