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






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






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






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






5. 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.






6. __ "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.






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






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






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






10. Advantages of FHA loans


11. What is easment?






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






13. The secondary market warehousing agencies are...






14. ___loan - Covers more than one piece of property






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






16. ___ 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.)






17. Property Manager ( which type of Agency)






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






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






20. High tension wire should be disclosed






21. 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.






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






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






24. An ___ is a limitation on your rights






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






26. Includes real property plus personal property






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






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






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






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






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






32. Partially amortized loan - benefit






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






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






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






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






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






38. IN Reg Z Advertising which states only __is permitted






39. 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.






40. ___ 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.






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






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






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


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






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






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






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






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


49. '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?






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