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. Must sign the Deed of Trust.






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






3. 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.






4. ___loan - Covers more than one piece of property






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






6. ___ 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.)






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






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






9. ___ 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.






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






11. IRS Lein - Specific lein or general lein






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






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






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






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






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






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






18. Advantages of FHA loans


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






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






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






22. Loan novation?






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






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






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






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






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






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






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






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






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






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






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






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






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


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






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






38. '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?






39. The minimum withdrawal from a home equity LOC is






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






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






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






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






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






45. There are four basic characteristics of value






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






47. Includes real property plus personal property






48. Property Manager ( which type of Agency)






49. High tension wire should be disclosed






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