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






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






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






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






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






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






7. An ___ is a limitation on your rights






8. Advantages of FHA loans






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






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






11. The secondary market warehousing agencies are...






12. ___ 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.)






13. The minimum withdrawal from a home equity LOC is






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






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






16. ___market is where lenders go for money






17. There are four basic characteristics of value






18. Includes real property plus personal property






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






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






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






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






23. 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.






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






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






26. IRS Lein - Specific lein or general lein






27. Must sign the Deed of Trust.






28. ___loan - Covers more than one piece of property






29. Loan novation?






30. What is easment?






31. High tension wire should be disclosed






32. 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.






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






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






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






36. __ "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.






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






38. Property Manager ( which type of Agency)






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






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






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






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






43. 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.






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






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






46. Partially amortized loan - benefit






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






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






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






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