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






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






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






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






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






6. IN Reg Z Advertising which states only __is permitted






7. The minimum withdrawal from a home equity LOC is






8. ___ 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.






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






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






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






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






13. ___market is where lenders go for money






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






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






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






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






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






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






20. An ___ is a limitation on your rights






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

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






23. Property Manager ( which type of Agency)






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






25. __ "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.






26. Loan novation?






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






28. ___ 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.)






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






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






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






32. Partially amortized loan - benefit






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






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






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






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






37. The secondary market warehousing agencies are...






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

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






40. High tension wire should be disclosed






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






42. 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.






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






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






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






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






47. What is easment?






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






49. Advantages of FHA loans

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