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. ___loan - Covers more than one piece of property






2. Partially amortized loan - benefit






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






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






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






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






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






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






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






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






11. Includes real property plus personal property






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






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






14. The minimum withdrawal from a home equity LOC is






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






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






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






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

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






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






21. IRS Lein - Specific lein or general lein






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






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






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






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






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






27. IN Reg Z Advertising which states only __is permitted






28. The secondary market warehousing agencies are...






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






30. Loan novation?






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






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






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






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






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






36. Property Manager ( which type of Agency)






37. __ "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.






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






39. What is easment?






40. ___ 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.






41. '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?






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






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






44. Advantages of FHA loans

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






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






48. 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.






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






50. 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.