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. The insurance on the FHA loan is referred to as___






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






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






4. ___market is where lenders go for money






5. The minimum withdrawal from a home equity LOC is






6. Partially amortized loan - benefit






7. ___loan - Covers more than one piece of property






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






9. Loan novation?






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






11. There are four basic characteristics of value






12. High tension wire should be disclosed






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






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






15. 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.






16. Must sign the Deed of Trust.






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






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






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






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






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






22. IRS Lein - Specific lein or general lein






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






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






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






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






27. An ___ is a limitation on your rights






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






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






30. ___ 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.)






31. What is easment?






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






33. 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.






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






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






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


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






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






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






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






41. Includes real property plus personal property






42. '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?






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






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






45. IN Reg Z Advertising which states only __is permitted






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






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


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






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






50. The secondary market warehousing agencies are...