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






2. 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.






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






4. Must sign the Deed of Trust.






5. Advantages of FHA loans


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






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






8. What is easment?






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






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






11. 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.






12. '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?






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






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






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






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






17. Property Manager ( which type of Agency)






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.






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






20. IN Reg Z Advertising which states only __is permitted






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






22. Includes real property plus personal property






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






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






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






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






27. There are four basic characteristics of value






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


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






30. ___market is where lenders go for money






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






32. High tension wire should be disclosed






33. Loan novation?






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






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






36. IRS Lein - Specific lein or general lein






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






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






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






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






41. ___ 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.






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






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


44. The secondary market warehousing agencies are...






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






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






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






48. 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.






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






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