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. Loan novation?






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






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






4. IN Reg Z Advertising which states only __is permitted






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






6. '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?






7. Must sign the Deed of Trust.






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






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






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






11. High tension wire should be disclosed






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






13. 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.






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






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






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






17. Includes real property plus personal property






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






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






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






21. Advantages of FHA loans

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






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






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






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






26. ___market is where lenders go for money






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






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






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






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






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






32. 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.






33. Partially amortized loan - benefit






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

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






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






37. Property Manager ( which type of Agency)






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.






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






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






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






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






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






44. An ___ is a limitation on your rights






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






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






47. What is easment?






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






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






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

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Can you answer 50 questions in 15 minutes?



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