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. Partially amortized loan - benefit






2. 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.






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






4. IRS Lein - Specific lein or general lein






5. Loan novation?






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






7. There are four basic characteristics of value






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






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






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






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






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






13. The secondary market warehousing agencies are...






14. __ "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.






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






16. 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


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






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






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






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






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






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






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






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






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






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






27. 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


28. IN Reg Z Advertising which states only __is permitted






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






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






31. Advantages of FHA loans

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


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






33. ___ 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.)






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






35. High tension wire should be disclosed






36. ___loan - Covers more than one piece of property






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






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






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






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






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






42. The minimum withdrawal from a home equity LOC is






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






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






45. Property Manager ( which type of Agency)






46. 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.






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






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






49. Must sign the Deed of Trust.






50. What is easment?