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






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






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






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






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






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






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






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






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






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






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






12. __ "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.






13. IN Reg Z Advertising which states only __is permitted






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


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






16. ___market is where lenders go for money






17. '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?






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






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






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






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






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






23. Partially amortized loan - benefit






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


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






26. The secondary market warehousing agencies are...






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






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






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






30. There are four basic characteristics of value






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






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






33. 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.






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






35. An ___ is a limitation on your rights






36. ___ 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.






37. High tension wire should be disclosed






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






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






40. Property Manager ( which type of Agency)






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






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






43. ___ 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.)






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






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






46. What is easment?






47. Must sign the Deed of Trust.






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






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






50. Loan novation?