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






2. High tension wire should be disclosed






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

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






5. The secondary market warehousing agencies are...






6. ___ 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.)






7. Loan novation?






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






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






10. 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.






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






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






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






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






16. IN Reg Z Advertising which states only __is permitted






17. What is easment?






18. An ___ is a limitation on your rights






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






20. Advantages of FHA loans

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






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






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






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






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






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






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






28. ___ 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.






29. Includes real property plus personal property






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






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






32. There are four basic characteristics of value






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






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






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






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






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






38. The minimum withdrawal from a home equity LOC is






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






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






41. ___loan - Covers more than one piece of property






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






43. 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.






44. Must sign the Deed of Trust.






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






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






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

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






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






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