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






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






4. Property Manager ( which type of Agency)






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






6. __ "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.






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

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






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






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






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






12. The minimum withdrawal from a home equity LOC is






13. Must sign the Deed of Trust.






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






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






16. ___ 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.






17. Loan novation?






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






19. 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.






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






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






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






23. The secondary market warehousing agencies are...






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






25. ___ 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.)






26. Advantages of FHA loans

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






28. There are four basic characteristics of value






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






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






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






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






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






34. IN Reg Z Advertising which states only __is permitted






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






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






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






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






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






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






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






42. ___market is where lenders go for money






43. Includes real property plus personal property






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






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

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






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






48. 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.






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






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







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