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






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






4. Includes real property plus personal property






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






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






7. Must sign the Deed of Trust.






8. 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.






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






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






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






12. IN Reg Z Advertising which states only __is permitted






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






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






15. ___loan - Covers more than one piece of property






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






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






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






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






20. 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.






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






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

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23. Loan novation?






24. 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.






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






26. ___market is where lenders go for money






27. '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?






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






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






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






31. What is easment?






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






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






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






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






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






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






38. There are four basic characteristics of value






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






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






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






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






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






44. ___ 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.






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






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






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






48. The secondary market warehousing agencies are...






49. An ___ is a limitation on your rights






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