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. Includes real property plus personal property






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






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






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






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






6. 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.






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






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






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






10. IRS Lein - Specific lein or general lein






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






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






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






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






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






16. Must sign the Deed of Trust.






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






18. '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?






19. An ___ is a limitation on your rights






20. The secondary market warehousing agencies are...






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






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






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






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






25. __ "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.






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






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






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






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






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






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






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






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






34. 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.






35. There are four basic characteristics of value






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






37. The minimum withdrawal from a home equity LOC is






38. IN Reg Z Advertising which states only __is permitted






39. Advantages of FHA loans

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






41. What is easment?






42. 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.






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






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






45. ___loan - Covers more than one piece of property






46. Property Manager ( which type of Agency)






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






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






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






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