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






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






3. 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.






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






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






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

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






8. ___market is where lenders go for money






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






10. ___loan - Covers more than one piece of property






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






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






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






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






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






16. The minimum withdrawal from a home equity LOC is






17. 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.






18. Includes real property plus personal property






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






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






21. Property Manager ( which type of Agency)






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






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






24. ___ is a loss of value due to outside factors. This is also called external obsolescence. It is incurable. (zoning - air pollution - noise - traffic - jobs - etc.)






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






26. There are four basic characteristics of value






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






28. The secondary market warehousing agencies are...






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






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






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






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






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






34. Advantages of FHA loans

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






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.






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






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






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






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






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






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






43. Must sign the Deed of Trust.






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






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






46. '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?






47. Loan novation?






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






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






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