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. There are four basic characteristics of value






2. ___loan - Covers more than one piece of property






3. The secondary market warehousing agencies are...






4. ___ 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.)






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






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






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






8. __ "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.






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






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






11. An ___ is a limitation on your rights






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






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






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






15. Advantages of FHA loans

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






19. 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.






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






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






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






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






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






25. Must sign the Deed of Trust.






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






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






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






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






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






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






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






33. High tension wire should be disclosed






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






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






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






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. It is called?






38. IRS Lein - Specific lein or general lein






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






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






41. ___market is where lenders go for money






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






43. Loan novation?






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






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






46. IN Reg Z Advertising which states only __is permitted






47. 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.






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






49. What is easment?






50. 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.