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 minimum withdrawal from a home equity LOC is






2. Property Manager ( which type of Agency)






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






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






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






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






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






8. There are four basic characteristics of value






9. ___market is where lenders go for money






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






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






12. '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?






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






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






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






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






17. __ "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.






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






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






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






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






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






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






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






25. ___ 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.)






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






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






28. 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.






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

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30. 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.






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






32. ___loan - Covers more than one piece of property






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






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






35. IN Reg Z Advertising which states only __is permitted






36. What is easment?






37. 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.






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






39. Advantages of FHA loans

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






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






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






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






44. Includes real property plus personal property






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






46. Must sign the Deed of Trust.






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






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






49. ___ 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.






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