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






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






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






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






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






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






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






8. Partially amortized loan - benefit






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






10. __ "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.






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






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






13. Loan novation?






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






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






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






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






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






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






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






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






22. ___ 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.






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






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






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






26. What is easment?






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






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. It is called?






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






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






31. 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.






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






33. An ___ is a limitation on your rights






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






35. Property Manager ( which type of Agency)






36. There are four basic characteristics of value






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






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






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






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






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






42. IN Reg Z Advertising which states only __is permitted






43. The secondary market warehousing agencies are...






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






45. 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.






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






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






48. Advantages of FHA loans






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






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