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






2. Advantages of FHA loans

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






4. Includes real property plus personal property






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






6. What is easment?






7. Must sign the Deed of Trust.






8. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






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






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






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






17. 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.






18. IN Reg Z Advertising which states only __is permitted






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






20. ___ 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.






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






22. High tension wire should be disclosed






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






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






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






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






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






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

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






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.






31. 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.






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






33. There are four basic characteristics of value






34. ___market is where lenders go for money






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






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






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






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






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






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. '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?






42. An ___ is a limitation on your rights






43. Partially amortized loan - benefit






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






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






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






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






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






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






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