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






2. An ___ is a limitation on your rights






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






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






5. Partially amortized loan - benefit






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






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






8. High tension wire should be disclosed






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






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






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






12. 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.






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






14. The secondary market warehousing agencies are...






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






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






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






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






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






20. 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.






21. IRS Lein - Specific lein or general lein






22. Property Manager ( which type of Agency)






23. IN Reg Z Advertising which states only __is permitted






24. 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.






25. Includes real property plus personal property






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






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






28. '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?






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






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






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






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






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






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






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






36. What is easment?






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






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






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






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






41. The minimum withdrawal from a home equity LOC is






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






43. Loan novation?






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






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






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






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






48. Advantages of FHA loans

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49. There are four basic characteristics of value






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