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. ___ 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.)






2. Advantages of FHA loans

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






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






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






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






7. High tension wire should be disclosed






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






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






10. __ "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.






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

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






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






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






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






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






17. An ___ is a limitation on your rights






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






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






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






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

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22. Partially amortized loan - benefit






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






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






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






26. ___ 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.






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






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






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






30. 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.






31. ___market is where lenders go for money






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






33. Loan novation?






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






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






36. ___loan - Covers more than one piece of property






37. IRS Lein - Specific lein or general lein






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






39. Includes real property plus personal property






40. The secondary market warehousing agencies are...






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






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






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






44. There are four basic characteristics of value






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






46. 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.






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






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






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






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







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