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






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






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






4. Property Manager ( which type of Agency)






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






6. 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.






7. What is easment?






8. The secondary market warehousing agencies are...






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






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






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






12. High tension wire should be disclosed






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






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






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






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






17. ___ 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.






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






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






20. IRS Lein - Specific lein or general lein






21. ___ 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.)






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






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






24. Advantages of FHA loans

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






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






27. ___loan - Covers more than one piece of property






28. The minimum withdrawal from a home equity LOC is






29. An ___ is a limitation on your rights






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






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






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






33. ___market is where lenders go for money






34. Includes real property plus personal property






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






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






37. 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.






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






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






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






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






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






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

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






45. IN Reg Z Advertising which states only __is permitted






46. '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?






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






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






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






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

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