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. __ "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.






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






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






5. Advantages of FHA loans

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6. Partially amortized loan - benefit






7. ___market is where lenders go for money






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






9. ___ 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.






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






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






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






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






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






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






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






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






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






19. Includes real property plus personal property






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






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






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






23. An ___ is a limitation on your rights






24. High tension wire should be disclosed






25. '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?






26. The minimum withdrawal from a home equity LOC is






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






28. The secondary market warehousing agencies are...






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






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






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






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






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






34. There are four basic characteristics of value






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






36. Loan novation?






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






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






39. IN Reg Z Advertising which states only __is permitted






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






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






42. ___ 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.)






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

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44. Property Manager ( which type of Agency)






45. Must sign the Deed of Trust.






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






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






48. ___loan - Covers more than one piece of property






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






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