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






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






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






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






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






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






7. Partially amortized loan - benefit






8. Advantages of FHA loans

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






10. 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.






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






12. The minimum withdrawal from a home equity LOC is






13. Includes real property plus personal property






14. What is easment?






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






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






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






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






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






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






21. 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.






22. The secondary market warehousing agencies are...






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






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






25. An ___ is a limitation on your rights






26. ___ 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.






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






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






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






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






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






32. ___ 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.)






33. High tension wire should be disclosed






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






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






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






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






38. IN Reg Z Advertising which states only __is permitted






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

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40. IRS Lein - Specific lein or general lein






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






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






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






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

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45. Loan novation?






46. '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?






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






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






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






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