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






2. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






8. IN Reg Z Advertising which states only __is permitted






9. ___ 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.






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






11. 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.






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






13. What is easment?






14. 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.






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






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






17. Loan novation?






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






19. Includes real property plus personal property






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






21. __ "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.






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






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






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






25. IRS Lein - Specific lein or general lein






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






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


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






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






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






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






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






33. ___market is where lenders go for money






34. There are four basic characteristics of value






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






36. An ___ is a limitation on your rights






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






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






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






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






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






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






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






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






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






46. ___ 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.)






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






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


49. High tension wire should be disclosed






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