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. '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?






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






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






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






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






6. 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.






7. What is easment?






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






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






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






11. There are four basic characteristics of value






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






13. Loan novation?






14. ___market is where lenders go for money






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






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






17. __ "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.






18. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






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






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






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






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






28. IN Reg Z Advertising which states only __is permitted






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. The insurance on the FHA loan is referred to as___






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






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






33. Partially amortized loan - benefit






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






35. Must sign the Deed of Trust.






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






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






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






39. ___ 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.)






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






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






42. High tension wire should be disclosed






43. Includes real property plus personal property






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






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






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






47. ___loan - Covers more than one piece of property






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






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






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