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. Includes real property plus personal property






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






3. IRS Lein - Specific lein or general lein






4. '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?






5. Loan novation?






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






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






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






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






10. An ___ is a limitation on your rights






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






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






13. 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.






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






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






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






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






18. ___ 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.)






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






20. IN Reg Z Advertising which states only __is permitted






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






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






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






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






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






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

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27. High tension wire should be disclosed






28. 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.






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






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






31. Must sign the Deed of Trust.






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






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






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






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






36. ___ 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.






37. The minimum withdrawal from a home equity LOC is






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






39. ___market is where lenders go for money






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

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41. Advantages of FHA loans

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






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






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






45. __ "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.






46. ___loan - Covers more than one piece of property






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






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






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






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