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






2. IRS Lein - Specific lein or general lein






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






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






5. There are four basic characteristics of value






6. 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.






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






8. ___ 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.)






9. ___loan - Covers more than one piece of property






10. The minimum withdrawal from a home equity LOC is






11. Property Manager ( which type of Agency)






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






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






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






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






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






17. Includes real property plus personal property






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






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






20. 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.






21. What is easment?






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






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






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






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






26. '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?






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






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






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






30. Loan novation?






31. __ "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.






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






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






34. Partially amortized loan - benefit






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






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






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






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






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

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

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41. High tension wire should be disclosed






42. ___ 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.






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






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






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






46. 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.






47. IN Reg Z Advertising which states only __is permitted






48. Must sign the Deed of Trust.






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






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