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






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






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

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






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






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






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






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






9. Partially amortized loan - benefit






10. There are four basic characteristics of value






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






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






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

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14. Property Manager ( which type of Agency)






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






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






17. IRS Lein - Specific lein or general lein






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






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






20. Loan novation?






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






22. An ___ is a limitation on your rights






23. 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.






24. The secondary market warehousing agencies are...






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






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






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






28. __ "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.






29. Includes real property plus personal property






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






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






32. ___loan - Covers more than one piece of property






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






34. ___ 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.






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






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






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






38. 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.






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






40. Must sign the Deed of Trust.






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






42. 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.






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






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






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






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






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






48. IN Reg Z Advertising which states only __is permitted






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






50. What is easment?