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






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






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






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






5. Partially amortized loan - benefit






6. An ___ is a limitation on your rights






7. IRS Lein - Specific lein or general lein






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






9. ___ 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.






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






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






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






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






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






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






16. '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?






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






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






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






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






21. IN Reg Z Advertising which states only __is permitted






22. Must sign the Deed of Trust.






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






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






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






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






27. What is easment?






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






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






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






31. Property Manager ( which type of Agency)






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






33. There are four basic characteristics of value






34. Includes real property plus personal property






35. 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.






36. The minimum withdrawal from a home equity LOC is






37. 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.






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






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






40. The secondary market warehousing agencies are...






41. High tension wire should be disclosed






42. ___ 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.)






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






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






45. __ "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.






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






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






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






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






50. Advantages of FHA loans

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