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






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






3. '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?






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






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






6. ___market is where lenders go for money






7. 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.






8. Loan novation?






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






10. ___ 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.)






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






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






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






14. 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.






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






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






17. High tension wire should be disclosed






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






19. 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.






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






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






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






23. IRS Lein - Specific lein or general lein






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






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






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






27. There are four basic characteristics of value






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






29. Includes real property plus personal property






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






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






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






33. IN Reg Z Advertising which states only __is permitted






34. The secondary market warehousing agencies are...






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

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36. An ___ is a limitation on your rights






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






38. ___loan - Covers more than one piece of property






39. What is easment?






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






41. Property Manager ( which type of Agency)






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






43. Must sign the Deed of Trust.






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






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






46. The minimum withdrawal from a home equity LOC is






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






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






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






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