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






2. IRS Lein - Specific lein or general lein






3. There are four basic characteristics of value






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






5. Advantages of FHA loans


6. 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.






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






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


9. Loan novation?






10. The minimum withdrawal from a home equity LOC is






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






12. An ___ is a limitation on your rights






13. Includes real property plus personal property






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






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






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






17. Must sign the Deed of Trust.






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






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






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


21. ___market is where lenders go for money






22. ___loan - Covers more than one piece of property






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






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






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






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






27. __ "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.






28. The secondary market warehousing agencies are...






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






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






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






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






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






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






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






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






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






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






39. '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?






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






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






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






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






44. Property Manager ( which type of Agency)






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






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






47. ___ 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.






48. What is easment?






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






50. 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.