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. Property Manager ( which type of Agency)






2. Includes real property plus personal property






3. There are four basic characteristics of value






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






5. What is easment?






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






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






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

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






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






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






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






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






14. ___market is where lenders go for money






15. '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?






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






17. Partially amortized loan - benefit






18. IRS Lein - Specific lein or general lein






19. 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.






20. 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.






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






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






23. ___ 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.)






24. Must sign the Deed of Trust.






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






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






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






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






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






30. ___ 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.






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






32. ___loan - Covers more than one piece of property






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






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






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






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






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






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






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






40. High tension wire should be disclosed






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






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






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






44. 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.






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






46. Advantages of FHA loans

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






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






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






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