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






2. __ "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.






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






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






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






6. What is easment?






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






8. There are four basic characteristics of value






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






10. ___loan - Covers more than one piece of property






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






12. Partially amortized loan - benefit






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






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






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






16. Property Manager ( which type of Agency)






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






18. IRS Lein - Specific lein or general lein






19. Includes real property plus personal property






20. ___market is where lenders go for money






21. ___ 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.






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






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






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






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






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






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






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






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






30. The minimum withdrawal from a home equity LOC is






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






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

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






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






35. High tension wire should be disclosed






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






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






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






39. IN Reg Z Advertising which states only __is permitted






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






41. ___ 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.)






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






43. The secondary market warehousing agencies are...






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

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






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






48. 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.






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






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







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