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






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






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






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






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






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






7. ___ 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.






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






9. 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.






10. There are four basic characteristics of value






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






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






13. IN Reg Z Advertising which states only __is permitted






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






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






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






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






18. What is easment?






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






20. ___market is where lenders go for money






21. 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.






22. ___ 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.)






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






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






25. The minimum withdrawal from a home equity LOC is






26. Property Manager ( which type of Agency)






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






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

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29. An ___ is a limitation on your rights






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






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

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






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






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






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






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






37. The secondary market warehousing agencies are...






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






39. Partially amortized loan - benefit






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






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






42. Must sign the Deed of Trust.






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






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






45. '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?






46. High tension wire should be disclosed






47. IRS Lein - Specific lein or general lein






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






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






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