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






2. What is easment?






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






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






5. ___market is where lenders go for money






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






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






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






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






10. IN Reg Z Advertising which states only __is permitted






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






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






13. The minimum withdrawal from a home equity LOC is






14. Loan novation?






15. 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.






16. 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.






17. An ___ is a limitation on your rights






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






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






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






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






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






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






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






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






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






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






28. Includes real property plus personal property






29. Must sign the Deed of Trust.






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






31. High tension wire should be disclosed






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






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






34. There are four basic characteristics of value






35. ___ 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.






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






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






38. The secondary market warehousing agencies are...






39. Partially amortized loan - benefit






40. Property Manager ( which type of Agency)






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






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






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






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






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






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






47. Advantages of FHA loans






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






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






50. __ "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.