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. 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.






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






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






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






5. The minimum withdrawal from a home equity LOC is






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






7. Property Manager ( which type of Agency)






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






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






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






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






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






13. The secondary market warehousing agencies are...






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






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






16. ___market is where lenders go for money






17. Partially amortized loan - benefit






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






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






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






21. 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.






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






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






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.






25. What is easment?






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






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






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






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






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






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






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






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






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






36. '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?






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






38. IRS Lein - Specific lein or general lein






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






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






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






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






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


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






45. ___ 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.)






46. Must sign the Deed of Trust.






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






48. Includes real property plus personal property






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






50. There are four basic characteristics of value