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






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






3. 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.






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






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






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






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

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8. ___loan - Covers more than one piece of property






9. High tension wire should be disclosed






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






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






12. Loan novation?






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






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






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






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






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






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






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






20. IN Reg Z Advertising which states only __is permitted






21. Property Manager ( which type of Agency)






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






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






24. Partially amortized loan - benefit






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






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






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






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






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






30. Includes real property plus personal property






31. ___ 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.






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






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






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






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






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






37. The secondary market warehousing agencies are...






38. 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.






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






40. Advantages of FHA loans

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






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






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






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






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






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






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






48. 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.






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






50. There are four basic characteristics of value