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






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






3. ___ 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.)






4. What is easment?






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






6. ___ 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.






7. 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.






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






9. High tension wire should be disclosed






10. ___market is where lenders go for money






11. Advantages of FHA loans

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12. Property Manager ( which type of Agency)






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






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






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






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






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






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






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






20. 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.






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






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






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






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






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






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.






27. Partially amortized loan - benefit






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






29. The secondary market warehousing agencies are...






30. Must sign the Deed of Trust.






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






32. ___loan - Covers more than one piece of property






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






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






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






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






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






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






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






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

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

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






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






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






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






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






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






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






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






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