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. Property Manager ( which type of Agency)






2. Includes real property plus personal property






3. The secondary market warehousing agencies are...






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






5. Must sign the Deed of Trust.






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






7. Advantages of FHA loans


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






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






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






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






12. What is easment?






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






14. ___market is where lenders go for money






15. 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.






16. ___loan - Covers more than one piece of property






17. IN Reg Z Advertising which states only __is permitted






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






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






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






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






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






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






24. High tension wire should be disclosed






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






26. ___ 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.)






27. There are four basic characteristics of value






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






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






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






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






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






33. ___ 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.






34. 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.






35. '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?






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






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






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






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






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


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






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






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






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


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






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






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






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






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






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