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






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






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






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






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


6. Advantages of FHA loans


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






8. An ___ is a limitation on your rights






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






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






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






12. High tension wire should be disclosed






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






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






15. 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.






16. IRS Lein - Specific lein or general lein






17. __ "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.






18. 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.






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






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






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






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






23. IN Reg Z Advertising which states only __is permitted






24. ___market is where lenders go for money






25. 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.






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






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






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






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






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






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






32. Partially amortized loan - benefit






33. The secondary market warehousing agencies are...






34. Loan novation?






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






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






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






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






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






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






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






42. Must sign the Deed of Trust.






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






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






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






46. ___ 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.






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


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






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






50. Includes real property plus personal property