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






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






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






4. ___ 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.






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






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






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






8. Property Manager ( which type of Agency)






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






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






11. IN Reg Z Advertising which states only __is permitted






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






13. High tension wire should be disclosed






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






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






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






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






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






20. The secondary market warehousing agencies are...






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






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






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






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

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25. 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.






26. Advantages of FHA loans

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






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






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






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






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

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






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






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






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






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






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






38. There are four basic characteristics of value






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






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






41. 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.






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






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






44. The minimum withdrawal from a home equity LOC is






45. Partially amortized loan - benefit






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






47. Must sign the Deed of Trust.






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






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






50. ___market is where lenders go for money