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 secondary market warehousing agencies are...






2. Advantages of FHA loans

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






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






5. An ___ is a limitation on your rights






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






7. High tension wire should be disclosed






8. Must sign the Deed of Trust.






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






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






11. Property Manager ( which type of Agency)






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






13. ___ 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.)






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






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






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






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






18. 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.






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






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






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






22. __ "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.






23. '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?






24. ___loan - Covers more than one piece of property






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

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






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






28. The minimum withdrawal from a home equity LOC is






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






30. IRS Lein - Specific lein or general lein






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






32. Partially amortized loan - benefit






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






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






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






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






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






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






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






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






41. 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.






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






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






44. ___market is where lenders go for money






45. 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.






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

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






48. Loan novation?






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






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