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






2. The minimum withdrawal from a home equity LOC is






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






4. High tension wire should be disclosed






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






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






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






8. 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.






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






10. Must sign the Deed of Trust.






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






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


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






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






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






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






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






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


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






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






21. Advantages of FHA loans


22. 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.






23. An ___ is a limitation on your rights






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






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






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






28. Partially amortized loan - benefit






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






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






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






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






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






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






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






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






37. '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?






38. IN Reg Z Advertising which states only __is permitted






39. Property Manager ( which type of Agency)






40. ___ 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.)






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






42. 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.






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






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






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






46. What is easment?






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






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






49. The secondary market warehousing agencies are...






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