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






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






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






4. 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.






5. What is easment?






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






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






8. ___ 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.






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






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






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






12. ___market is where lenders go for money






13. Must sign the Deed of Trust.






14. Property Manager ( which type of Agency)






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






16. An ___ is a limitation on your rights






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


18. '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?






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


20. ___ 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.)






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






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






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






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






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






26. Advantages of FHA loans


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






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






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






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






31. 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.






32. High tension wire should be disclosed






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






34. IN Reg Z Advertising which states only __is permitted






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






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






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






38. Includes real property plus personal property






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






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






41. The secondary market warehousing agencies are...






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






43. __ "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.






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






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






46. Loan novation?






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






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






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






50. Partially amortized loan - benefit