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






2. __ "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.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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

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






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






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






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






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

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23. The secondary market warehousing agencies are...






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






25. IN Reg Z Advertising which states only __is permitted






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






27. High tension wire should be disclosed






28. Partially amortized loan - benefit






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. It is called?






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






31. IRS Lein - Specific lein or general lein






32. Property Manager ( which type of Agency)






33. ___ 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.






34. Must sign the Deed of Trust.






35. What is easment?






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






37. ___market is where lenders go for money






38. 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.






39. 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.






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






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






42. When the principal learns of those actions - if the principal accepts those actions - that creates agency___






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






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






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






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






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






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






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






50. Includes real property plus personal property