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.






2. 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.






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






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






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






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






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






8. IN Reg Z Advertising which states only __is permitted






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






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






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






12. Advantages of FHA loans

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13. High tension wire should be disclosed






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






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






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






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






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

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






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






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






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






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






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






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

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






27. ___market is where lenders go for money






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






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






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






31. An ___ is a limitation on your rights






32. Partially amortized loan - benefit






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






34. The minimum withdrawal from a home equity LOC is






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






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






37. 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.






38. IRS Lein - Specific lein or general lein






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






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






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






42. Property Manager ( which type of Agency)






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






44. Includes real property plus personal property






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






46. Must sign the Deed of Trust.






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






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






49. Loan novation?






50. ___ 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.







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