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. There are four basic characteristics of value






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






3. Must sign the Deed of Trust.






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






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






6. What is easment?






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






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






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






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






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






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






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






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

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15. IN Reg Z Advertising which states only __is permitted






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






17. ___ 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.)






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






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






20. 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.






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






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

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23. ___ 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.






24. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






31. 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.






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






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






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






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






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






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






38. Includes real property plus personal property






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






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






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






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






43. ___market is where lenders go for money






44. High tension wire should be disclosed






45. The minimum withdrawal from a home equity LOC is






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






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






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






49. '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?






50. Loan novation?