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






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






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






4. Advantages of FHA loans


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






6. __ "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.






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






8. An ___ is a limitation on your rights






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






10. Includes real property plus personal property






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






12. '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?






13. ___ 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.)






14. IRS Lein - Specific lein or general lein






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


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






17. ___ 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.






18. What is easment?






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






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






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






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






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






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






25. The minimum withdrawal from a home equity LOC is






26. Loan novation?






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






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






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






30. 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.






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






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


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






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






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






36. High tension wire should be disclosed






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






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






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






40. Must sign the Deed of Trust.






41. There are four basic characteristics of value






42. The secondary market warehousing agencies are...






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






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






45. Partially amortized loan - benefit






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






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






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






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






50. 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.