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






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






3. What is easment?






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






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






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






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






8. Includes real property plus personal property






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






10. The secondary market warehousing agencies are...






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






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






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






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






15. Advantages of FHA loans

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16. 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.






17. Loan novation?






18. '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?






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






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






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






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






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






24. ___market is where lenders go for money






25. 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.






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






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






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






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






30. An ___ is a limitation on your rights






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






32. There are four basic characteristics of value






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






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






35. High tension wire should be disclosed






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






37. __ "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.






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






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






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






41. Partially amortized loan - benefit






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






43. 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.






44. IN Reg Z Advertising which states only __is permitted






45. ___ 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.)






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






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






48. IRS Lein - Specific lein or general lein






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

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







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