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. ___ 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.






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






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






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






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






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






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






8. __ "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.






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






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






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






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






13. IN Reg Z Advertising which states only __is permitted






14. Advantages of FHA loans

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






16. High tension wire should be disclosed






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

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18. Property Manager ( which type of Agency)






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






34. '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. It is called?






35. ___ 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.)






36. Includes real property plus personal property






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






38. Partially amortized loan - benefit






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






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






41. Must sign the Deed of Trust.






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






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






44. 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.






45. 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.






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






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






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






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






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

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