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






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






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

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






5. An ___ is a limitation on your rights






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






7. Loan novation?






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






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






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






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






12. Partially amortized loan - benefit






13. 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.






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






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






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






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






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






19. What is easment?






20. The secondary market warehousing agencies are...






21. 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.






22. __ "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.






23. IN Reg Z Advertising which states only __is permitted






24. ___ 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.






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






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






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






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






29. 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.






30. ___ 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.)






31. A borrower must be given a disclosure statement showing the full cost of borrowing within __ DAYS of loan application.






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






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






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






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






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






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






38. Includes real property plus personal property






39. Property Manager ( which type of Agency)






40. IRS Lein - Specific lein or general lein






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






42. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






48. High tension wire should be disclosed






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

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