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

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






3. The minimum withdrawal from a home equity LOC is






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






5. There are four basic characteristics of value






6. High tension wire should be disclosed






7. ___loan - Covers more than one piece of property






8. Advantages of FHA loans

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9. '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?






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






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






12. 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.






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






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






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






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






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






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






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






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






22. Partially amortized loan - benefit






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






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






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

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26. An ___ is a limitation on your rights






27. Loan novation?






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






29. What is easment?






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






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






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






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






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






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






36. ___ 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.)






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






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






39. __ "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.






40. Includes real property plus personal property






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






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






43. The secondary market warehousing agencies are...






44. Must sign the Deed of Trust.






45. IN Reg Z Advertising which states only __is permitted






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






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






48. ___market is where lenders go for money






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






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