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. __ "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.






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






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






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






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






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






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






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






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






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






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






12. The minimum withdrawal from a home equity LOC is






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

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






15. 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.






16. There are four basic characteristics of value






17. High tension wire should be disclosed






18. ___ 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.)






19. Property Manager ( which type of Agency)






20. 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.






21. The secondary market warehousing agencies are...






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






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






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






25. What is easment?






26. Partially amortized loan - benefit






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






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






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






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






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






32. ___ 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.






33. Loan novation?






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






35. IRS Lein - Specific lein or general lein






36. Must sign the Deed of Trust.






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






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






39. ___market is where lenders go for money






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






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






42. '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?






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






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






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






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






47. ___loan - Covers more than one piece of property






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






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






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







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