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






2. ___market is where lenders go for money






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






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






5. Property Manager ( which type of Agency)






6. ___ 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.)






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






8. ___ 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.






9. An ___ is a limitation on your rights






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






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






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






13. Loan novation?






14. The secondary market warehousing agencies are...






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






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






17. The minimum withdrawal from a home equity LOC is






18. High tension wire should be disclosed






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






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






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






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






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






24. 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.






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






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

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






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






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






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






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






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






33. ___loan - Covers more than one piece of property






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






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






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






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

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38. Must sign the Deed of Trust.






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






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






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






42. 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.






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






44. What is easment?






45. __ "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.






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






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






48. 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.






49. Includes real property plus personal property






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