Test your basic knowledge |

Brokers License

Subject : certifications
  • Answer 50 questions in 15 minutes.
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  • 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 deed of trust involves three parties...

2. Includes real property plus personal property

3. ___loan - Covers more than one piece of property

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

5. 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.

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

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

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

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

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

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

12. Property Manager ( which type of Agency)

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

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

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

16. High tension wire should be disclosed

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

18. The minimum withdrawal from a home equity LOC is

19. What is easment?

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

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

22. The secondary market warehousing agencies are...

23. ___ 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.)

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

25. IRS Lein - Specific lein or general lein

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

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

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

29. ___ 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.

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

31. Loan novation?

32. There are four basic characteristics of value

33. Partially amortized loan - benefit

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

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

36. __ "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.

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

38. ___market is where lenders go for money

39. Advantages of FHA loans

40. An ___ is a limitation on your rights

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

42. 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.

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

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

45. 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.

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

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

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

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

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