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






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






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






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






5. __ "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.






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






7. IRS Lein - Specific lein or general lein






8. The minimum withdrawal from a home equity LOC is






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






10. Loan novation?






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






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






13. ___market is where lenders go for money






14. An ___ is a limitation on your rights






15. Property Manager ( which type of Agency)






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






17. Advantages of FHA loans

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






19. 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.






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






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






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






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






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






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






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






27. High tension wire should be disclosed






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






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






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






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






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






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






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






37. ___ 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.






38. The secondary market warehousing agencies are...






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






40. Includes real property plus personal property






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






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






43. 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.






44. Must sign the Deed of Trust.






45. '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?






46. 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.






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






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






49. IN Reg Z Advertising which states only __is permitted






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