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. ___ 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.






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






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






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






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






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






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

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






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






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






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






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






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






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






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






17. 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.






18. An ___ is a limitation on your rights






19. IN Reg Z Advertising which states only __is permitted






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






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






22. The minimum withdrawal from a home equity LOC is






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






24. Loan novation?






25. ___ 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.)






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






27. Property Manager ( which type of Agency)






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






29. Includes real property plus personal property






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






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






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






33. __ "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.






34. Partially amortized loan - benefit






35. ___market is where lenders go for money






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






37. ___loan - Covers more than one piece of property






38. The secondary market warehousing agencies are...






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






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






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






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






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






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






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






46. High tension wire should be disclosed






47. '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?






48. IRS Lein - Specific lein or general lein






49. What is easment?






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