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






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






3. Property Manager ( which type of Agency)






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






5. Partially amortized loan - benefit






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






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






8. IRS Lein - Specific lein or general lein






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






10. 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.






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






12. 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.






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






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






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






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






17. '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?






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






19. 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.






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






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






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






23. The secondary market warehousing agencies are...






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






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






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






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


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






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






30. ___loan - Covers more than one piece of property






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






32. Advantages of FHA loans


33. IN Reg Z Advertising which states only __is permitted






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






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






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


37. Includes real property plus personal property






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






39. High tension wire should be disclosed






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






41. Loan novation?






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






43. There are four basic characteristics of value






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






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






46. ___market is where lenders go for money






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






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






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






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.