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






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






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






4. Loan novation?






5. ___loan - Covers more than one piece of property






6. __ "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.






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






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






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






10. IN Reg Z Advertising which states only __is permitted






11. What is easment?






12. The minimum withdrawal from a home equity LOC is






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






14. High tension wire should be disclosed






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






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






17. Advantages of FHA loans


18. An ___ is a limitation on your rights






19. Partially amortized loan - benefit






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






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






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


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






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






25. Includes real property plus personal property






26. Property Manager ( which type of Agency)






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






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






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






30. Must sign the Deed of Trust.






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






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






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






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






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






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






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






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






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






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






41. The secondary market warehousing agencies are...






42. 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.






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






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






45. 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.






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






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






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






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






50. '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?