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






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






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






4. 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.






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






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






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






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






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






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






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






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






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






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






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






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






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






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






19. The secondary market warehousing agencies are...






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






21. High tension wire should be disclosed






22. Advantages of FHA loans

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






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






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






26. What is easment?






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






28. Must sign the Deed of Trust.






29. ___loan - Covers more than one piece of property






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






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






32. ___ 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.)






33. Includes real property plus personal property






34. The minimum withdrawal from a home equity LOC is






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






36. Loan novation?






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






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






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






40. IN Reg Z Advertising which states only __is permitted






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

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






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






44. IRS Lein - Specific lein or general lein






45. 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.






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






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






48. 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.






49. Property Manager ( which type of Agency)






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






Can you answer 50 questions in 15 minutes?



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