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






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






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






4. ___ 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.)






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






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






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






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






9. Property Manager ( which type of Agency)






10. The minimum withdrawal from a home equity LOC is






11. An ___ is a limitation on your rights






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






13. Includes real property plus personal property






14. Must sign the Deed of Trust.






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






16. What is easment?






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






18. __ "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.






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






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






21. There are four basic characteristics of value






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






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






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






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






26. ___ 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.






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






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






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






30. The secondary market warehousing agencies are...






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






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






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






34. ___loan - Covers more than one piece of property






35. 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.






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






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






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






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






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






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






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






43. 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.






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






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






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






47. 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.






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






49. Loan novation?






50. IN Reg Z Advertising which states only __is permitted