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






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






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






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






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






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






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






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






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






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






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






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






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






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






15. Includes real property plus personal property






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






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






18. ___ 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.)






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






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






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. It is called?






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






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






24. IRS Lein - Specific lein or general lein






25. 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.






26. The minimum withdrawal from a home equity LOC is






27. High tension wire should be disclosed






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






29. IN Reg Z Advertising which states only __is permitted






30. 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.






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






33. 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.






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






35. Must sign the Deed of Trust.






36. Partially amortized loan - benefit






37. There are four basic characteristics of value






38. What is easment?






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






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






43. __ "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.






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






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






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






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






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






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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