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. High tension wire should be disclosed






2. ___ 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.






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






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






5. An ___ is a limitation on your rights






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






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






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






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






10. 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.






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






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






13. The secondary market warehousing agencies are...






14. 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.






15. IN Reg Z Advertising which states only __is permitted






16. Partially amortized loan - benefit






17. 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.






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


19. ___loan - Covers more than one piece of property






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






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






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






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






24. What is easment?






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






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






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






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






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






30. Includes real property plus personal property






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






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






33. Loan novation?






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


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






36. Must sign the Deed of Trust.






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






38. ___market is where lenders go for money






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






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






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






42. There are four basic characteristics of value






43. Advantages of FHA loans


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






45. __ "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.






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






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






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






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






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