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 the term used to describe methods used to lower levels of radon in homes and other buildings






2. Must sign the Deed of Trust.






3. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






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






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






11. Property Manager ( which type of Agency)






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






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






14. IN Reg Z Advertising which states only __is permitted






15. An ___ is a limitation on your rights






16. What is easment?






17. High tension wire should be disclosed






18. Includes real property plus personal property






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






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






21. 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.






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






23. 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.






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






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






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






27. __ "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.






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






29. ___loan - Covers more than one piece of property






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






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






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






33. ___ 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.)






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






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






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






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

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38. The secondary market warehousing agencies are...






39. ___ 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.






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






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






42. Loan novation?






43. Partially amortized loan - benefit






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






45. Advantages of FHA loans

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46. There are four basic characteristics of value






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






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






49. ___market is where lenders go for money






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