Test your basic knowledge |

Brokers License

Subject : certifications
  • 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. ___ is a limitation on your rights. It may also be a cloud on the title

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

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

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

5. __ "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.

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

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

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

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

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

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

12. ___ 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.)

13. What is easment?

14. Must sign the Deed of Trust.

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

16. 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.

17. IN Reg Z Advertising which states only __is permitted

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

19. '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?

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

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

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

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

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

25. 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.

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

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

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

29. The secondary market warehousing agencies are...

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

31. 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.

32. High tension wire should be disclosed

33. Includes real property plus personal property

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

35. ___loan - Covers more than one piece of property

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

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

38. IRS Lein - Specific lein or general lein

39. ___market is where lenders go for money

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

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

42. Advantages of FHA loans

43. An ___ is a limitation on your rights

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

45. Partially amortized loan - benefit

46. On income producing property land can never be depreciated for...

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

48. Loan novation?

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

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