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






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






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






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






5. The secondary market warehousing agencies are...






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






7. IN Reg Z Advertising which states only __is permitted






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






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






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






11. Partially amortized loan - benefit






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






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






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






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






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






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






18. Must sign the Deed of Trust.






19. The minimum withdrawal from a home equity LOC is






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






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






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






23. There are four basic characteristics of value






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






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






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






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






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






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






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. An ___ is a limitation on your rights






32. High tension wire should be disclosed






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






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






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






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






37. IRS Lein - Specific lein or general lein






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






39. ___ 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.






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






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






42. ___loan - Covers more than one piece of property






43. 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.






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






45. Advantages of FHA loans






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






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






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






49. What is easment?






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