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






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






3. 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.






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






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






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






7. Loan novation?






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






9. '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?






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






11. High tension wire should be disclosed






12. 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.






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






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






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






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






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






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. Partially amortized loan - benefit






20. Property Manager ( which type of Agency)






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






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






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

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






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






26. Includes real property plus personal property






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






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






29. Advantages of FHA loans

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






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






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






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






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






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






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






37. IN Reg Z Advertising which states only __is permitted






38. For what group of buyers would the ARM be the least desirable?






39. ___ 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.)






40. ___ 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.






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






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






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






44. An ___ is a limitation on your rights






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






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






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






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






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






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