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






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






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

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






5. ___loan - Covers more than one piece of property






6. 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.






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






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






9. ___market is where lenders go for money






10. Property Manager ( which type of Agency)






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






12. ___ 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.)






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






14. 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.






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






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






17. The secondary market warehousing agencies are...






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






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






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






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






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






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






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

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






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






27. Must sign the Deed of Trust.






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






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






30. '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?






31. IRS Lein - Specific lein or general lein






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






33. Advantages of FHA loans

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






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






36. Partially amortized loan - benefit






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






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






39. Loan novation?






40. 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.






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






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






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






44. ___ 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.






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






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






47. IN Reg Z Advertising which states only __is permitted






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






49. There are four basic characteristics of value






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







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