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 deed of trust involves three parties...






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






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






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






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






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






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






8. Includes real property plus personal property






9. 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.






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






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






12. Partially amortized loan - benefit






13. The minimum withdrawal from a home equity LOC is






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. Must sign the Deed of Trust.






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






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






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






19. The secondary market warehousing agencies are...






20. ___ 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.)






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






22. High tension wire should be disclosed






23. __ "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.






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






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






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






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






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






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






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






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






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






33. IN Reg Z Advertising which states only __is permitted






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






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






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






37. Loan novation?






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






39. ___ 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.






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






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

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






43. Property Manager ( which type of Agency)






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






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

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46. ___loan - Covers more than one piece of property






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






48. What is easment?






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






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