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






2. There are four basic characteristics of value






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






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






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






6. 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.






7. 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.






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






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






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






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






12. ___market is where lenders go for money






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






14. __ "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.






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






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






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






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






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

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20. The secondary market warehousing agencies are...






21. ___ 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.






22. Advantages of FHA loans

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23. High tension wire should be disclosed






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






25. IN Reg Z Advertising which states only __is permitted






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






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






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






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






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






31. ___ 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.)






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






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






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






35. Must sign the Deed of Trust.






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






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






38. Partially amortized loan - benefit






39. Property Manager ( which type of Agency)






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






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






42. '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?






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






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






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






46. IRS Lein - Specific lein or general lein






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






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






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






50. Includes real property plus personal property