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






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






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






4. ___loan - Covers more than one piece of property






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






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






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






8. High tension wire should be disclosed






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






10. The secondary market warehousing agencies are...






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






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






13. '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?






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






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






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






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






18. The minimum withdrawal from a home equity LOC is






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






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






21. Property Manager ( which type of Agency)






22. IN Reg Z Advertising which states only __is permitted






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






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






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






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






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






28. What is easment?






29. Includes real property plus personal property






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






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






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






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






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






35. Loan novation?






36. IRS Lein - Specific lein or general lein






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






38. 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.






39. 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.






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






41. Must sign the Deed of Trust.






42. An ___ is a limitation on your rights






43. Partially amortized loan - benefit






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






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






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






47. 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.






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






49. There are four basic characteristics of value






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