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






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






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






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






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






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






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






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






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






11. Partially amortized loan - benefit






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






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






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






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






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






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






18. The minimum withdrawal from a home equity LOC is






19. IN Reg Z Advertising which states only __is permitted






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






21. ___market is where lenders go for money






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






23. Property Manager ( which type of Agency)






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






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






26. ___ 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.)






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






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

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29. 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.






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






31. ___ 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.






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






33. 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.






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






35. Advantages of FHA loans

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

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37. High tension wire should be disclosed






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






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






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






41. What is easment?






42. Loan novation?






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






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






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






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






47. The secondary market warehousing agencies are...






48. '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?






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






50. Includes real property plus personal property