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






2. The secondary market warehousing agencies are...






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






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






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






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






7. __ "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.






8. Partially amortized loan - benefit






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






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






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






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. 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.






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






15. ___loan - Covers more than one piece of property






16. ___market is where lenders go for money






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






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






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






20. The minimum withdrawal from a home equity LOC is






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






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






23. There are four basic characteristics of value






24. 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.






25. ___ 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.






26. 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.






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






28. Advantages of FHA loans


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






30. Loan novation?






31. High tension wire should be disclosed






32. An ___ is a limitation on your rights






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






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






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






36. Includes real property plus personal property






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






38. ___ 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.)






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


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






41. Property Manager ( which type of Agency)






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






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






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






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






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






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






48. IRS Lein - Specific lein or general lein






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






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