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. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






8. Advantages of FHA loans

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






10. 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.






11. The minimum withdrawal from a home equity LOC is






12. 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.






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






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






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

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16. Loan novation?






17. ___loan - Covers more than one piece of property






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






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






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






21. High tension wire should be disclosed






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






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






24. ___ 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.






25. IN Reg Z Advertising which states only __is permitted






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






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






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

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






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






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






32. Property Manager ( which type of Agency)






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






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






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






36. There are four basic characteristics of value






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.






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






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






40. '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?






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






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






43. An ___ is a limitation on your rights






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






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






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






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






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






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