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 insurance on the FHA loan is referred to as___






2. IRS Lein - Specific lein or general lein






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






4. ___ 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.






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

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






7. Advantages of FHA loans

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8. An ___ is a limitation on your rights






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






10. Must sign the Deed of Trust.






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






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






13. ___loan - Covers more than one piece of property






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






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






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






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






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






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






20. Includes real property plus personal property






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






22. Property Manager ( which type of Agency)






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






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






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






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






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






28. The minimum withdrawal from a home equity LOC is






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






30. __ "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.






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






32. 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.






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






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






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






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






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






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






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






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






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






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

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






44. '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?






45. ___ 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.)






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






47. Partially amortized loan - benefit






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






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






50. The secondary market warehousing agencies are...