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






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






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






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

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






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






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






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






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






10. Advantages of FHA loans

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






12. Property Manager ( which type of Agency)






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






14. What is easment?






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






16. ___loan - Covers more than one piece of property






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






18. ___ 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.)






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






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






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






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






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






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






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






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






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






28. '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?






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






30. The secondary market warehousing agencies are...






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






32. Partially amortized loan - benefit






33. ___ 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.






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






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






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






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






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






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






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






41. 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.






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






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






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






45. High tension wire should be disclosed






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






47. There are four basic characteristics of value






48. Loan novation?






49. An ___ is a limitation on your rights






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