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 will not impact of the seller's credit rating.






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






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






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






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






7. ___ 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.)






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






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






10. 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.






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






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






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






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






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






16. ___ 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.






17. '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?






18. Partially amortized loan - benefit






19. ___market is where lenders go for money






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






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






22. There are four basic characteristics of value






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






24. High tension wire should be disclosed






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






26. Loan novation?






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






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






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






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






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






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

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33. Property Manager ( which type of Agency)






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






35. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






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






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






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






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






45. Advantages of FHA loans

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






47. 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.






48. What is easment?






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






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