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






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






3. IRS Lein - Specific lein or general lein






4. The minimum withdrawal from a home equity LOC is






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






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






7. There are four basic characteristics of value






8. 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.






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






10. Property Manager ( which type of Agency)






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






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






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






14. What is easment?






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






16. ___ 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.)






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






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






19. Must sign the Deed of Trust.






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






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






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






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






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






25. Includes real property plus personal property






26. IN Reg Z Advertising which states only __is permitted






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






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






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






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






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






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






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






34. 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.






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






36. Loan novation?






37. '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?






38. __ "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.






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






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






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






42. ___loan - Covers more than one piece of property






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






44. The secondary market warehousing agencies are...






45. ___ 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.






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






47. Partially amortized loan - benefit






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






49. Advantages of FHA loans

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

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