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. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.






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






3. ___ 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.






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






5. Property Manager ( which type of Agency)






6. There are four basic characteristics of value






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






8. Includes real property plus personal property






9. 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.






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






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






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






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






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






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






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






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






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






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






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






21. 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.






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






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






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






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






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






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






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






29. An ___ is a limitation on your rights






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






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






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






33. What is easment?






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






35. Partially amortized loan - benefit






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






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






38. IN Reg Z Advertising which states only __is permitted






39. ___loan - Covers more than one piece of property






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






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






42. Advantages of FHA loans






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






44. __ "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.






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






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






47. Loan novation?






48. ___market is where lenders go for money






49. Must sign the Deed of Trust.






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