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






2. An ___ is a limitation on your rights






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






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






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






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






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






8. __ "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.






9. Partially amortized loan - benefit






10. '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?






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






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






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


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






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






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






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






18. The secondary market warehousing agencies are...






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






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






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






22. Must sign the Deed of Trust.






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






24. IN Reg Z Advertising which states only __is permitted






25. Includes real property plus personal property






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






27. The minimum withdrawal from a home equity LOC is






28. 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.






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






30. ___ 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.






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






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






33. What is easment?






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






35. High tension wire should be disclosed






36. Property Manager ( which type of Agency)






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






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






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






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






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






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






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






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






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






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






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






48. ___market is where lenders go for money






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


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