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






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






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






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






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






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






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






8. The secondary market warehousing agencies are...






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






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






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






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






13. Loan novation?






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






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






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






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






18. 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.






19. ___market is where lenders go for money






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






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






22. There are four basic characteristics of value






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






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. Partially amortized loan - benefit






27. 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.






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






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






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






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. IRS Lein - Specific lein or general lein






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






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






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






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






37. Advantages of FHA loans






38. IN Reg Z Advertising which states only __is permitted






39. ___loan - Covers more than one piece of property






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






41. An ___ is a limitation on your rights






42. What is easment?






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






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






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






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






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






48. Must sign the Deed of Trust.






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






50. Includes real property plus personal property