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






2. Property Manager ( which type of Agency)






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






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






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






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






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






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






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






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






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






12. An ___ is a limitation on your rights






13. There are four basic characteristics of value






14. Must sign the Deed of Trust.






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






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






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






18. ___market is where lenders go for money






19. What is easment?






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






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






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






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






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






25. 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.






26. High tension wire should be disclosed






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

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28. The secondary market warehousing agencies are...






29. Advantages of FHA loans

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






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






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






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






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






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






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






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






38. ___ 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.






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

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40. Includes real property plus personal property






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






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






43. __ "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.






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






45. IRS Lein - Specific lein or general lein






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






47. The minimum withdrawal from a home equity LOC is






48. ___loan - Covers more than one piece of property






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






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