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






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






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






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






5. An ___ is a limitation on your rights






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






7. 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.






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






9. 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.






10. Loan novation?






11. Advantages of FHA loans






12. Partially amortized loan - benefit






13. ___loan - Covers more than one piece of property






14. There are four basic characteristics of value






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






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






17. High tension wire should be disclosed






18. What is easment?






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






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






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






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






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






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






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






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






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






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






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






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






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






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






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






35. The secondary market warehousing agencies are...






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






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






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






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






40. ___ 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.






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






42. '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?






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






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






45. Includes real property plus personal property






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






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






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






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






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