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






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






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






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

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






6. The secondary market warehousing agencies are...






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






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






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






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






12. ___market is where lenders go for money






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






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






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






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






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






18. 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.






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






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






21. Advantages of FHA loans

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






23. Includes real property plus personal property






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






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






26. High tension wire should be disclosed






27. 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.






28. An ___ is a limitation on your rights






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






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






31. ___loan - Covers more than one piece of property






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






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






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






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






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






37. Loan novation?






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






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






40. There are four basic characteristics of value






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






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






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






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






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






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






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






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






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






50. __ "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.