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






2. Loan novation?






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






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






5. ___ 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.)






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






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






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






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






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






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






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






13. Includes real property plus personal property






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






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






16. 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.






17. ___ is a limitation on your rights. It may also be a cloud on the title






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






19. '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?






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






21. IN Reg Z Advertising which states only __is permitted






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






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






24. Must sign the Deed of Trust.






25. Advantages of FHA loans

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26. 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.






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






28. An ___ is a limitation on your rights






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






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






31. Partially amortized loan - benefit






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






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






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






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






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






37. The secondary market warehousing agencies are...






38. What is easment?






39. ___ 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.






40. ___loan - Covers more than one piece of property






41. 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.






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






43. High tension wire should be disclosed






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






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






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. Property Manager ( which type of Agency)






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






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

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