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






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






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






4. High tension wire should be disclosed






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






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






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






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






9. 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.






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






11. ___ 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.)






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






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






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






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






16. ___market is where lenders go for money






17. An ___ is a limitation on your rights






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






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






20. Loan novation?






21. ___ 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.






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






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






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






25. 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.






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






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






28. Property Manager ( which type of Agency)






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






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






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


32. Partially amortized loan - benefit






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






34. The secondary market warehousing agencies are...






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






36. 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.






37. '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?






38. There are four basic characteristics of value






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






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






41. __ "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.






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






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






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






45. Advantages of FHA loans


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






47. Includes real property plus personal property






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






49. The minimum withdrawal from a home equity LOC is






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