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






2. The secondary market warehousing agencies are...






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

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4. ___ 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.






5. What is easment?






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






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






8. ___market is where lenders go for money






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






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






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






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






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






14. High tension wire should be disclosed






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






16. '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?






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






18. Must sign the Deed of Trust.






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






20. __ "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.






21. Property Manager ( which type of Agency)






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






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






24. 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.






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






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






27. 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.






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






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






30. ___ 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.)






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






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






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






34. The minimum withdrawal from a home equity LOC is






35. Includes real property plus personal property






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






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






38. Advantages of FHA loans

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






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






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






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






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

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






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






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






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






48. IN Reg Z Advertising which states only __is permitted






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






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