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






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






4. ___market is where lenders go for money






5. ___ 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.






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






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






8. Property Manager ( which type of Agency)






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






10. Includes real property plus personal property






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






12. What is easment?






13. IRS Lein - Specific lein or general lein






14. Broker- Salesperson - owner-property manager-> which agency?






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

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16. ___ 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.)






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






18. Loan novation?






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






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






21. High tension wire should be disclosed






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






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






24. There are four basic characteristics of value






25. Must sign the Deed of Trust.






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






27. ___loan - Covers more than one piece of property






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






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






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






31. IN Reg Z Advertising which states only __is permitted






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






33. 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.






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






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






36. The secondary market warehousing agencies are...






37. 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.






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






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






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






41. __ "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.






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






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






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






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






46. Advantages of FHA loans

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






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






49. '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?






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