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. 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.






2. ___ 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.)






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






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






5. High tension wire should be disclosed






6. Must sign the Deed of Trust.






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






9. ___market is where lenders go for money






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






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






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






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






14. What is easment?






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






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






17. Partially amortized loan - benefit






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






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






20. 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.






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






22. ___ 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.






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






24. IRS Lein - Specific lein or general lein






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






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






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






28. ___loan - Covers more than one piece of property






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






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






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






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






33. Advantages of FHA loans

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






37. Property Manager ( which type of Agency)






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






39. The secondary market warehousing agencies are...






40. IN Reg Z Advertising which states only __is permitted






41. There are four basic characteristics of value






42. Includes real property plus personal property






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






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






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






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






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






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






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






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