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






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






3. ___ 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.






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






5. Property Manager ( which type of Agency)






6. ___loan - Covers more than one piece of property






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






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






9. There are four basic characteristics of value






10. What is easment?






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






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






13. The secondary market warehousing agencies are...






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






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






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

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






18. Advantages of FHA loans

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19. Must sign the Deed of Trust.






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






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






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






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






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






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






26. 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.






27. An ___ is a limitation on your rights






28. The minimum withdrawal from a home equity LOC is






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






30. High tension wire should be disclosed






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






32. __ "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.






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






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






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






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






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






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






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






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






42. IRS Lein - Specific lein or general lein






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






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






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






46. 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.






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






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






49. '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?






50. ___market is where lenders go for money







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Can you answer 50 questions in 15 minutes?


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