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. IRS Lein - Specific lein or general lein






2. Partially amortized loan - benefit






3. Property Manager ( which type of Agency)






4. Includes real property plus personal property






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






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






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






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






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






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






11. Loan novation?






12. 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.






13. High tension wire should be disclosed






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

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






16. There are four basic characteristics of value






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






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

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






20. __ "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.






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






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






23. ___ 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.






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






25. An ___ is a limitation on your rights






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






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






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






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






30. 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.






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






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






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






34. ___loan - Covers more than one piece of property






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






36. 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.






37. Must sign the Deed of Trust.






38. The secondary market warehousing agencies are...






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






40. What is easment?






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. It is called?






42. ___ 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.)






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






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






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






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






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






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






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






50. Advantages of FHA loans

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