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






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






4. ___ 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.






5. Partially amortized loan - benefit






6. '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?






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






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






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






10. 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.






11. High tension wire should be disclosed






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






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






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






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






16. IN Reg Z Advertising which states only __is permitted






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






18. 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.






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






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






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






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






23. ___loan - Covers more than one piece of property






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






25. ___market is where lenders go for money






26. There are four basic characteristics of value






27. Must sign the Deed of Trust.






28. Property Manager ( which type of Agency)






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






30. What is easment?






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






32. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






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






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






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






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






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






44. ___ 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.)






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






46. 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.






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






48. The secondary market warehousing agencies are...






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






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