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






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






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






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






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






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






7. Must sign the Deed of Trust.






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






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






10. 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.






11. 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.






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






13. The secondary market warehousing agencies are...






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






15. __ "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.






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






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






18. IN Reg Z Advertising which states only __is permitted






19. An ___ is a limitation on your rights






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






21. ___market is where lenders go for money






22. What is easment?






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






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






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






26. 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.






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






28. ___ 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.






29. Partially amortized loan - benefit






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






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






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






33. Property Manager ( which type of Agency)






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






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






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






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






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






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






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

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41. ___ 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.)






42. Advantages of FHA loans

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






44. IRS Lein - Specific lein or general lein






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






46. The minimum withdrawal from a home equity LOC is






47. '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?






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






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






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