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






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






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






4. Property Manager ( which type of Agency)






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

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






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






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






9. What is easment?






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






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






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






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






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






15. Includes real property plus personal property






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






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






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






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






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






21. 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.






22. ___loan - Covers more than one piece of property






23. The minimum withdrawal from a home equity LOC is






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






25. ___ 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.






26. '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?






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






28. High tension wire should be disclosed






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






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






31. Advantages of FHA loans

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






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






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






35. The secondary market warehousing agencies are...






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






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






38. ___ 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.)






39. IRS Lein - Specific lein or general lein






40. __ "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.






41. There are four basic characteristics of value






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






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






44. Partially amortized loan - benefit






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






46. 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.






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






48. An ___ is a limitation on your rights






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






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