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. High tension wire should be disclosed






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






3. ___market is where lenders go for money






4. What is easment?






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






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

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7. The minimum withdrawal from a home equity LOC is






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






9. Partially amortized loan - benefit






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






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






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






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






14. ___ 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.






15. '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?






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






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






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






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






20. ___loan - Covers more than one piece of property






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






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






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






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






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






26. 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.






27. 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.






28. ___ 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.)






29. 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.






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






31. Must sign the Deed of Trust.






32. IRS Lein - Specific lein or general lein






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






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






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






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






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






38. Includes real property plus personal property






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






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






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

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






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






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






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






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






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






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






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