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. The insurance on the FHA loan is referred to as___






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






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






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






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






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






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






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






10. There are four basic characteristics of value






11. __ "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.






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






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






14. ___market is where lenders go for money






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






16. ___ 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.)






17. ___ 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.






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






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






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






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






22. Property Manager ( which type of Agency)






23. An ___ is a limitation on your rights






24. What is easment?






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






26. ___loan - Covers more than one piece of property






27. High tension wire should be disclosed






28. Partially amortized loan - benefit






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






30. 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.






31. Must sign the Deed of Trust.






32. Loan novation?






33. 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.






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

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






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






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






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






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






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






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






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

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43. The minimum withdrawal from a home equity LOC is






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






45. '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?






46. Advantages of FHA loans

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






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






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






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







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