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






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






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






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






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






6. ___ 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.)






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






8. High tension wire should be disclosed






9. Partially amortized loan - benefit






10. The minimum withdrawal from a home equity LOC is






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






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






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






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






15. Property Manager ( which type of Agency)






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






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






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






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






20. IN Reg Z Advertising which states only __is permitted






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






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






23. Must sign the Deed of Trust.






24. 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.






25. ___market is where lenders go for money






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






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






28. The secondary market warehousing agencies are...






29. __ "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.






30. Advantages of FHA loans

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31. There are four basic characteristics of value






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






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






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






35. ___loan - Covers more than one piece of property






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






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

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






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






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






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






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






43. ___ 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.






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






45. Loan novation?






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






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

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48. 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.






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






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