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






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






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






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

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






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

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






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






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






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






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






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






13. Includes real property plus personal property






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






15. 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.






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






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






18. Advantages of FHA loans

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19. Partially amortized loan - benefit






20. Must sign the Deed of Trust.






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






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






23. There are four basic characteristics of value






24. An ___ is a limitation on your rights






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






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






27. __ "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.






28. 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.






29. IN Reg Z Advertising which states only __is permitted






30. The minimum withdrawal from a home equity LOC is






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






32. ___ 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.)






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






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






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






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






37. The secondary market warehousing agencies are...






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






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






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






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






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






43. '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?






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






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






46. ___market is where lenders go for money






47. What is easment?






48. IRS Lein - Specific lein or general lein






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






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