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






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






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






4. Partially amortized loan - benefit






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






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






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






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






9. ___loan - Covers more than one piece of property






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






11. ___ 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.






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






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






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






15. ___market is where lenders go for money






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






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






18. Must sign the Deed of Trust.






19. An ___ is a limitation on your rights






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






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






22. High tension wire should be disclosed






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






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






25. 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.






26. ___ 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.)






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






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






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






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






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






32. IN Reg Z Advertising which states only __is permitted






33. 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.






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






38. Loan novation?






39. 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.






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






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






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






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






44. IRS Lein - Specific lein or general lein






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






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






49. The minimum withdrawal from a home equity LOC is






50. Property Manager ( which type of Agency)