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. __ "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.






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






3. ___ 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.)






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






5. There are four basic characteristics of value






6. ___loan - Covers more than one piece of property






7. Property Manager ( which type of Agency)






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






9. ___market is where lenders go for money






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






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






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






13. An ___ is a limitation on your rights






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






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






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






17. ___ 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.






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






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






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






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






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






23. Includes real property plus personal property






24. What is easment?






25. IN Reg Z Advertising which states only __is permitted






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






27. Must sign the Deed of Trust.






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






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






30. The secondary market warehousing agencies are...






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






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






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






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

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35. The minimum withdrawal from a home equity LOC is






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






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






38. '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?






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






40. IRS Lein - Specific lein or general lein






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






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






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






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






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






46. Advantages of FHA loans

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47. 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.






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






49. Loan novation?






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