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






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






3. There are four basic characteristics of value






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

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






6. IN Reg Z Advertising which states only __is permitted






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






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






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






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

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11. 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.






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






13. Must sign the Deed of Trust.






14. ___loan - Covers more than one piece of property






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






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






17. High tension wire should be disclosed






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






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






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






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






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






23. The minimum withdrawal from a home equity LOC is






24. ___ 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.






25. An ___ is a limitation on your rights






26. Advantages of FHA loans

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27. Property Manager ( which type of Agency)






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






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






30. ___ 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.)






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






32. IRS Lein - Specific lein or general lein






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






34. What is easment?






35. Includes real property plus personal property






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






37. ___market is where lenders go for money






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






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






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






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






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






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






44. 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.






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






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






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






48. Partially amortized loan - benefit






49. The secondary market warehousing agencies are...






50. 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.