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






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






3. 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.






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






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






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






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






8. Must sign the Deed of Trust.






9. Partially amortized loan - benefit






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






11. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






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






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






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






21. 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.






22. Loan novation?






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






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






25. ___ 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.






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






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






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






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






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






31. Advantages of FHA loans

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






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






34. '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?






35. 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.






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






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






38. The secondary market warehousing agencies are...






39. Includes real property plus personal property






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






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






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

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43. High tension wire should be disclosed






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






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






46. An ___ is a limitation on your rights






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






48. ___market is where lenders go for money






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






50. __ "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.