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 specific type of joint tenancy where the co-owners are husband and wife.






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






3. ___ 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.)






4. An ___ is a limitation on your rights






5. The minimum withdrawal from a home equity LOC is






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






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






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






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






10. Must sign the Deed of Trust.






11. __ "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.






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






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






14. Property Manager ( which type of Agency)






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






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






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






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






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






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






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






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






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






24. Loan novation?






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






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






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






28. 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.






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






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






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






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






33. High tension wire should be disclosed






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






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






36. ___loan - Covers more than one piece of property






37. ___ 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.






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






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






40. 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.






41. What is easment?






42. The secondary market warehousing agencies are...






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






44. ___market is where lenders go for money






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






46. Partially amortized loan - benefit






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






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






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






50. '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?