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






3. Includes real property plus personal property






4. IRS Lein - Specific lein or general lein






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






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






7. 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.






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






9. Partially amortized loan - benefit






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






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






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






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






14. High tension wire should be disclosed






15. An ___ is a limitation on your rights






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






17. ___loan - Covers more than one piece of property






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






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






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






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






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






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






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






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






26. The secondary market warehousing agencies are...






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






28. Property Manager ( which type of Agency)






29. __ "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.






30. ___market is where lenders go for money






31. There are four basic characteristics of value






32. ___ 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.)






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






34. Loan novation?






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






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






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






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






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






40. 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.






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






42. Must sign the Deed of Trust.






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






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






45. 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.






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






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






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






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






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