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. ___ 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.






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






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






4. 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.






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






6. 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.






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






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






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






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






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






12. There are four basic characteristics of value






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






14. What is easment?






15. IRS Lein - Specific lein or general lein






16. Partially amortized loan - benefit






17. An ___ is a limitation on your rights






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






19. ___market is where lenders go for money






20. ___loan - Covers more than one piece of property






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






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






23. Property Manager ( which type of Agency)






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






39. Must sign the Deed of Trust.






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






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

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42. Loan novation?






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






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






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






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






47. ___ 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.)






48. IN Reg Z Advertising which states only __is permitted






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






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