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. Includes real property plus personal property






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






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






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






5. IRS Lein - Specific lein or general lein






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






7. Advantages of FHA loans

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8. 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.






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






10. ___market is where lenders go for money






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






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






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






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






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






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






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






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






19. IN Reg Z Advertising which states only __is permitted






20. Partially amortized loan - benefit






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






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






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






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






25. ___ 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.)






26. 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.






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






28. '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?






29. Loan novation?






30. An ___ is a limitation on your rights






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






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






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






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






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

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






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






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






39. 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.






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






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. High tension wire should be disclosed






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






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






45. There are four basic characteristics of value






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






47. ___ 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.






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






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






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