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

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2. What is easment?






3. Property Manager ( which type of Agency)






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






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






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






7. __ "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.






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






9. The minimum withdrawal from a home equity LOC is






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






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






12. An ___ is a limitation on your rights






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






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






15. Must sign the Deed of Trust.






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






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






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






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






20. 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.






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






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






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






24. ___market is where lenders go for money






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






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






27. ___ 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.






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






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






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






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






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






33. Includes real property plus personal property






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






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






36. '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?






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






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






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






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






41. Advantages of FHA loans

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42. IRS Lein - Specific lein or general lein






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






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






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






46. IN Reg Z Advertising which states only __is permitted






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






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






49. Loan novation?






50. 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.