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






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






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






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






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






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






8. The minimum withdrawal from a home equity LOC is






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






10. ___loan - Covers more than one piece of property






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






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






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






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






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






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






17. Includes real property plus personal property






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






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






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






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






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






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






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






25. ___market is where lenders go for money






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






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






28. 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.






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






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






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






32. 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.






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






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






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






36. An ___ is a limitation on your rights






37. High tension wire should be disclosed






38. The secondary market warehousing agencies are...






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






40. Must sign the Deed of Trust.






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






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






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






44. What is easment?






45. IN Reg Z Advertising which states only __is permitted






46. 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.






47. Partially amortized loan - benefit






48. ___ 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.






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






50. Property Manager ( which type of Agency)







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Can you answer 50 questions in 15 minutes?


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