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






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






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






5. What is easment?






6. IRS Lein - Specific lein or general lein






7. __ "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.






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






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






10. '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?






11. 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.






12. The minimum withdrawal from a home equity LOC is






13. Includes real property plus personal property






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






15. Partially amortized loan - benefit






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






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






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






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






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






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






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






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






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






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






26. Loan novation?






27. 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.






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






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






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






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






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






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






34. Property Manager ( which type of Agency)






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






36. ___ 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.)






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






38. High tension wire should be disclosed






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






40. An ___ is a limitation on your rights






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






42. 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.






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






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






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






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






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






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






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






50. ___market is where lenders go for money







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