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






2. '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?






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






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






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






6. 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.






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






8. ___market is where lenders go for money






9. __ "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.






10. Must sign the Deed of Trust.






11. Loan novation?






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






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






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






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






16. Property Manager ( which type of Agency)






17. What is easment?






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






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






20. Advantages of FHA loans

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21. ___ 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.)






22. Partially amortized loan - benefit






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






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






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






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






27. The minimum withdrawal from a home equity LOC is






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






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






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






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






32. Includes real property plus personal property






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

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






35. 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.






36. High tension wire should be disclosed






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






38. IN Reg Z Advertising which states only __is permitted






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






40. ___loan - Covers more than one piece of property






41. ___ 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.






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






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






44. IRS Lein - Specific lein or general lein






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






46. An ___ is a limitation on your rights






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






48. The secondary market warehousing agencies are...






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






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