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. The minimum withdrawal from a home equity LOC is






3. __ "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.






4. ___ 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.






5. An ___ is a limitation on your rights






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






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






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






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






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






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






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






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






14. '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?






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






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






17. Property Manager ( which type of Agency)






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






19. 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.






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






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






22. What is easment?






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






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






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






26. IN Reg Z Advertising which states only __is permitted






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






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

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






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






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






32. Loan novation?






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






34. ___loan - Covers more than one piece of property






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






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






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






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






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. Partially amortized loan - benefit






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






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






43. The secondary market warehousing agencies are...






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






45. High tension wire should be disclosed






46. 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.






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






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






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






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






Can you answer 50 questions in 15 minutes?



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