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






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






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






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






6. Property Manager ( which type of Agency)






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






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






9. Includes real property plus personal property






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






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






12. Loan novation?






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






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






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

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






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

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






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






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






21. __ "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.






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






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






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






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






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






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






28. IRS Lein - Specific lein or general lein






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






30. ___market is where lenders go for money






31. ___ 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.






32. 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.






33. The secondary market warehousing agencies are...






34. IN Reg Z Advertising which states only __is permitted






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






36. ___ 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.)






37. Partially amortized loan - benefit






38. ___loan - Covers more than one piece of property






39. High tension wire should be disclosed






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






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






42. What is easment?






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






44. Advantages of FHA loans

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






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






47. Must sign the Deed of Trust.






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






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






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