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 a loss of value due to outside factors. This is also called external obsolescence. It is incurable. (zoning - air pollution - noise - traffic - jobs - etc.)






3. The minimum withdrawal from a home equity LOC is






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






5. Must sign the Deed of Trust.






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






7. An ___ is a limitation on your rights






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






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






10. Partially amortized loan - benefit






11. 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.






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






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

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14. Property Manager ( which type of Agency)






15. '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?






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






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






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






19. IN Reg Z Advertising which states only __is permitted






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






21. ___market is where lenders go for money






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






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






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






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






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






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






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






29. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






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






37. There are four basic characteristics of value






38. 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.






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






40. ___ 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.






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






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

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






44. __ "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.






45. What is easment?






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






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






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






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






50. 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.