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






2. The secondary market warehousing agencies are...






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






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






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






6. ___loan - Covers more than one piece of property






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






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






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






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






11. Must sign the Deed of Trust.






12. Property Manager ( which type of Agency)






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






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






15. What is easment?






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






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






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






19. The minimum withdrawal from a home equity LOC is






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






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






22. Includes real property plus personal property






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






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


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






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






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






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






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






30. IRS Lein - Specific lein or general lein






31. 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.






32. Loan novation?






33. Partially amortized loan - benefit






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






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






36. There are four basic characteristics of value






37. An ___ is a limitation on your rights






38. IN Reg Z Advertising which states only __is permitted






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. ___ 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.






41. 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.






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






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






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






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






46. ___ 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.)






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.






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






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






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