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






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






4. 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.






5. Must sign the Deed of Trust.






6. IN Reg Z Advertising which states only __is permitted






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






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


9. 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.






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






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






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






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






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






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






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






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






18. 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.






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






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






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






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






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






24. '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?






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






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






27. The secondary market warehousing agencies are...






28. There are four basic characteristics of value






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






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






31. __ "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.






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






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






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






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






36. Includes real property plus personal property






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






38. Property Manager ( which type of Agency)






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






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


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






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






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






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






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






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






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






48. ___market is where lenders go for money






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






50. Loan novation?