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. The minimum withdrawal from a home equity LOC is






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






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


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






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






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






7. Loan novation?






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






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






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






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






12. Must sign the Deed of Trust.






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






14. Partially amortized loan - benefit






15. 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.






16. Advantages of FHA loans


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






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






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






20. An ___ is a limitation on your rights






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






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






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






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






25. The secondary market warehousing agencies are...






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






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






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






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






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






31. ___ 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.






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






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






34. ___loan - Covers more than one piece of property






35. 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.






36. Includes real property plus personal property






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






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






39. There are four basic characteristics of value






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






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






42. High tension wire should be disclosed






43. What is easment?






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






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






46. Property Manager ( which type of Agency)






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






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






49. 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.






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