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. IRS Lein - Specific lein or general lein






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






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






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






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






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


9. ___market is where lenders go for money






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






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


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






13. 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.






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






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






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






17. Property Manager ( which type of Agency)






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






19. Includes real property plus personal property






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






21. The secondary market warehousing agencies are...






22. ___loan - Covers more than one piece of property






23. What is easment?






24. ___ 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.)






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






26. 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.






27. ___ 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.






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






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






30. Loan novation?






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






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






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






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






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






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






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






38. There are four basic characteristics of value






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






40. __ "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.






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






42. Must sign the Deed of Trust.






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






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






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






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






47. 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.






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






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