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. ___ 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.)






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






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






4. Partially amortized loan - benefit






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






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






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






8. The secondary market warehousing agencies are...






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






10. IN Reg Z Advertising which states only __is permitted






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






12. IRS Lein - Specific lein or general lein






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






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






15. ___loan - Covers more than one piece of property






16. ___ 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.






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






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






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






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






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






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






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






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






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






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






28. __ "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.






29. There are four basic characteristics of value






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






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






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






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






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






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






36. 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.






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






38. Loan novation?






39. Must sign the Deed of Trust.






40. Property Manager ( which type of Agency)






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






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






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






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






45. Advantages of FHA loans






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






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






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






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






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