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






2. ___market is where lenders go for money






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






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






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






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






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






8. Advantages of FHA loans

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






10. 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.






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






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






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






14. The secondary market warehousing agencies are...






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






16. '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?






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






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






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






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






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






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. IRS Lein - Specific lein or general lein






24. There are four basic characteristics of value






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






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






27. Includes real property plus personal property






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

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29. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






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






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






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






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






39. What is easment?






40. 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.






41. Property Manager ( which type of Agency)






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






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






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






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






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






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






48. IN Reg Z Advertising which states only __is permitted






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






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