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






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






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






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






5. '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?






6. An ___ is a limitation on your rights






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






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






9. IN Reg Z Advertising which states only __is permitted






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

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






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






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






14. __ "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.






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






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






17. What is easment?






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






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






20. 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.






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






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






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






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






25. 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.






26. Must sign the Deed of Trust.






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






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






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






30. ___loan - Covers more than one piece of property






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






32. High tension wire should be disclosed






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






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. Loan novation?






36. Partially amortized loan - benefit






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






38. ___ 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.






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






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






41. ___ 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.)






42. Includes real property plus personal property






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






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






45. IRS Lein - Specific lein or general lein






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






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






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






49. The secondary market warehousing agencies are...






50. Property Manager ( which type of Agency)