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






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






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






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






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

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






7. IRS Lein - Specific lein or general lein






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






9. 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.






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






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






13. 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.






14. ___ 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.)






15. ___loan - Covers more than one piece of property






16. Property Manager ( which type of Agency)






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






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






19. There are four basic characteristics of value






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






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






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






23. ___market is where lenders go for money






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






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






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






27. Loan novation?






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






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






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






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






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






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






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






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






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

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37. Includes real property plus personal property






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






39. __ "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.






40. Partially amortized loan - benefit






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






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






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






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






45. Must sign the Deed of Trust.






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






47. ___ 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.






48. IN Reg Z Advertising which states only __is permitted






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






50. The secondary market warehousing agencies are...