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






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






4. ___ 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.)






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






6. ___market is where lenders go for money






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






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






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






10. ___ 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.






11. The secondary market warehousing agencies are...






12. IRS Lein - Specific lein or general lein






13. Property Manager ( which type of Agency)






14. Includes real property plus personal property






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






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






17. '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?






18. High tension wire should be disclosed






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






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






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






22. 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.






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






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






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






26. There are four basic characteristics of value






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






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






29. Advantages of FHA loans






30. What is easment?






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






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






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






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






35. 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.






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






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






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






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






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






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






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






43. 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.






44. ___loan - Covers more than one piece of property






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






46. __ "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.






47. Partially amortized loan - benefit






48. IN Reg Z Advertising which states only __is permitted






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






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