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






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






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






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






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






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






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






8. An ___ is a limitation on your rights






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






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






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






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






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






14. IRS Lein - Specific lein or general lein






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






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. __ "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. On income producing property land can never be depreciated for...






19. '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?






20. Must sign the Deed of Trust.






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






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






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






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






25. What is easment?






26. Partially amortized loan - benefit






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






28. There are four basic characteristics of value






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






30. 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.






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






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






33. IN Reg Z Advertising which states only __is permitted






34. ___ 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.)






35. ___market is where lenders go for money






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






37. Loan novation?






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






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






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

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






42. High tension wire should be disclosed






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






44. ___ 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.






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






46. ___loan - Covers more than one piece of property






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






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






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






50. The secondary market warehousing agencies are...