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. IRS Lein - Specific lein or general lein






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






4. Partially amortized loan - benefit






5. IN Reg Z Advertising which states only __is permitted






6. '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?






7. Property Manager ( which type of Agency)






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






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






10. 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.






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






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






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






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






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






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






17. The secondary market warehousing agencies are...






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






19. Loan novation?






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






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






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






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






24. ___market is where lenders go for money






25. ___ 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.






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

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27. Must sign the Deed of Trust.






28. High tension wire should be disclosed






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






30. 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.






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






32. ___ 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.)






33. The minimum withdrawal from a home equity LOC is






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






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






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






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






38. Includes real property plus personal property






39. An ___ is a limitation on your rights






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






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






42. There are four basic characteristics of value






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






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






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






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






47. ___loan - Covers more than one piece of property






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






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






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