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






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






3. The secondary market warehousing agencies are...






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






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






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






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






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






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






10. Property Manager ( which type of Agency)






11. An ___ is a limitation on your rights






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






13. There are four basic characteristics of value






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






15. 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.






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






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






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






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






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

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






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






24. IRS Lein - Specific lein or general lein






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






26. What is easment?






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






28. IN Reg Z Advertising which states only __is permitted






29. ___market is where lenders go for money






30. The minimum withdrawal from a home equity LOC is






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






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






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






34. 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.






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






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






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






38. ___loan - Covers more than one piece of property






39. Partially amortized loan - benefit






40. Includes real property plus personal property






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






42. ___ 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.)






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






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

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






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






47. ___ 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.






48. '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?






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






50. Advantages of FHA loans

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