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






2. ___ 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.






3. ___loan - Covers more than one piece of property






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






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






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






7. The minimum withdrawal from a home equity LOC is






8. 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.






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






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






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






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






13. ___ 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.)






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






15. 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.






16. IN Reg Z Advertising which states only __is permitted






17. Must sign the Deed of Trust.






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






19. ___market is where lenders go for money






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






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






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






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. IRS Lein - Specific lein or general lein






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






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






27. Loan novation?






28. The secondary market warehousing agencies are...






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






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






31. __ "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.






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






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






34. There are four basic characteristics of value






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






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






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

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






39. Includes real property plus personal property






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






41. High tension wire should be disclosed






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






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

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44. An ___ is a limitation on your rights






45. Property Manager ( which type of Agency)






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






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






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






49. Partially amortized loan - benefit






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