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






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






3. There are four basic characteristics of value






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






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






6. ___ 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.






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






8. IN Reg Z Advertising which states only __is permitted






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






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






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






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






13. 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.






14. ___loan - Covers more than one piece of property






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






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






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






18. Property Manager ( which type of Agency)






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






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






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






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






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






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






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






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






27. The minimum withdrawal from a home equity LOC is






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






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






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






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






32. High tension wire should be disclosed






33. IRS Lein - Specific lein or general lein






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






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

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






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






38. Advantages of FHA loans

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






40. ___ 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.)






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






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






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






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






45. __ "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.






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






47. '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?






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






50. An ___ is a limitation on your rights







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