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






2. Loan novation?






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






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






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






6. IRS Lein - Specific lein or general lein






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






8. 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.






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






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






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






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






13. Includes real property plus personal property






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






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






16. ___market is where lenders go for money






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






18. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






24. What is easment?






25. __ "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.






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






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

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






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






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






31. High tension wire should be disclosed






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






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






34. 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.






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






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. It is called?






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






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






39. 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.






40. An ___ is a limitation on your rights






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






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






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






44. ___ 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.)






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






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






47. ___loan - Covers more than one piece of property






48. There are four basic characteristics of value






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






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