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






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






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






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






5. 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.






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






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






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






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






10. What is easment?






11. Partially amortized loan - benefit






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






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

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14. 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.






15. IN Reg Z Advertising which states only __is permitted






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






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






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






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






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






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






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






23. ___market is where lenders go for money






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






25. The secondary market warehousing agencies are...






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






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






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






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






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






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






34. ___ 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.






35. IRS Lein - Specific lein or general lein






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






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






38. '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?






39. ___ 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.)






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






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






42. An ___ is a limitation on your rights






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

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44. High tension wire should be disclosed






45. ___loan - Covers more than one piece of property






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






47. Property Manager ( which type of Agency)






48. Loan novation?






49. Includes real property plus personal property






50. __ "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.