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. Advantages of FHA loans


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






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






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






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


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






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






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






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






10. IRS Lein - Specific lein or general lein






11. ___market is where lenders go for money






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






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






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






15. The secondary market warehousing agencies are...






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






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






18. 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.






19. ___ 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.)






20. The Veterans Administration GUARANTEES repayment of the loan. The guarantee is for at least the top ___ of the loan.






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






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






23. What is easment?






24. '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?






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






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






27. __ "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.






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






29. 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.






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






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






32. Partially amortized loan - benefit






33. High tension wire should be disclosed






34. Must sign the Deed of Trust.






35. IN Reg Z Advertising which states only __is permitted






36. Includes real property plus personal property






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






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






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






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






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






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






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






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






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






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






48. There are four basic characteristics of value






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






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