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






2. Partially amortized loan - benefit






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






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






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






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






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






8. The secondary market warehousing agencies are...






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






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






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






12. 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.






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






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






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






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






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






18. Advantages of FHA loans


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






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






21. Includes real property plus personal property






22. There are four basic characteristics of value






23. IN Reg Z Advertising which states only __is permitted






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






25. ___market is where lenders go for money






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


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






28. IRS Lein - Specific lein or general lein






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






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






31. An ___ is a limitation on your rights






32. Loan novation?






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






34. Must sign the Deed of Trust.






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






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






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






38. What is easment?






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






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






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






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






43. Property Manager ( which type of Agency)






44. ___loan - Covers more than one piece of property






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






46. ___ 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.






47. High tension wire should be disclosed






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






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






50. 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.