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. Loan novation?






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






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






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






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






6. An ___ is a limitation on your rights






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






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






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






10. IN Reg Z Advertising which states only __is permitted






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






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






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






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






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






16. The secondary market warehousing agencies are...






17. 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.






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






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






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






21. '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?






22. Advantages of FHA loans

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23. Property Manager ( which type of Agency)






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






25. The minimum withdrawal from a home equity LOC is






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






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






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

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29. __ "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.






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






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






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






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






34. What is easment?






35. 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.






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






37. ___ 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.)






38. Must sign the Deed of Trust.






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






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






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






42. IRS Lein - Specific lein or general lein






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






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






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






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






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






48. ___ 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.






49. 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.






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