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






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






3. Loan novation?






4. An ___ is a limitation on your rights






5. 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.






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






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






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






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






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






11. What is easment?






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






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






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






15. ___market is where lenders go for money






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






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.






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






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






20. ___ 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.






21. ___loan - Covers more than one piece of property






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






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






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






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






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






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






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






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






30. Must sign the Deed of Trust.






31. The secondary market warehousing agencies are...






32. There are four basic characteristics of value






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






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






35. Advantages of FHA loans

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






38. IRS Lein - Specific lein or general lein






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






40. ___ 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.)






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






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






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






44. Property Manager ( which type of Agency)






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






49. High tension wire should be disclosed






50. The minimum withdrawal from a home equity LOC is