Test your basic knowledge |

Brokers License

Subject : certifications
  • 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. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.

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

3. ___ 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.

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

5. Property Manager ( which type of Agency)

6. There are four basic characteristics of value

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

8. Includes real property plus personal property

9. 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.

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

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

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

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

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

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

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

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

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

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

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

21. 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.

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

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

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

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

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

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

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

29. An ___ is a limitation on your rights

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

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

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

33. What is easment?

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

35. Partially amortized loan - benefit

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

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

38. IN Reg Z Advertising which states only __is permitted

39. ___loan - Covers more than one piece of property

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

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

42. Advantages of FHA loans

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

44. __ "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.

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

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

47. Loan novation?

48. ___market is where lenders go for money

49. Must sign the Deed of Trust.

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