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






2. 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.






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






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






5. ___market is where lenders go for money






6. Advantages of FHA loans

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7. '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?






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






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






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






11. What is easment?






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






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






14. There are four basic characteristics of value






15. Includes real property plus personal property






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






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






18. ___ 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.






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






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






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






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






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






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






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






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






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.






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






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






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






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






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






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






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






36. The secondary market warehousing agencies are...






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

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






39. ___loan - Covers more than one piece of property






40. IN Reg Z Advertising which states only __is permitted






41. 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.






42. Property Manager ( which type of Agency)






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






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






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

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






47. ___ 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.)






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






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






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