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






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






3. IRS Lein - Specific lein or general lein






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






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






6. '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?






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






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






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






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






11. Property Manager ( which type of Agency)






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






13. __ "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.






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






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






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






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






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






19. Loan novation?






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






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






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






23. There are four basic characteristics of value






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

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






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






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






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






29. IN Reg Z Advertising which states only __is permitted






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






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






32. ___market is where lenders go for money






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






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






35. High tension wire should be disclosed






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






37. Must sign the Deed of Trust.






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






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






40. Advantages of FHA loans

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41. 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.






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






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

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44. 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.






45. Includes real property plus personal property






46. ___ 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.






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






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






49. The secondary market warehousing agencies are...






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






Can you answer 50 questions in 15 minutes?



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