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






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






3. An ___ is a limitation on your rights






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






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






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






7. 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.






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






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






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






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






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






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






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






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






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






17. What is easment?






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






19. ___ 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.)






20. Partially amortized loan - benefit






21. There are four basic characteristics of value






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






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

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

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






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






27. Includes real property plus personal property






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.






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






30. ___market is where lenders go for money






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






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






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






34. 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.






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






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






37. Property Manager ( which type of Agency)






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






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






40. Loan novation?






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






42. ___loan - Covers more than one piece of property






43. The secondary market warehousing agencies are...






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






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






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






47. IRS Lein - Specific lein or general lein






48. IN Reg Z Advertising which states only __is permitted






49. Advantages of FHA loans

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