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. '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?






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






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






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






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






6. Property Manager ( which type of Agency)






7. ___ 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.)






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






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






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






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






12. The secondary market warehousing agencies are...






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






14. 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.






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






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






17. ___loan - Covers more than one piece of property






18. What is easment?






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






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


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






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






23. Must sign the Deed of Trust.






24. An ___ is a limitation on your rights






25. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






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






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






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






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






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






37. 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.






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






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






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






41. ___market is where lenders go for money






42. There are four basic characteristics of value






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






44. 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.






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






46. Advantages of FHA loans


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






48. ___ 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.






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






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