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






2. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






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






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






11. '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?






12. Must sign the Deed of Trust.






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






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






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






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






17. High tension wire should be disclosed






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






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






20. IN Reg Z Advertising which states only __is permitted






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






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






23. The minimum withdrawal from a home equity LOC is






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






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






26. What is easment?






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

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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. Loan novation?






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






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

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






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






34. 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.






35. ___market is where lenders go for money






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






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






38. ___ 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.)






39. The secondary market warehousing agencies are...






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






41. Includes real property plus personal property






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






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






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






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






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






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






48. 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.






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






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