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






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






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






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






5. 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.






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






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






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






9. High tension wire should be disclosed






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






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






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






13. Loan novation?






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






15. Property Manager ( which type of Agency)






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






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






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






19. Advantages of FHA loans

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20. IRS Lein - Specific lein or general lein






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






22. The minimum withdrawal from a home equity LOC is






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






24. '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?






25. The secondary market warehousing agencies are...






26. Partially amortized loan - benefit






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






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






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






30. What is easment?






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






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






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






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






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

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






37. 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.






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






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






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






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






42. ___ 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.)






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






44. IN Reg Z Advertising which states only __is permitted






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






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






47. An ___ is a limitation on your rights






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






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






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

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