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






2. The secondary market warehousing agencies are...






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






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






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






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






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






8. IN Reg Z Advertising which states only __is permitted






9. Partially amortized loan - benefit






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






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


12. High tension wire should be disclosed






13. Includes real property plus personal property






14. 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.






15. Property Manager ( which type of Agency)






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. Loan novation?






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






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






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






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






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






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






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






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






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






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






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






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






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






31. ___loan - Covers more than one piece of property






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






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






34. 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.






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






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






37. Must sign the Deed of Trust.






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






39. An ___ is a limitation on your rights






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






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






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






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






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






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






46. __ "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.






47. '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?






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






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






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