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. An ___ is a limitation on your rights






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






3. '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?






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






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






6. IRS Lein - Specific lein or general lein






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






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






13. There are four basic characteristics of value






14. Advantages of FHA loans

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






16. 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.






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






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






19. ___ 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.)






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






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






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






23. The minimum withdrawal from a home equity LOC is






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






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






26. Loan novation?






27. __ "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.






28. 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.






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






30. Property Manager ( which type of Agency)






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






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






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






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


36. What is easment?






37. ___market is where lenders go for money






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






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






40. 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.






41. Includes real property plus personal property






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






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






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






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






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






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






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






49. ___ 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.






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